All Forum Posts by: Bryan Martin
Bryan Martin has started 1 posts and replied 174 times.
Post: Property # 1
- Accountant
- Springfield, IL
- Posts 182
- Votes 98
Quote from @Julio Lara:
Investment Info:
Small multi-family (2-4 units) buy & hold investment.
Purchase price: $280,000
Cash invested: $30,000
Using for cash flow income
What made you interested in investing in this type of deal?
Financial freedom,travel
How did you find this deal and how did you negotiate it?
Realtor handled all of it
How did you finance this deal?
Cash/finance/FHA
How did you add value to the deal?
Renovations
What was the outcome?
Money
Lessons learned? Challenges?
Lol. Put your money in the right place.
Did you work with any real estate professionals (agents, lenders, etc.) that you'd recommend to others?
HomeSmart
Post: Multifamily experience on a W2 resume
- Accountant
- Springfield, IL
- Posts 182
- Votes 98
Quote from @Dutch Mutchler:
How does your multifamily investing fit into your W2 resume?
I am a young professional and have recently relocated from West Virginia to Charleston South Carolina. I am looking to update my W2 resume to include the several BRRRR deals I did during my short time in WV. Over the last two years I have BRRRR'd two single family homes and a duplex, and also handled the property management aspect of the properties. While I know what to do for the job I am struggling to articulate the actual job description of real estate investing onto a resume for others.
I no longer have a W-2 (own my own company), but when I did, I put the LLC's name as the company, the dates 2019-present, and then a short description that said something like "Owns and manages a portfolio of single family rentals."
I don't know if you specifically need to go into more detail than that. If you have a skills section of your resume, you can include some of the skills you developed during the BRRRR process such as project management and financial management.
Post: Single Family Student Rental Investment with $1,300.00 monthly Cashflow
- Accountant
- Springfield, IL
- Posts 182
- Votes 98
Quote from @Jose Bernard:
Investment Info:
Single-family residence buy & hold investment.
Purchase price: $285,000
Cash invested: $68,333
Off market 5 bedrooms 2 bathrooms deal, 1 mile away form a large University, currently rented to students for $4,000.00, and cash flowing $1,300.0 a month.
What made you interested in investing in this type of deal?
I was interested in the deal because it was in a great location/neighborhood, cashflow was great, and the ROI was great as well.
How did you find this deal and how did you negotiate it?
This was an off-market deal, I found it through social media. I connected the with the owner through Facebook. He is an investor as well, and he was looking to do a 1031 exchange to get into a larger property. We were able to negotiate the deal in a way that it was profitable and beneficial for both of us.
How did you finance this deal?
I went on the deal with a partner, and we did a conventional 20% down loan with a 6.9% interest rate.
Lessons learned? Challenges?
The biggest challenge was getting through underwriting for the conventional loan. It was challenging due to the number of mortgages my partner and I already have under our names, and that neither one of us has a W2 job as we both have a decent income coming from our real estate portfolios. Fortunately, we were able to get the loan at the end.
Post: The Refi part of Brrrr
- Accountant
- Springfield, IL
- Posts 182
- Votes 98
Quote from @Ron Hollingsworth:
I had the same on mine. Think this is pretty standard if you’re getting traditional financing.
Post: Help with deciding on off market deal
- Accountant
- Springfield, IL
- Posts 182
- Votes 98
Don’t know the area, so I can’t provide specific advice. But, If the property manager thinks it’ll go for $1,500 and you need at least $1,200, are you confident enough in your property manager that they won’t be $300 off on the rent? If so, sounds like you should be fine.
Post: Looking Cpa for Dallas
- Accountant
- Springfield, IL
- Posts 182
- Votes 98
Quote from @Christian Santillan:
Hi I am investing in Dallas an I am looking for a cpa that can help me and also safe money
Post: Any CPA with light workload?
- Accountant
- Springfield, IL
- Posts 182
- Votes 98
Quote from @Dami F.:
Anyone know a CPA that is not swamped at this time?
A. Going to be very expensive so they can maintain a smaller client base, but still make good money.
or
B. Not be very skilled.
There may be some that aren’t good at marketing themselves, but are great accountants. But a lot of times they’ll end up getting referrals from the satisfied clients they have and end up getting busy within a few years.
Post: 3 Rental Houses - what would you do?
- Accountant
- Springfield, IL
- Posts 182
- Votes 98
Quote from @Reed Vial:
Looking for any insight I can get here! My situation below:
I’ve got 3 rentals houses.
1. House is worth 230k. Have 75k equity in it. I profit $900/month renting 1-yr leases to college students via a property management company. I bought this as a primary home and moved out after 5 years.
2. House is worth 250k. My brother and I have 50k equity in it. This is rented until summer of next year and we plan to also pass this to the property manager once he moves out.
3. House is worth 260k. Have 60k equity in it. We profit $200/month renting 1-yr leases to young business professionals/students via the same property management company. This was purchased as an investment property with 2 partners within the past 6 months.
*these are all based in Louisiana. I am located in Texas.
Curious to see what you would do if you were in my shoes. Is there equity to use that I can be investing in other properties elsewhere? I’ve read about transferring into a trusts, but not very familiar with that. Should I consider rent-to-own? Within the next 1.5 years I’d love to purchase something in Austin, TX to live in and rent out. That’s where my mind is at, but not set.
Thank you in advance!
Post: s corp possible ?
- Accountant
- Springfield, IL
- Posts 182
- Votes 98
Quote from @Rashid Khalil:
Quote from @Bryan Martin:
Quote from @Rashid Khalil:
I earned 90 k as a 1099 contractor working in my LLC. expenses are around 20 k so NOI is 70k. it appears tax efficient if I tax this income as S- corporation. i do have EIN for my LLC and all income and expenses were through LLC named bank account. my issue is I didn't use any payroll throughout the year to pay myself, so does it disqualify me for S- corporation tax option?
will appreciate thoughts / advises / guidance etc.
TIA
thanks Bryan,
is monthly or biweekly payroll maintenance is required to be complaint with s corporation,
No. Some S Corp owners only pay themselves once a year. I’d still recommend at least monthly though so you’re not hit with a huge tax bill at the end of the year.
Post: What's your favorite term for single family investments? ("rental", rental prop...")
- Accountant
- Springfield, IL
- Posts 182
- Votes 98
Quote from @Trevor Richardson:
Hello investors, BP community and investment property nerds.
I was just interested in finding out what one term you use most for single family investment properties. Thank you so much for contributing.
What's your slang?
"rentals"
"rental property"
"rental home"
"rental house"
"investment"
"investment property"
"real estate investment"
"home investment"
"single family investment"
"other..."