All Forum Posts by: Tom Smith

@Nicholas Parker I bought a duplex as my first home. My family and I lived in 1 unit and rented out the other. It's common to request the home to be vacant appon closing. This allows you to not inherent any bad tenants. You'll be living there so you want to be a little bit more picky with placing other tenants in the home. Some renters don't like the idea of the landlord living in the same home (red flag). I found a great tenant who actually loves that I'll be living in the other unit because her last landlord was always unreachable.

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Your REI Bookkeeper $150 /month

Call or email for a free consultation...

Phone: 857-776-4495

Email: [email protected]

*Disclaimer: This price is for a max of 2 bank accounts and up to 75 total transactions per month

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So the LLC is not being used? Maybe look into why you may not need it anyway.

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Looking to partner up with fellow BP-ers.

phone: 857-776-4495

email: [email protected]

Thomas Smith, Owner

SEA LEVEL BOOKKEEPING, LLC

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With all the hidden fees in a 401K you will by far get a much better return with REI. Plus there are also great tax benefits with REI.

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You might first want to check out the disadvantages of putting a SFH into a LLC, and also why it may not be needed at all...

https://www.biggerpockets.com/renewsblog/2015/06/06/5-reasons-do-not-invest-using-llc/

https://www.biggerpockets.com/renewsblog/2013/08/17/rental-properties-llc/

2 Votes

Originally posted by @Joe Villeneuve:

When you have positive cash flow, your tenant pays your mortgage payment from his rent payment. You chose how much of his rent payment he pays to the mortgage, and how much you get to keep. When you chose a 15 year mortgage payment you're telling the tenant (he's not listening, but...) that it's OK to make a higher payment on the mortgage instead of paying you.

See, you control who gets what. Me, I want the biggest "what" I can get. As long as I have positive cash flow, I'll stretch the mortgage out to infinity...if it means a lower payment and higher cash flow to me. Infact, after (if) the mortgage gets paid off, I refi again...this time it's all mine...for free, since the tenant is paying this one off for me too.

awesome. thank you for this.

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I just started using Mint for operating accounts (checking accounts, credit cards, income).

I use Personal Capital for my net worth (Properties, Mortgages, Savings, other loans). I like Personal Capital a lot better.

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How much will it cost to build a new home in NH?

around: 2,000 sqft, 4 bed, 2.5 bath

My wife, daughter, and I currently live in a duplex. We live in the top half and rent out the bottom half. We would like to build our new SFR home in southern NH in 5 years time.

Does anyone know of a good website where I can learn more about this process?

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wow. Saving 30% with a family of 6 is very impressive.

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All Forum Posts by: Tom Smith

Tom Smith has started 6 posts and replied 38 times.

Post: Newbie and house hacking

Post: Your REI Bookkeeper $150 /month

Post: Checking accounts for vacation rentals in LLC vs. Personal

Post: New Bookkeeping Business!

Post: To 401k... Or Not??

Post: Refinancing into LLC

Post: Conflicted with 15 vs 30 year mortgage for first investment property

Post: Do you successfully use Mint as a budgeting software?

Post: How much will it cost to build a new home in NH?

Post: Personal Finance Victory