All Forum Posts by: Tyler Bains

If you are doing all that you might as well start a company yourself. Honestly I think your getting screwed because you are literally doing the entire thing... 10% isn’t much considering the amount of work you are doing. I could understand this if you were building capital and learning before you go out on your own.

I would bring this back to knowing your worth and ensuring your employer sees your value. If you are good at the process and are delivering deals I would not personally be ok with 10%.

As stated above I would highly recommend diving headfirst into everything you can within the education tab, listening to podcasts, and reading as many REI books as you can get your hands on.

Go into your first deal well informed and if you need the help of an agent just make sure you find one who actually understands investments (A TON do not). Make sure you know your strategy going in and don’t be afraid to walk away.

House hacking (buying a duplex on FHA as described above) is a great way to jump into this world and would benefit your situation as a student because essentially the other side is paying your mortgage. As stated this becomes a snowball effect and you gain and gain and gain.

Ensure you know a good CPA, they will make your life a million times easier. The less money you pay the IRS the more you have to invest.

Ask questions often (obviously you are now) and don’t be afraid of “dumb” questions because it’s not a dumb question if it saves you time and money.

@John Fider I would HIGHLY recommend separate accounts.

First off you never ever want to co-mingle business and personal accounts and it makes your accountant’s life a nightmare to filter through all of the personal vs business expenses.

Second I would HIGHLY recommend you hire an actual CPA who works with investments. What do they like, recommend, or prefer? Go with that as ultimately they are the ones who need to know where income and expenses are coming from and going to.

I think it would be very tempting with 1-4 properties just thinking you can have 1 account and remember what came from where but I would suggest you follow what your accountant prefers so they can keep you tax liabilities as low as possible.

I would talk to the tenants, speak to those in surrounding buildings, look at the amount of time between when a unit went vacant until it away rented again, etc.

I would think the location would be a detracting thing if someone is aware of the noise but as you said the convenience could win out. I would get out and talk to those in the area and get a feel for what they think.

I completely agree with @Brian Geiger. What are your other tax liabilities, net worth, other investments you possess, etc.

I would think BRRRR or rentals would be your way to go, possibly even Airbnb and the like if you are in a specific area where it will work.

This is getting quickly into tricky legal and tax questions so in all seriousness reach out to those specialties but I would avoid crossing state lines. If you have an LLC registered in Texas I would not buy under that entity in New Jersey and vice versa.

I am cautious because tax questions that are this in depth mainly deal and revolve around the other assets you possess, tax brackets, other investments, etc.

Consult a business accountant...But my personal opinion is Single Member LLC's with an umbrella policy as stated above. Ensure you are not causing issues by crossing state lines with the policies when you are speaking to the agent you choose to purchase them from.

@Kim Martorana DFW and Austin really just depend on your price point and area. I am in Lubbock so I am partial but we really do have a great market here. Austin is booming and you may be able to find some deals but it is a very very fast moving market.

It totally depends on your experience level and the amount of properties you hold. Are the properties local to you? Do you have issues leasing units?

I would reach out to local property managers and interview. What do they charge, how do they market, what is their experience level, etc.

Hey @Gordon Way I am here in Lubbock. What was said above is true. LLC VS LP has different signatory requirements but ultimately it is the decision of the individual lender. Who have you tried so far?? Let me know if you need local help and I can get you in contact with several Lubbock area lenders that understand investments.