All Forum Posts by: Aaron W.

Hi @Ryan Guffey! My spouse was actually interested in real estate before me and it took me a few years to finally jump in. Once I jumped in, we would talk about real estate. I would show her my analyses I would run and talk about things I was reading on Bigger Pockets or from books or articles. She was hesitant to jump in like me, but when she saw the potential cash flow then she saw what real estate can do for us. 

I absolutely would bring my spouse in! I can't tell you how much easier it is to invest, scale, and grow when your spouse is involved. They don't have to be in all the details, but let them in as much as they want to be involved. Find out what your spouse is good at and have him/her take on those tasks. Feed upon each other's strengths and you will see your investments grow.

My wife and I are a partnership in our investments. I let her in as much as she wants to be involved and provide reports on what is going on. If you are serious about real estate investment, you should treat this as a business and not a hobby. We have formal weekly meetings to discuss the progress and finances of the business, and set weekly, quarterly, and annual goals/objectives.

I don't have kids (yet); however, I will get them involved in age appropriate tasks. We plan to dedicate at least one property to each child and help them learn and understand the principles of finance, business, and responsibility by running "their" property.

Hi @Brandon Coffman! There are advantages and disadvantages of owning property in your own name. You will see arguments for both owning in your name and in an LLC. I don't believe there is not any right answer and is a personal preference.

Why do you believe you won't get an $1,000 monthly ROI after 4-5 years? Is it because of having a mortgage on the property?

It is possible to cash flow $1,000 per month on a property. It comes down to conducting proper property analysis and selecting the right property in the right market. If you are looking for cash flow, which it looks like to me, you will want to look for those markets that are cash flow plays, such as the Midwest or Southern states.  

It is possible to purchase rental properties in cash and still cash flow well. I purchased my first three multifamily rental properties in cash. It all comes down to analysis, analysis, and analysis. Get good at it along with knowing what you want, and you will be able to find these nuggets.

Happy hunting!

HI @Emmanuel Raneses! You mentioned wanting to get out of the rat race through real estate investing. A follow up question will be is how much work do you want to put into real estate? When you BRRRR, then you are keeping the property and collecting residual passive income (if done correctly). When you flip, you may get the large payoff at the sale, but then you will need to go flip other properties to continue the cash flowing in. Also, with BRRRR, there are tax write offs and advantages of collecting passive income. Flip income is considered short term capital gain which is taxed at your normal tax rate.

We are multifamily rental property investors seeking wholesalers who can help us find deals in your locality. 

Our criteria are below:

1-NO turnkey properties. We seek to add value to the properties.
2-Multifamily properties with 4 or more units
3-All in price including potential rehab at 70%-80% of ARV

Currently own a few properties in mine and my wife's name, and are planning to cash out refinance these properties to purchase more properties. We understand there are a limited number of loans you can hold in your name before you have to find a portfolio loan or other option. Therefore, we want to quitclaim one of our names out of each property before refinancing so only one person's name on the loan. We also have an LLC we want to move the properties to.

What do you recommend as the best order of operation to quitclaim, refinance, and moving the properties to the LLC?

Thank you in advance for your input!

This rental is in St. Louis.  We pay sewer and the tenants supposed to cover everything else.  For some reason, the unpaid bill came to me instead of the tenant.

One of our tenants stopped paying their gas bill in February and then it went to collections. Since I am listed as the owner of the property, my name was sent to collections instead of the tenant. I've since paid the bill since I don't want my name to remain in collections and I plan to go after the tenant for this bill. I don't appreciate my name being sent to collections.


Even if the tenant puts the bill in their name and they default, does it still come back to me as the property owner?

How do I avoid this same thing happening with future tenants? 

How does it change if I put the property in an entity, such as an LLC?

Hi Lee! At this point, I will likely just break even as the properties do not appreciate much. I'm leaning toward just dumping this property and move it into something else that will provide better returns.

Thanks for the reply!  There are capex of about $20k and then another $20k of cosmetic rehab in total for the four units.