All Forum Posts by: Brian Falcon
Brian Falcon has started 9 posts and replied 22 times.
I've been listening to a lot of BP Rookie podcasts and many folks on the interviews say they buy all their properties in their personal names (single- 4 plex types). Then some also say "I reinvest all my money back in the business". These seem contradictory to me - how would a business be formed around owning properties in your personal name? Is that legal, or wouldn't you need those assets owned by the business? How would such a business be structured and how would the accounting work, if funds are coming from personal accounts? I have my old home as a rental and am trying to figure out how to set up all the processes and systems in the most efficient mannner before I scale. Any advice would be greatly appreciated!
Post: Built new, kept old home as first rental
- Posts 22
- Votes 12
Investment Info:
Single-family residence buy & hold investment in Morgantown.
Purchase price: $255,000
Cash invested: $100,000
We purchased this home and lived in it for close to 20 years. We just constructed a new home and decided to keep this one as our first rental property.
What made you interested in investing in this type of deal?
My wife and I have wanted to get into investment properties for years and thought this would be the perfect way to start. We took out a HELOC from our house to help pay for the new construction of our current Zero Energy Ready home (3,000 sf, 5 BR). We decided to keep the old house and rent it.
What was the outcome?
We have a great tenant in a 2 year contract and are hoping to keep them long term.
Lessons learned? Challenges?
Struggling a little paying off the HELOC, just because we got hit really hard with COVID numbers during construction but the math works and we are cashflow positive, having our tenant pay off our HELOC for us.