All Forum Posts by: Brian Kilpatrick

Thank you Sam and Bryce on some jam up info! Really helpful and thorough next steps.

Thanks for the reply! We paid of the mortgage about 2-3 years ago, so I’m assuming we would only have to pay for the title transfer. 

As far as setting up a business account at a bank, I’m curious on how that works. We are currently in the process of fixing everything up and getting it rentable, so all the repairs are coming out of our pockets. However I feel like we are missing out on tax deductions for the business, since those transactions are not being made from the business’s account. Obviously with it being vacant and getting ready to rent, it’s not making any cash flow, so how does that work. Am I missing something or not understanding the process? 

Sorry for what may seem like very basic questions but my wife and I are truly “green” to the rental world.   

Hey all, Id like to get some direction/guidance from those who are/were in a similar situation. Me and my wife have a house that was our primary residence (no mortgage), and looking to rent it out. I created an LLC, and Im not quite sure what our next step should be. Do we transfer ownership from our name to the LLC? If so, what does this process look like? Or do we even need an LLC for one door?

To start off I’m TOTALLY new to real estate, and have been wanting to get into it for a while. So I’m finally taking the leap. And need someone to help me understand this.

Ok so I’ve listen to Brandon on his podcast, watched his YouTube videos and watched several others talking about the brrrr method, and I get it....except for one thing. In everything I’ve read/listened/watched they say you are just made “x” on the deal. Say for example I find a house for 100k. ARVs and comps show houses valued at 200k. Spend 30k on renovating, rent the place for say 1000/ month and refinance at 160k. My all in is 130k but now I have a loan for 160k so I have 30k in equity. Now here’s the part I don’t understand. Everything I’ve found on this says you just got paid 30k, but it’s a loan. Loans have to be replayed. How am I making any money other than rent? I see this money could go back into finding another property, but I’m not actually being paid the 30k free and clear. Or am I misunderstanding something?