All Forum Posts by: Christian Beyer

Thank you @Nathan Gesner for the advice! Through all the Bigger Pockets podcasts I don't think once someone ever mentioned that the property manager would deposit all of the rents, subtract expenses, detail a report, and then cut you a check back for you to deposit. This makes WAY more sense. 

I have my properties set up by customers with each unit set up as a job. Would this work with your set up? Properties as a class? Thanks again for all the advice!

Hey BP,

We have 7 units at 5 properties and have just hired property management. We are now figuring out how we can pay her and account for it in quickbooks and our checkbook. Does anyone have experience dealing with payments to a property manager other than writing a check each month? Does she need to be an employee in our quickbooks if she is receiving a regular check? 

Help! CPA!?

Love the deal, and love the amount of thought you put into the research. Glad to hear you can do this with a big family! I'd love to top your total of 5 but I doubt you are done at this point. 

Let me know how things are in AC, I really considered it an interesting real estate position a few years ago but now am less certain as the NJ state government prepares to take ownership of the current situation. 

Either way welcome and great first buy!

Christian

Hi Cindy, glad to see there are other people in the area! Phoenixville is such a great area to live and invest. My brother and I own a few duplexes in town, and have recently made an offer on a 6-plex and another duplex in Royersford. 

I would love to talk more about what is available in town right now (not much) but I have made some good connections and know some things that aren't on the market right now, so let's get in touch!

If you would also be interested, I will be hosting the 2nd meeting of the Phoenixville Real Estate Investors Association next month and we are always looking for more members!

Best of luck, hope to hear from you.

Christian

Hey Peter, Good question. Before any "substantial" information can be discussed you need to sign an agreement with an agent. If you start getting in depth about an area or a price range then you start treading in the waters of an agent/client relationship but without the paperwork to back it up neither of you are bound to the other. If they seem pushy to sign and not informed of the area then they sound to me like you a bad choice. It should be a natural progression from conversation to representation. Good luck, and don't settle for a bad agent! Christian

Hey John, We started with a 20K private loan and put it all down on a seller financed duplex we bought for 95K. The owner occupant was moving out so the rent each month was just $650- barely covering debt and expenses. Once we had the property, however, it was easier to go get two other private money loans from friends and family that funded a renovation and attracted a new tenant. Rents are now $1775/mo and we refinanced, paid back the seller in cash (at a discount), and bought two other properties.

Welcome Jake! A fellow engineer but from the east coast up in PA outside of Philly. A few things when getting started- definitely call a few people in the area (looks like you already have a few posting) and get some tips on getting started. Though it may seem premature- file for an LLC and get started on a website, even if it is just a placeholder for now. You want to be searchable when you begin getting your name out there and the longer you have been in existence the better. Those are also things you can do with your spare change and before you jump in to investing. It will also make your case for investor funding more legitimate when the time comes. Good luck! Christian

First off congrats Denita on your first purchase! I'm guessing with the FHA financing that you will be living in half and renting out the rest... Only because I know that FHA requires you to be a resident of the property (for some period of time), at least in PA that is the case.

Hey all- I have a 401K with my old company that is sitting at around $45K. I currently have another job with a new 401K so the old one is sitting idle and I have heard that I can use it to invest in real estate. My brother and I already hold a few rentals and my primary residence is a duplex so I'm familiar with landlording and finding good deals. I know that there are podcasts dealing with this to roll into a self directed IRA that allows for the purchase of real estate but I was looking for some advice as I wanted to purchase an investment property in 2016 with this money. Anyone have experience with this?

Hey Shawn, I would see if you could get the bank to agree to finance the new roof into the purchase price for a total of $225K and put a typical 25% commercial loan down on it. You need a total of $56,250 for the down payment and you don't tap all the equity in your house. That seems like a decent compromise and you get a few more years of (hopefully) hassle free landlording to get started. Good luck, sounds like a winner! CB