All Forum Posts by: Cliff Benner

Maybe longer listings for houses. if you are looking at Businesses for sale, lots of the time they might not know they can or understand it. Having a Realtor who knows about creative financing helps too in case they find one or hear about one from somewhere.

I have no experience with this, but just read something that I think is what you are looking for; look into a Performance Deed or Contract.

The 5% is more of an industry rule of thumb, 10% is what I try to do, but I am more conservative and don't take any Distributions or Draws from my Real Estate. It is to prepare you for the inevitable and create a Defensive position.

It is calculated using Rent.

Example: $1,000/month rent - set aside $50/month for CAPEX, $50/Maintenance & Repairs, and $50 for Vacancy. Then you are "allowed" to spend the remaining $850 on mortgage and other items.

For my Bookkeeping Clients, I suggest to them to use a Savings account for these items to add interest income to their account until they need it.

I would recommend QuickBooks Online. 

It is what I have my clients use, because you need to separate out your finances for each property at Tax Time. 

There are several integrations that you can connect to QBO from Airbnb and other websites to get all your information synced over for each transaction and you can get AP Softwares that help with paying bills for you too. 

 Thanks Ty! This will be very helpful in my search!

These go into your Property's basis and then is depreciated over time.

Hey Gavin,

I think what you are doing is setting a great foundation. As long as you like your job and/or industry and could do it for the next 15 years, what you are doing would work perfect for your plan.

As you gain experience, maybe you can move into more units per purchase or start to BRRRR. I'm sure you will gain some interest from potential investors then maybe they can supply you with the down payments and you can pay them back over time and you could buy more per year.

From what I know, business is a slow game and from what I hear, successful Real Estate Investing can be boring. Your investing plan sounds "boring" but in 15 years of this strategy you will have millions in assets that cash flow you to not need a job, and equity built up for continued growth or expansion. 

Is there a way that you could speed it up to buy 3-4 per year? Maybe that challenge would make the investing journey seem more "fun" but you are in a position that sooooo many people dream of. You could start BRRRRing houses and maybe that would allow you to buy more and make more cash flow.

As for the paying off the mortgages, I would make you minimum payments monthly and when rates go down in years, you could refinance but pay the same amount and that will help you to pay it off sooner while you are left in the same Cash flow position. 

Keep it up!

The goal is to have a outdoor lodging; domes, tents, or cabins, and have an equine stable on the property. While this is a lot, I am looking to start with either the stable or the lodging in place and then expand. 

Aside from Bizbuysell, loopnet, crexi, and Horse & Hearth, what other listing sites have campgrounds and resorts for sale on them?

 I did a step up payment schedule for my business that I bought. Granted that is a Business, but it was still preferable for us and the seller.

Get in with low payments then as you stabilize and grow the payments do to but you aren't scrambling in the beginning making high pressured decisions. 

 Perfect!

I read it twice then each section I needed while buying my business! very helpful