All Forum Posts by: Dan Bass

I house hack and I have separate accounts. I have my personal account for which my job deposits my checks, and my business account/LLC that renters pay into and expenses come out of. I like to keep separate so help with accounting and not commingling funds.

@Kirbi Campbell have multiple sources of income. I’m a nurse and wasn’t working during shutdown...2.5 months with only a couple of shifts and my military drill checks.

My properties helped keep me afloat as I’m not fully financially free yet.

@Carmel Duffy

1) when that lease is up, non-renewal.

2) mowing and snow removal is the tenants responsibility. They can have a job, pay their bills, drive a car, they can do basic lawn and snow care.

#adulting

@Raj Kaushal I think with experience comes the ability to do this. I’ve done it but only after buying houses in the same area/neighborhood so I knew what the numbers were. Also having a trust in the people in the area as well that I’ve worked with to inspect and send pics/vids.

It not impossible, but I believe the theme is having a good team that you can trust to check out the property so you do not get burned.

@Jordan Pupols I like to shop with who will find the loan I need. One broker said no, another said yes in the same week. I just want to stay open to the different programs. Experience is key in any loan officer whether at a local bank or a broker. I’ve used both local and a broker.

@Wale Lawal tough to say. As a Trump supporter I will try to keep my response without emotion.

Biden has stated he wants to rid 1031 which directly impacts RE investment.

Biden has said he will listen to scientists and will shut down the economy if they say to do so.

Who knows how he would respond to rent moratoriums and mortgage moratoriums.

Interest rates will stay low per the Fed.

His side of the isles policies would favor the tenant overall so that could be nationwide or per state.

The Senate is our saving grace in hopes it stays red.

@Bryce Stclair excellent work! I love the part where you said that happiness lies within you and not his many doors you have. I’ve been asking myself if I want to fully leverage up for more doors or pay off some and have fewer doors to manage and the ability to add more when I want to.

@John Fider when the flooring company came to do my house, they had a large weighted flat blade attached to a rod. I’d bet you could rent this from Home Depot and do it pretty quickly then use pliers. YouTube is a great resource for this. They went pretty quick with that tool.

Hey all, I live in KC but invest in Topeka. I know the conversation is about Wichita, but has anyone looked into the Topeka area?

Any thoughts on the Topeka market? I've seen reports that MLS searches for 66214 are up 99% YoY from 2019.

Thanks all

@David Beltz I'm not a CPA nor a lawyer but do have a series LLC. I was turned onto it by a RE layer and have since placed 7 properties into them. I like it for the ease of filing and having one LLC and separate LLC's under the main as you point out. One small issue was finding a local bank that would bank with this structure, but that was quickly overcome.

A drawback is that anyone can see how many properties you have as they have to be numbered from 1- however many are under that entity.

A pro is it's easy banking and you file one LLC while they are all separate LLC's as long as you can prove that the monies are earned by different properties. Such as...you have 7 properties that share a bank account and your manager deposits a lump sum into said account. They should send you a monthly statement per property saying incomes and expenses that add up to the lump sum.

As long as you can prove what each house earns, then they are separate LLC's per my lawyer and accountant.

A drawback is how new this entity is and how little caselaw there may be.

Good luck!