All Forum Posts by: Daniel Hyman

An S-corp might help to mitigate the tax, but it should be weighed against the admin considerations of compliance (eg: payroll, reasonable comp, etc.)

It's better to have no LLC then the wrong LLC. Incorrect LLC setups can lead to a host of problems. So it's worth it to get a professional involved.

Its highly recommended to consult an attorney on the asset protection side of the LLC and a CPA for the tax implications of the structure.

I had a positive experience with a Section 8 rental in class C and it was ok, but I would not want to build a portfolio around class D. 

Life's too short for the headaches.

Gorgeous property. 

Unfortunately, it is now the norm and not the exception. At least from what I have been seeing.

Let's hope for a stronger rest of 24!!

Research the local regulations. I have heard that Flagstaff has specific regulations for STRs, including licensing and permit requirements. Make sure you're familiar with these before you purchase a property. Local Property managers and realtors are a wealth of knowledge. 

I have a relative who started out as a painter's apprentice. He now owns a major commercial dry-wall company. 

Small steps can lead to great things.

@Jonathan Soto

I would explore all of these options:

1. Invest in Real Estate Education: Before making any major investment decisions, it's crucial to understand the ins and outs of the real estate market. Consider using some of your funds to enroll in courses, attend workshops, or hire a mentor. This knowledge will be invaluable in making informed decisions and avoiding costly mistakes down the line.

2. Analyze Your Risk Tolerance and Goals: Are you looking for quick profits, long-term passive income, or a combination of both? Your risk tolerance and investment goals will largely dictate which strategy is best for you.

3. Build Your Network: Connect with real estate agents, contractors, property managers, and other investors in your area. Networking can open doors to opportunities you might not have found on your own.

4. Develop a Financial Plan: Determine how much of your equity you're comfortable investing and create a budget for your real estate ventures. For rentals, remember to factor in costs like renovations, property taxes, insurance, and potential vacancies.

Its the classic financial philosophical clash between Dave Ramsey's debt-averse approach and Robert Kiyosaki's leverage-focused strategy.

Engage with the vibrant community here o BP. 

You'll unlock a wealth of knowledge and forge invaluable connections.

I agree with Lauren. The pics are good, but there are some shadows in there. it might be worth uploading new pics that really pop. 

Best of luck and keep us posted!