All Forum Posts by: Devonte Dinkins

@Kevin Albert @Kyle Patrickis right I don't mind helping out.  I actually recently graduated college and purchased my first buy and hold investment.  You don't have to wait until you are done paying for school, start now and let the property help pay for school! If you need some advice on some options let me know.  

@Colleen F. I am currently living in the downstairs unit and my property is similar to yours ( high ceilings/hardwood floors). What sound improvements would you suggest?  

@Colleen F. I have closed on the property and I will try to keep you posted on my progress. Im excited about taking on the challenge of improving and sustaining a historic district.  Do you have any tips or advice from your renovation?

@Eric Army I agree completely with the fact that as investors should look to provide value to the community, and returns will come.

@Jessica Dreisonstok I am an investor in Hagerstown as well. I always have some free-time on the weekends if you ever what to talk and plan out your goals. I actually focus on investing in specific areas downtown, and looking to improve those areas. 

Kyle,

The price for this place seems extremely high based on those rents, and based on the 50% rule that many people use around bigger pockets the place will not cash flow, even after you rent the unit that you will live in. Do you know the expenses of owning the place?  I think using the fha for multi-families is a great idea ( just purchased one a few weeks ago). I work in D.C and wouldn't mind meeting you one evening and helping you run some numbers.  

Single-Member LLC. Would happen to know if I should file sales and use tax, or just use tax as a property management company?

@Linda Weygant, Very Helpful. I will have my own management company for managing my properties, so I want to make sure I am operating correctly.  Any idea of how I should pay myself distributions each month from the management company? Will I need to fill out a 1099?

Thanks @Derrick Craig

@Nicole A. Do I need to issue any type of forms if I use all licensed and insured companies? For example, ABC LLC replaces a hot water heater at $1300. Do I need to provide ABC with any type of form/documentation?

Good Afternoon Everyone,

If I have a property management company, do I have to give vendors a 1099 each time they perform work for me? What is your process for hiring out services such as Plumbing, HVAC, General Contracting, etc? Is there a threshold of how much the services can cost before you need to issue a 1099?

@Christopher Telles

Would you happen to have any examples that you could share of applications, business plans, etc that successfully closed on the SBA loan.

Also, do you think it would be possible for a property management company to secure this type of loan?