All Forum Posts by: Isiah Ferguson

Thank you. I appreciate your feedback. @David Dachtera

Thank guys I really appreciate the feedback. @Brandon Sturgill @Bryan O. I'm in the process of figuring out my goals and realizing what I need to do to accomplish that. Education and building my business is my focus now. Thanks again

Hey, BP family. Yes I'm a newbie still learning the game and education myself. I've had 2 units for about 5 months now and it is now tax time. This is my first time doing business taxes and I want you guys opinion to make sure I'm doing this correct.

I have a appointment with a CPA this Thursday. I know I need my basic information of course. Such as Identification etc, Business entity, Tax ID number & expenses. Correct ?

EXPENSES

  Property income up till this date -

  Travel/gas - Which I don't not have recorded. Does it just become an estimate at this point ?

  Entertainment - Not sure how to calculate this ?

  Postage/shipping - I did mail some letters out but didn't record this cost ? Do I estimate it ?

  Telephone - Do I estimate cost ?

  Insurance - I do have this recorded

  Rehab cost - I do have this recorded with invoices

  House purchases - I do have

  Property tax - I didn't pay my taxes as yet, so I'm not sure with this 1.

Am I ready to go to the CPA ? What am I missing ? What do I need to do different ? If anybody can help this will be greatly appreciated. I'm in the process of building my empire myself and I jump in the game because I am determine to learn. BP been great to me so far and I love it. Thanks in advance.

I've realized that the appreciation is this neighborhood is horrible. There's hasn't been no real changes in the last 10 years. I'm almost at 100% equity. Cashflow is good but there's no grow in this property. Now I look at it as a cash pig. I want to be able to acquire properties that already has equity, I able to force equity, good cash flow, and good ROI.

I'm curious about when should i buy the home me and my fiance really want ? Right now we have 2 units and we are renters ourselves. Our next property we will house hack for a while, that way we live rent free. We want to build our portfilo to get out the rat race. How long should we wait to buy our 3,000sq home which we want to be our primary residence forever ?

@Travis Lloyd thanks. Yeah thats kinda where I'm at in this moment. I'm enjoying the cash flow and educating myself more and more. Now i'm focused on the buisness aspect of the game to where i can expand my portfolio through a system that fits my ultimate goals. The cash is their and once I get ready to move on to my next deal, I'll just pull it out prior too and start leveraging.

@Gregory Walter Thanks man. Yeah I've notcies i would have a better ROI numbers wise if i leverage the 100k into multiply properties instead of having all my cash tied up into 1.

Hey. Thank you as well @Daniel Godbout. Yes I'm based in Charlotte. Initially I kinda think I had the wrong prospective on how cash flow concept works. There's cash flow and free and clear cash flow. Still in the process of building a solid plan on strategy. I would like to cash on cash refinance and use the cash to move forward. I have other reserves to make a move if it made sense but if I can keep those reserves on stand by I will feel more comfortable. I would love to do BRRRR strategy with up too 1-4 unit properties only. As I go fishing and I find a fix and flip or a wholesale deal I wouldn't mine moving forward with it but my main goal is buy and hold to build up cash flow and appreciation.

@Natalie Kolodij I'm a newbie as well. Wouldn't you prefer free and clear cash flow over cash flow ? Wouldn't it be more of a cash flow because of less expenses ?

Hmm, something to think about. I appreciate your advice. @Jonathan Thompson