All Forum Posts by: Jacob Riley

Good afternoon BP,

My partner and I purchased our first duplex in October 2021 and quit claimed it to an Ohio LLC. We are in the process of completing our taxes and our tax agent is requesting a lot of data and is estimating about $650 to complete our business taxes, which seems pretty reasonable. We would like to hand this off to a bookkeeper to get all of our accounting in order but we are having a difficult time finding a good source for this. All of our receipts and accounting info have been uploaded to our Quickbooks account but Quickbooks charges $500 for a cleanup and $200 monthly thereafter, which will eat into our cashflow significantly. My partner and I have full-time jobs and do not have time to do not have the time or experience to do this type of organizing. Does anyone have any suggestions for outsourcing our accounting/bookkeeping without breaking our business bank account? Thank you in advance for your time and guidance.

Hey BP friends,

I'm hosting an informal meetup tomorrow, 18 Dec from 0900-1100 at Legacy Coffee Co in Milford, DE. The intent is to get some like-minded investors together over coffee to get some creative energy flowing and make some connections. Dress is casual wear. Only requirement is to show with a positive attitude and a desire to grow and learn. Hope to see you there!

-Jake

Hey BP,

My business partner and I recently purchased our first duplex. We plan to use the BRRRR method going forward in the multifamily space. My partner received personal financing for the property and then successfully quit claimed it to the LCC that we are 50/50 owners of. Looking at our next steps, we know we want to start stacking and purchase a quadplex next. Is there a way for us to take advantage of the equity in our property even though the title is under the LLC? Has anyone successfully executed a HELOC or home equity loan for an LLC property? Furthermore, can we take advantage of that capital and use residential financing for our next property? I plan to personally finance our next property and repeat the quit claim method. If anyone has any questions I'd be more than happy to share our experience using the BRRRR method and quit claiming our first investment property. Thanks!

All, 

Due to an unfortunate delay in renovations and a change of ownership, Governor's Cafe will no longer be an option for the meetup. We will now be meeting at the Starbucks at 1481 N Dupont Hwy Dover, DE 19901. So excited to meet you all!

Jake

Hi Jay,

More than happy to do it. See you there!

Jake

BP family on the Delmarva Peninsula,

Would you enjoy a morning cup o' joe and socializing with people who share your passions and goals? If so, mark your calendar for a meetup on Saturday, Sep 4.

What: Informal Meetup

Where: Governor's Cafe (144 Kings Hwy SW, Dover, DE 19901)

Backup Location: Starbucks (30 N Dupont Hwy #4, Dover, DE 19901)

When: Sat, Sep 4. 0900-1100

Dress Code: Casual Wear

RSVP: Please send me a message if you plan to attend so I can give the venue an accurate head count.

COVID-19 precautions: With the uncertainty surrounding the Delta variant and in order to respect our gracious venue, please plan to bring a mask (just in case).

Come meet local investors and share each other's passions, experience, and perhaps make some life-long connections in the process. All are welcome, regardless of experience level.

I can't wait to meet all of you,

Jake

About me: I am an Air Force pilot with the desire to create long-term passive income through real estate. My partner and I are closing on our first duplex in Columbus, OH this month. I am passionate about real estate and hope to share some of my limited but valuable experience as well as learn from your experience.

Keywords: Dover, Camden, Milford, Smyrna, Middletown, Wilmington, Lewes, Rehoboth Beach

Hello BP Community,

Financing question here... I used a VA loan to buy the house I currently live in. I understand I am eligible to take out another VA loan as I've lived in my current residence for over a year and plan to buy a house in the near future using another VA loan and rent out my current property. I also plan to finance a multifamily property in the next few months using conventional financing and later quit claim this property into an LLC with my business partner. My question is, how will taking a conventional loan for an investment property affect my eligibility to take out another VA loan later? Probably a question for a loan officer but didn't know if any of y'all have run into this before. Thanks for reading this far!

Jake

@Misael Carlos Vera Congrats on closing on your first property! I’m looking to do the same in the next few months. It’s tough when people discourage you, especially when it’s people you believed want the best for you. I’ve learned to tell the difference between a warning and a discouragement, but sometimes I overthink it and stop believing I have what it takes to make the connections, do the work right, and make my own luck. I saw a post in here about discipline and I think it’s so important. Jocko’s best punchline in my opinion is “Discipline = Freedom”. For me, I must hit the gym every day, spend time in prayer in the morning, and be intentional about building relationships. If I do those things, the motivation flows. Keep grinding in doing the things you know you’re supposed to be doing and remember people want to help you succeed! (Talking to myself here too).

Thank you Christen and Jeffrey! This is EXACTLY what we want to do. I currently do not have a lawyer. I live in Dover, DE and will be on the hunt for one.

Happy Saturday!

My business partner and I are on the hunt for our first multi-family investment property. Our plan is to focus on Brandon Turner's Plan 1: How to Make $1,000,000 Through Rental Properties. We would like to go in on our first deal together and wrap our investment into an LLC, but understand most banks will not finance residential under an LLC and we would have to take a personal loan for this. Does anyone have any experience buying rental properties with a partner have suggestions on how to finance rental properties and best protect the partner relationship? Thanks!