All Forum Posts by: James Stokes

@Denisha Choice I did set up an LLC. As I grow I will place properties in the LLC, just to protect my personal assets. Refer to"Landlording on Autopilot". Also, I opened a business bank account to hold security deposits & to separate personal & business funds. I am not a tax professional or attorney, so please seek professional advice.

This will be my 1st year filing taxes for the business. I'm meeting with my CPA for a profit loss statement to assist in acquiring a line of credit. The days of the NEWBIE!! I can't wait to here your stories.

-James

@Jerome Kaidor when I'm in the position to purchase a multi family, I would like to here some of your failure events & experiences.

@Michael Goldman I would keep reading the books suggested by @Brandon Turner. I literally listened to 90% of the podcast on BP. I analyzed properties for fun. It's like riding a bike or walking for the 1st. You are going to fall & make mistakes.

@Kenneth LaVoie the home was built in 2002.

@Mary B. I am so ready to fire those bosses. But I still understand that I need streams of income. Please don't get me wrong every job I'm working I am passionate about & if I had "IT-$$" I would continue to do those jobs in some compasity.

@Wendy Lovejoy I had real estate agents that wanted me to spend all my cash on 1 house, refused to place low offers that produce sufficient cash flow, argued with me because I wanted to see multiple houses "the funnal" but not make an offers. Also, agents that didn't have the time for the newbie investor & not return phone calls. 

@Steve Danko I subcontracted out the work. Managing contractors can be challenging, even with an "A" type personality. But, I knew my job was to make sure each step in the rehab process moved forward. I will NOT use some contractors on future jobs. Integrity is important!

@Scott Mosley your really inspired me to focus and push for my intentional goals. I do write down the details of all my failure events, to build a system to avoid that same event.

@Jerome Kaidor I am impressed with the apartment buildings. I'm looking to expand into apartments at some point in the future. Thanks for the tip to go paperless.

@Dana Whicker I do participate in leisure activities. I'm committed working hard and playing hard. Please remember, as a teacher I get the summers off.