All Forum Posts by: Jared Chipkin

Good call @Jarrod Kohl and @Mindy Jensen on the RE licensing.  I just assumed that you could manage your own properties under a PM company. I will definitely look in to the regulations in regaurds to this. 

This seems like a great idea. I was just traveling in CA and saw a couple similar places listed on Airbnb.  If you could do one in your backyard or a small community for a few tiny houses/campers where you lived close enough to host it. 

The one thing that you would likely need is a bathroom of some sort on site. 

Very interested to see if anyone else has experience here on BP doing this as well.

Thanks @Harrison Smith, I have a meeting set up with a local CPA.  I also would love to work with @Linda Weygant who was recently featured on the BP Podcast! I'm sure she is too busy for a one on one meeting though. 

@Basit Siddiqi The S-Corp idea is one that I hadn't considered. I will do some more research on that  (and talk to a CPA). 

I didn't realize that the Social Security wage base was so close to what I am making at the job. Perhaps it does make sense to just put everything in my name - the LLC and the property.

The less hassle and paperwork the better, even if it cost a little extra.  The 9-5 (or should I say 6-6) typically has me working 60-70hrs a week. 

Thanks for the info!

@Harrison Smith Thank you for your insights!  

The PM side does make sense to set it up as you described...

I was hoping that having the property in my name and having the job outside of the REA industry, I would be able to claim losses on the rental side that would mitigate the taxes on the job side.  I will set up to meet with a local CPA.  

I currently own one rental property (plan on purchasing many more) I would also like to start a property management company that takes care of everything. 

What is the best way to set this up?

I purchased the first house under my name as I am just starting out. In the future I will purchase them in an LLC.

I was planning on setting up the PM company to be single owner LLC under my name, but my fiance is also available to be owner if it makes more sense.

I assume I would have the tenants pay everything to the PM company and have the PM company bill me for repairs (that I perform or hire others to perform)

Another part of the equation is that I make about 100k a yr at my full time job so I am hoping these investments substancially lower my personal tax burden. (My fiance is currently unemployed.)

Please let me know if anyone has experience with setting something like this up and what you would recommend.

Thank you!

Hi Mindy,

I would love to work at BP.  I do not have programming experience, but am in the Denver area.  I work at an Audi Dealer perfecting the customer experience.  2015 and 2016 I was awarded top service consultant in the region.  As of yesterday I have been working at the same company for 10 years in various different positions. Please let me know If there are any spots available now or in the future where I might be able to assist in BP's growth.  Cheers!

After studying real estate investing for many years I finally have a rental property to call my own. 

I'll start with the failed deal-Put an offer in on half a duplex in Littleton, CO- FSBO. My wife and I were working with a realtor who found the deal, but it was her first transaction and totally botched the whole thing, won't go in to details but at the end of the day she didn't want anything to do with it but still wanted her commission. We ended up doing the whole contract, signing the deal with the seller @ $180k 4bed/2bath. The deal fell through when we found out that the sewer line did not have enough angle to drain properly to the main line.

That was three years ago-the other half of the duplex is literally on the market right now for 300k - same layout, side by side duplex. In hindsight probably should have gone through with it!

Closed deal- 3bed/2bath SFH - Purchased from an owner that had a family member "renting/caretaking" it for them as they were living elsewhere. Found out that they had been talking to the "we buy ugly houses" people about selling it. After several calls to the owner we worked out a deal to purchase the property for the same price as they had offered with slightly more favorable terms for their family member living there.

We have been renting to the tenant that was present @ 40% of market value per the deal. Next month the rent goes up to 80-90% of market rent. Hoping for the best as the tenant is very nice and takes great care of the property.  I believe have a solid lease in place.

The property is in excellent shape -purchased for $240k, estimated value $340k.

Can't wait to start bringing in more rent so we can purchase another!   

Thanks for everyone's input, insight and encouragement over the years here on BP.

Cheers!

Wow @Joe Fairless.  Now I see why you are not investing in small multi families :-)  Very impressive.  I'll have to check out your podcast.

@Brian Pleshek You are totally right. I didn't know what kind of response I would get from the posting. I was almost trying to keep it vague to elicit more responses, but I guess you are correct-something a bit more descriptive would have elicited a better response. I am really just trying to narrow down a location out of the super hot Denver area to purchase a Multi family rental. Spent all of two whole days browsing the web to pinpoint the best city to buy. Have a few cities in mind - locally Colorado Springs, a few spots in VA and GA. I really should just focus on one location and find a great deal.

@John Cohen Cinci seems like the place to be based on the feedback here. Why do you love it, besides good cash flow?

@Joe Fairless Cincinnati has yet to come up on the radar.

I must ask why you are not investing in that?  What is your niche?