All Forum Posts by: JM Payne

@Tim McLaughlin thanks, nice to meet you too!  Did you make it to the Brunswick meet?  I missed about half the table before people could bail.  Any good meetups down in Portland?  

That's pretty cool and a unique approach to get started. Best of luck!

Welcome, I'm new too!  What's your day job?  I'd love to flip too but my 9 to 5 is in the way for now.  Good luck!

Hello everyone!

I am a brand new investor with properties in all 50 states and an extensive network of private investors!  I have many leatherbound books and my apartment smells of....Just kidding...been listening to the early podcasts and all that and thought it funny. Anyway...

I grew up in the construction industry, but I spent 06 to 09 as a licensed commercial agent in VA...I wish I had found BP back then. Alas, I didn't, and I didn't really enjoy the agent side of the business. Office life was miserable and killing me, and I had to make a change. I was living in a townhouse at the time, so I backed a 40' dumpster up to the front door, opened the window, and started throwing everything out that couldn't be donated or sold. I moved onto a boat full time, became a landlord, and went sailing full time.

I still have the townhouse...it was free and clear with a decent set of tenants, so I HELOC'd it and am waiting to close on a second single family unit in VA...buying REO from the VA and we'll see how that goes...I found BP via one of the Youtube videos while trying to google cashflow calculators. Living in Maine now so hoping to branch out into MF and scale cashflow in order to have more freedom...I still need to build a solid plan around the loose outline floating in my head, but in the meantime I'm consuming podcasts starting from #1 and reading every book I can on the subject. Full time I still work in the sailing industry, but investing wise I am working with family right now.

I found my way into two of the local meetups and met some cool people...definitely looking forward to making some more connections and working towards financial freedom.  I let my RE license go some time ago and currently weighing the benefits/disadvantages to getting it back and/or getting one in Maine.

Happy investing!

- JM

@Nathaniel Seekins Great event, thanks for organizing and letting Brit and I monopolize your time! It was great meeting everyone!

Great turnout Brian!  Thanks for setting it up!

@Brian Mitchell interested in attending but out of town until the 5th. 6th is good, 1st is not. Thanks!

@Taylor King This has always been my experience with residential realtors. I am currently working with a commercial broker and he's great. He understands investments and cares much more about numbers than what the kitchen looks like. 10/10 would recommend.

Thank you both for the answers.  I believe you guys are both correct...I went back and watched again and Brandon specifically mentions depreciation and SE, so I think that's what he was referring to.  I'll be sure to get the tax people to depreciate this year.  Thanks!

My current holdings are owned in an LLLP, and my CPA has me claiming rent as income although I am not pulling anything out at this time, and I am paying my normal income tax rate as far as I know.  In watching Brandon's videos, he says that he pays far less tax on his rental income, and I want to know how I do that as well.  Thanks!