All Forum Posts by: John Hilyard

@Sean Pan Yes, that would be great. Thank you.

@Philip McCleary thanks Philip!

@Caleb Jordan just saw this....yes thats my strategy.

@Bret Maryon Something Ive noticed is that it's sometimes harder to get good deals in a larger city. I look for medium-sized towns that have good industries for bringing in well-paying jobs (military bases, refineries, wind-energy, etc blue-collar high-paying). In areas like this dont even put a sign in the yard, just put the listing on Trulia.

Ive been doing rentals since 2016, but just last year went into it fulltime. I have over 10 properties and all cashflow. Last year I paid myself to do the contracting work, as its something I do and enjoy. At tax time, my tax person said all that 1x income I pay myself for 1st year renovations is categorized as a deduction on my tax return and not income. Which is good for paying less taxes, but bad for debt-to-income ratios and getting loans. This led to showing a low income to debt ratio on my taxes and now challenging to get banks to give me more loans.

Any ideas would be helpful.

Thank you.

@William Merone I've had stuff like this go on in the past and learned anything to do with checks, money orders, etc is where renters can manufacture issues.

I only accept checks or money orders via a FedEx enclosed w a signed lease when first renting a property (like if they are moving in from out of town for a new job).

I use CashApp. It's been solid and has avoided the "oh Im out of town and will pay when I get back" run-a-round from tenants.

Need help navigating this situation: I have 11 rental houses. All cash flow. Just last year I started full-time into it. I pay myself the contractor fee on each house I fix up myself (5 houses last year). At tax time, my tax person said that all my self-pay for contactor fee had to be categorized as a deduction on income taxes. That in turn made my taxable income lower and now banks dont want to loan me more money. Thoughts or ideas to continue funding? I'm thinking of additional co-signer or private lending.. Also I have 32k equity in my last home I just completed and have rented.

@Alex Olson thank you for the info. One bank I work w was saying 5% and seemed high. So this helps.

Whats a good rate I should expect from a bank on a 15yr loan for a residential loan through my LLC?

@Kyle Ransom

Thank you.