All Forum Posts by: John Kedziora Jr

Hey are there national insurance brokers that can give me quotes on primary residence and auto insurance. Also on a rental in my state and a few in a different state? 

I want to go to one person for all my insurance needs. 

@Kelly Claiborne

I just got them this year and they have mortgages on them.

I may have equity in my primary house though.

Are personal loans ok to use for down payment and rehab on brrr?

@Kelly Claiborne

Money for my next down payment. Didn’t brrr my first two deals and now I need more money.

I’m just getting started this year but I’m about to close on my second property.

My plan is to have a checking account that collects the rent deposits from the property management company also hold my reserves and future down payments.

My goal is to not spend any income from my rentals until I have my reserves where I want them. 

Then I will use the cash flow from my 2 rentals for the next down payment. 

I will do this until I get to my desired income level. Every additional rental makes the next one faster. 

Until then my 9-5 is my spending income. 

I have two 50k houses in St Louis. Working class neighborhood. I was able to get a mortgage for both and they cash flow. I invest long distance and have property management in place. 

I bought a property in March and closing on another in 7 days. I'm investing in St Louis and they are SFH. I live in Indiana.

Anyone have any recommendations for accountants to help prepare my taxes and handle book keeping?

Are there any good softwares I can use for book keeping? I have a property management company that has a breakdown of expenses and collected rent. 

Thanks

Thanks for the replay. To make sure I'm clear.

Security deposit:

holds security deposit and nothing else? 

Operations: 

-receives rent money

-pays property management and rental insurance

-pays misc bills

Reserves:

-used for cap ex, renovations

-bigger repairs

-vacancy. 6 months of PITI

Is it safe to say on a recently renovated house that 5k would most likely be sufficient? Assuming roof, HVAC, home, plumbing is in good condition?

Hello everyone.

I am in the process of getting my first rental and I have some questions.

I want to open a checking account for each property I get. Should I get a savings account too?

Once the checking account gets over a certain amount do you stop saving money for your vacancy/repair/cap ex...  and use the rental cashflow for other properties? What amount do you save before you start sending the money to work elsewhere?

I am looking at places in St Louis. SFH's are around 50k.

So if I set aside 10k in the checking account and leave the cost of the mortgage and property management from the rent each month in the checking account so the account doesn't draw down, can I use the rest of the cashflow from the rent to invest in other properties?

Any help is appreciated!

Another option would be to make a deal happen. Just because it is listed at a certain price doesn't mean you have to pay that price. 

I would look for a number that would make the property make sense for you then offer that. Also if you give two offers that still make sense for you, they may decide between the offers and not say no right away. 

You will probably get turned down offers but someone may say yes and then you have a good property with the right financials if you analyzed it correctly.