All Forum Posts by: Joseph A.

I am in the process of partnering with 2 other people on one deal. I would like to know how to structure a one time partnership that is separate from my business. The deal would be for a rental property. Should an entity such as an LLC be set up? How do you guys handle payments to the partners, would it be monthly quarterly or yearly. Does it matter if the payment is coming directly from me or should it come from the entity. Is there a software that makes it easy to break down the portion of the property when it comes to filing taxes.

@Pamela Morrison congrats keep up the good work

@Jessica Curry if you have that much to pay for training you can use that as a down payment or to purchase a property outright depending on what part of the country you decide to invest in. You will probably learn more doing that versus paying for guru training.....

I had a pipe burst in my house last year. The pipe was in the crawl space and the bathroom needed to be updated so I gutted the bathroom and changed the location of water lines from under the crawlspace to in the walls and changed them to PEX. For the pipes that have to remain under the crawlspace I wrapped in heat tape and installed a switch that can turn that outlet off from inside the house. 

 Check out the following article:

https://www.biggerpockets.com/renewsblog/2014/06/14/how-to-calculate-cash-flow-rental/

@Carlos Castillo you want to account for vacancy, maintenance, and capex as well so your number would be less 300. Also does the mortgage include the taxes and insurance? It may turn out to not be a good deal after you account for all of those extra expenses.

@Daniel Fane if you have a specific criteria and it doesn't work in your local market, maybe you should consider investing in a different market where the numbers make sense. But as always make sure you do your due diligence.

@Jamie Borst I still don't have any information on them. I only filled out the initial information on their website. Did you find out any information in your due diligence of this company?

@Felisha McCurry I like option C as well.

I wouldn't do it, cash flow isn't enough for me for the property to have 3 units, but you may have a different strategy than I do.