All Forum Posts by: Account Closed

@Craig Curelop Yes. House without renters. Apologies for lack of clarity. To give an example of this guideline, hypothetically, one making 100k annual pre-tax income would only take out a loan of 200k. Obviously, depending on size of down payment you could buy more house. But total debt load on primary residence would be limited to double your annual income (guideline from Millionaire Next Door). 

I do like your guideline as well. You would be mitigating a lot risk as a homeowner. 

Let me know if this clarifies things. 

@Erik Sherburne I used Mint awhile ago, but now it’s a combination of YNAB and Personal Capital.

YNAB or Mint - Granular day to day or month to month budgeting. 

Personal Capital - High Level Net Worth Tracking. Personal Capital just looks nice and fresh to be honest. Plus, I like the investment fee tracking to show you what you’re paying across all accounts. 

@Chase Cline Good question. As usual, it depends. The majority of the time you will see an LLC formed for each property.

Also, you will need an EIN and bank account associated with each LLC. Keep in mind LLC fees ($200 in NC).

Separate LLCs with their own bank accounts tend to keep things cleaner come tax time. 

Lastly, grouping properties in 1 LLC can potentially have unfavorable tax consequences when not selling "substantially all" of the activity (ie selling only 1 SFH of 10).

As always, consult with your lawyer and CPA regarding your specific situation. 

@Brian Leady Awesome! Reach out anytime. 

What metric or ratio does everyone use to determine how much primary house to buy (rules of thumb)? 

From reading Millionaire Next Door awhile back, the author recommended total mortgage debt to be no more than double your annual income (pre-tax).

I was close to this when purchasing our first home a couple of years ago. I find this metric more useful than comparing monthly payments to income because it makes you more aware of the total purchase price of the home.

What are everyone’s thoughts?

@William McSheffrey Welcome to BP! Great idea to chat with your landlord. 

Some resources I recommend ( with 10 hrs of flying you may have covered these episodes:)

Podcasts

Episode 108 - Grant Cardone... Just listen…

Episode 283 Paul Thompson - Quite a new episode but I would think everyone would agree this is a top episode. Mainly, the systems implemented are fascinating (VA, automated offers, etc.) Plus...escape velocity...

Episode 113 – Jay Papasan - Very practical slow and steady advice

Episode 221 - Tim Shiner - his concept of equity build up and "shearing the sheep" shows some of the flexibility of real estate vs a 401k

Last but not least, I also recommend all the tax advice given by my fellow CPAs on the BP Podcast.

Amanda Han

Brandon Hall

Tax Reform Update – Brandon Hall and Amanda Han

Linda Weygant

Guides

Ultimate Beginners Guide

Forum Stickies

BP Calculators or spreadsheets uploaded by members

My Favorite Books

I have to say all of the BP books…right? :)

The Millionaire Next Door

The Millionaire Real Estate Investor

What Every Investor Needs to Know About Cash Flow

Hope this information can give you a good start. Feel free to reach out with any questions.  

@Cynthia Murphy Welcome to BP! 

Some resources I've enjoyed:

If you haven’t already listened to the podcasts I’d start there.

Podcasts

Episode 108 - Grant Cardone... Just listen…

Episode 283 Paul Thompson - Quite a new episode but I would think everyone would agree this is a top episode. Mainly, the systems implemented are fascinating (VA, automated offers, etc.) Plus...escape velocity...

Episode 113 – Jay Papasan - Very practical slow and steady advice

Episode 221 - Tim Shiner - his concept of equity build up and "shearing the sheep" shows some of the flexibility of real estate vs a 401k

Last but not least, I also recommend all the tax advice given by my fellow CPAs on the BP Podcast.

Amanda Han

Brandon Hall

Tax Reform Update – Brandon Hall and Amanda Han

Linda Weygant

Guides

Ultimate Beginners Guide

Forum Stickies

BP Calculators or spreadsheets uploaded by members

My Favorite Books

I have to say all of the BP books…right? :)

The Millionaire Next Door

The Millionaire Real Estate Investor

What Every Investor Needs to Know About Cash Flow

Hope this information can give you a good start. Feel free to reach out with any questions. 

@Keyoka Smith Welcome to BP! 

Some resources I've found helpful:

If you haven’t already listened to the podcasts I’d start there.

Podcasts

Episode 108 - Grant Cardone... Just listen…

Episode 283 Paul Thompson - Quite a new episode but I would think everyone would agree this is a top episode. Mainly, the systems implemented are fascinating (VA, automated offers, etc.) Plus...escape velocity...

Episode 113 – Jay Papasan - Very practical slow and steady advice

Episode 221 - Tim Shiner - his concept of equity build up and "shearing the sheep" shows some of the flexibility of real estate vs a 401k

Last but not least, I also recommend all the tax advice given by my fellow CPAs on the BP Podcast.

Amanda Han

Brandon Hall

Tax Reform Update – Brandon Hall and Amanda Han

Linda Weygant

Guides

Ultimate Beginners Guide

Forum Stickies

BP Calculators or spreadsheets uploaded by members

My Favorite Books

I have to say all of the BP books…right? :)

The Millionaire Next Door

The Millionaire Real Estate Investor

What Every Investor Needs to Know About Cash Flow

Hope this information can give you a good start. Feel free to reach out with any questions. 

@Gil Roebuck Welcome to BP! Welcome to NC!

Here are some resources I've enjoyed:

If you haven’t already listened to the podcasts I’d start there.

Podcasts

Episode 108 - Grant Cardone... Just listen…

Episode 283 Paul Thompson - Quite a new episode but I would think everyone would agree this is a top episode. Mainly, the systems implemented are fascinating (VA, automated offers, etc.) Plus...escape velocity...

Episode 113 – Jay Papasan - Very practical slow and steady advice

Episode 221 - Tim Shiner - his concept of equity build up and "shearing the sheep" shows some of the flexibility of real estate vs a 401k

Last but not least, I also recommend all the tax advice given by my fellow CPAs on the BP Podcast.

Amanda Han

Brandon Hall

Tax Reform Update – Brandon Hall and Amanda Han

Linda Weygant

Guides

Ultimate Beginners Guide

Forum Stickies

BP Calculators or spreadsheets uploaded by members

My Favorite Books

I have to say all of the BP books…right? :)

The Millionaire Next Door

The Millionaire Real Estate Investor

What Every Investor Needs to Know About Cash Flow

Hope this information can give you a good start. Feel free to reach out with any questions. 

@Scott Lewis Welcome to BP! Awesome to get started with a house hack! BP has an abundance of resources to keep you growing:

Some of my favorite resources:

If you haven’t already listened to the podcasts I’d start there.

Podcasts

Episode 108 - Grant Cardone... Just listen…

Episode 283 Paul Thompson - Quite a new episode but I would think everyone would agree this is a top episode. Mainly, the systems implemented are fascinating (VA, automated offers, etc.) Plus...escape velocity...

Episode 113 – Jay Papasan - Very practical slow and steady advice

Episode 221 - Tim Shiner - his concept of equity build up and "shearing the sheep" shows some of the flexibility of real estate vs a 401k

Last but not least, I also recommend all the tax advice given by my fellow CPAs on the BP Podcast.

Amanda Han

Brandon Hall

Tax Reform Update – Brandon Hall and Amanda Han

Linda Weygant

Guides

Ultimate Beginners Guide

Forum Stickies

BP Calculators or spreadsheets uploaded by members

My Favorite Books

I have to say all of the BP books…right? :)

The Millionaire Next Door

The Millionaire Real Estate Investor

What Every Investor Needs to Know About Cash Flow

Hope this information can give you a good start. Feel free to reach out with any questions.