All Forum Posts by: Josh Myrick

Also read the Compound Effect by Simon Sinek. It talks about paying some one to do the 80% of daily tasks and you focus on the 20% of tasks that make/save you the most money and give you the ability to improve the most. So depending on everything else you do maybe a virtual assistant would be helpful.

I would definitely hire an accountant if its getting difficult. First you do not want to make mistakes and owe the government money or do something accidentally illegal. So I would Hire the accountant and save more time for yourself. Then I would take that time research property management and look into doing your management yourself. This saves you the 10% which would cover your accountant and you would still make more money. Management is quite easy depending on the number of properties you have. Read Biggerpockets Managing rental properties. Buy it on this website and you get access to all their forms and other great stuff. That is the one book I read and It made managing my first property easy. I still did some things the wrong way initially but in my third year and doing very well and things are pretty streamlined.  

I am not sure about Denver But I love Truist and the old BB&T if you have them.

I agree with the HELOC way. Use your equity to buy you another primary home preferably house hack your primary, rent out the last one. If you can find a duplex or triplex buy that as your primary and rent the other units out. Take some time and read Bigger Pockets books on Managing and follow them. They saved me so much time and made it quiet simple. Once you are comfortable managing the first property then its time to look at another. Since its a primary home your can put less money down just your mortgage payments will be higher. I also recommend the creative financing book from bigger pockets buying with no or low money down. Helps you understand more of your options.

I have a separate Quickbooks account for each property and my personal finances since each property has its own business. It such a breeze and worth the extra money to just send a P&L for each to my CPA.

There are a lot of great new construction homes in Buncombe that you could make your primary home and continue renting out the other homes, or do like I did and rent out the new construction at a premium price and have no repairs or problems. It makes managing them yourself a breeze. 

You definitely have a lot of equity that could make you money. 

Depending on the rate you can get for a conventional loan you could look into a coventional, FHA, VA, or USDA depending on your history and finances, but I would assume tap into the equity of one of the properties through a home equity loan (HELO). Its different than a HELOC and is usually a fixed rate but I have heard about fixed rate HELOCS as well so would be something to look into. The HELOC gives you the advantage of having a large amount of money to use but you only pay on what you use so if you only use half you only pay on half. For example maybe you get approved for a 100K HELOC but only used 70k for a down payment you only pay the interest rate on the 70. With a HELO its a lump sum loan so you make payments on the entire thing.

Have you looked into changing the 15 year loan into a 30 year? It would lower your payment and increase cash flow which would give you more wiggle room to do a HELO or HELOC while still staying positive cash flow or breaking even. 15 year mortgages are great because you pay of the property faster but you are unable to use that extra payment toward buying another property. Or if your not a huge fan of the accidental rental house, sell it while prices are high or 1031 it into another property. If you have owned it for 2 years and lived in it for two years as a primary residence you do not pay taxes on the gain of up $250k if you file taxes as single and $500k if you file married. If that is not an option you can do a 1031 exchange into a like property and essentially trade up while delaying paying any taxes.

From this short description you have a lot of great options. Feel free to message me with any questions. I am an investor and agent myself and love this stuff. 
 

Myself and a friend are wanting to invest in a short term rental together and wanted to create an LLC and have a partner agreement setup. We have located a few highly recommended people to set up the LLC but I have questions about a partner agreement. I am not sure who sets this up. I asked the attorney who will set up LLC and they said they only do LLC. Essentially, we want a contract showing each partners responsibilities, powers, equity and income splits and any other rules such as how to buy out and anything else that could be a point of contention. Has anyone had one made up they could share as an example or recommend a NC attorney who could guide us through setting one up?

Our current plans is that I will have the decision making power to buy homes, make changes, and responsible for daily management. Essentially, he will be a capital investor only. We did this so there will be less chance of us disagreeing and not doing anything new. He trusts my decisions and ability to manage. Because of this he will have a set equity ownership and percentage of income as well. 

Usually I would have no problem sharing the info. But I assume the inspector shared it without consent because a majority of the problems were covered up by seller before I did a walk through. I mean painted over water staining. Filled rotten door framing with epoxy and painted it to blend.

They may have just followed the inspector around as well so no idea. Just seemed wrong.