All Forum Posts by: Josiah Cooper

@Michael Moreno Hi Michael,

There’s nothing wrong with paying off your primary mortgage or rental properties for that matter. I believe we all want to have our properties paid off eventually, might as well start now. Im on a very similar journey myself. I would rather have fewer properties that are paid for vs. many doors and being over leveraged. I would pay off or free up the monthly furniture, water softener, and crypto. That’s an extra $1500 that could be going towards principal.

Best of luck to you!

@Mora Clark I don’t care what your property manager says, raise your rents! ;)

@Caleb Bryant much appreciated! Very good to know about the flooding issues & differences locations to look into. Agreed, Hsv seems to be getting a lot of attention and nothing makes sense to buy on MLS. Athens seems to have a worse housing shortage than HSV.. Decatur seems to be making the most sense

@Gorden Lopes Again, I really appreciate the feedback!

I do find it concerning anytime people are moving out vs. moving in - just on the tennis prospects alone will be less. As Huntsville grows and prices rise, I do think people will start moving back.

That’s good news regarding vacancies - another broker said the same thing. I appreciate your time & response man & best of luck to you!

@Gorden Lopes thanks for the response! There’s been a slight decrease in population- are your turnovers quick or does it take longer than normal to rent out?

I currently live and invest in Huntsville, Alabama but am looking at different markets. I have no knowledge of Decatur and am needing direction on which zip codes are the best to invest in. I'm looking for what to go towards and what to stay away from. I'm reaching out to investors I know in Huntsville but hearing from those very familiar with Decatur would be awesome!! 

@NIcholas Hamel

100%! I used a HELOC on my last 2 BRRRR's and just rinse & repeat. As others have stated - make sure things are stable with income. Last thing you want to do is lose the roof over your head. Best of luck to you my friend

@Ryan Williamson

You may have to use your own or raise the capital to purchase and rehab first.. THEN get a bank to do a cash out-refi. That was my experience. Before doing the refi, my bank wanted me to set up LLC and then refi under LLC. Best of luck to you

@Ashish Acharya

Thank you for taking the time to respond -

It is a multi member LLC (My wife and I). I started the K-1 process through TurboTax Business. I understand that I have missed the deadline to file my LLC as well.

I have kept good records and shamefully admit I am trying to save money but now realize I may need to some help.

I will DM you.

Hey BP -

I’m DYI’ng my taxes this year through TurboTax and am stuck. Here’s some quick info on my situation:

-I have a LLC

- BRRRR'd one house last year

- Using TurboTax to create K-1 for LLC

When entering info into turbo tax, what all do I enter on my K-1 form from the BRRRR process?

Example: Do I enter the purchase and rehab on the K-1 or should I enter that info on my schedule E?

What part of this strategy goes into K-1 and what part goes into my schedule E?

Any informal is greatly appreciated.