All Forum Posts by: Josiah Sia

 Thank you!

Does it make a difference if I don't have an LLC? I was wondering if I should do the 2nd checking and savings business accounts at another bank, or just open a 2nd checking, savings and CC personal at the bank I'm already with...

Thoughts? Would love to hear your opinion.

Planning to close on our first investment property in the next month or 2 (If all goes well). We have a personal checking and savings right now. We will be starting a business checking and savings with a different bank.

I’m planning to have all rents go into the business account and stash a portion of the rent into the business savings for repairs and other business needs. 

I was also planning to Transfer some money from my personal checking to my business checking when needed to cover repairs and other business expenses until my business accounts have built up enough buffer. 

Once my business accounts have enough buffer that I am comfortable with, I was planning to transfer money to my savings account in my personal account for personal use.

Is there any issue with this when trying to separate accounts? Do you have any best practices when managing financials with a personal and business account? 

TLDR: Planning to transfer money to and from personal and business account depending on where cash is needed. But will only be using those accounts for their intended purposes. IE. Business account will only be used for business transactions. Personal will only be used for personal transactions. Any issues with this?

Does anyone have any experience taking Udemy Air BNB courses? Have a free trial and would like to try out one of these courses but there are quite a few of them. 

If you have experience taking an Air BNB related course, which one did you take and how did you like it? Would you recommend it? Thanks!

Wondering if any veteran real estate investors have any funny stories/anecdotes relating to real estate to share? Would love to hear some and learn from them! Also, could use a good laugh!

1. I would rather do cash if possible, so I can get better deals. 
2. If I didn't have cash to just outright buy, I would probably try for a low DP loan, like conventional 5% or go to conventional 20%. 
3. After that I'm thinking of using a HELOC.

That's my strategy anyways of my stepping stones to try to fund a deal. After those sources run out, I'll hopefully have made enough connections by then that I can do private or hard money loans.

Good luck! 

@Kipling Beck - Hi Kip! Thanks for your service!

Firstly, based off what you said, and if I were in your exact shoes (assuming single, no kids), I wouldn't go to college. I'd spend those 4-5 years becoming a Real Estate Agent and getting to know the market I'm in like the back of my hand. Along that journey you will make mentors, partners and other important connections. (FYI - this is what <I> would do)

With that knowledge and leg up on other Real Estate Investors, I'd crush it as an investor. I hear this all the time in BP podcasts, RE agents have such a leg up on the market, they should all be investors! But so many of them aren't because they just want the instant cash or enjoy that game vs the investor game. Whatever floats their boat.

One other tip, pick a strategy and just do it. Don't overthink or get paralysis by analysis. "Oh but wholesaling will be easier." 2 months later. "I'm going to buy and hold." 4 months later. "Time to become a day trader in stock!" 1 year later. "Time to start an Amazon FBA."

I know that's a little exaggerated but it's kind of what I did through my 20's. Just don't want you to make the same mistake. Pick something that obviously has some history with consistency, and just own it!

Good luck!

I read those in this order:

1) The book on rental property investing

2) No and low money down

3) BRRRR

Worked out fine. Honestly I wouldn't read BRRRR 1st, other than that, choose any order you like. BRRRR goes slightly more in depth and might be hard to understand if you don't have a decent grasp of the basics.

Right now, because of the vehicle I'm choosing (Buy and Hold MFHs), I'm reading:

Building wealth one house at a time and What every real estate investor needs to know about cash flow.

Hope that helps! 

I would always, 100% of the time contribute up to 100% match. In your case the 5%. The returns you will get form REI will never catch up to 50-100% return.

After the match %, I wouldn't go any higher. 

Good luck!

Check the BP forums for partners in your area!

Also, do you have a house of your own? Maybe look into HELOC's? That's a financial tool I'm planning to utilize for my real estate game.

@Alejandra Yepes Hi there! I'm a new REI myself and still haven't done my first deal yet. Planning to in 2020 though.

With that out of the way, I've done A LOT of reading, research, Q&A, etc. I would definitely not do it if you have no reserves. One of the best advice I got was to make sure to have about $10,000 a door early on in case of issues that could come up. It's better to save up a bit longer, and start later, and jump and then find out your parachute actually has too many holes in it. 

I'd try to save up more first, and then take the dive. After you have a safety net of about $10-15k, then you could be able to sleep better at night as well. 

On the #'s for your RE agent, it's about right. Over here closing costs is about 5% and you are planning to do an FHA loan with 3.5% down. For a property thats about $125k, you'd need to bring about $11,000 to the deal.

Good luck!