All Forum Posts by: Kamil Baldyga

Hey Mariyam! So I can kind of relate. I'm an agent and investor and my girlfriend is an army nurse and investor as well. Being all three is definitely a lot, especially if you have little people you're responsible for. The best advice that I can give is to time block. Have a consolidated to-do list for every aspect of your life investing, real estate, personal, etc. And then form a master to-do list for the day pulling the most important tasks from each. If you're not already using a calendar, I recommend you start using it religiously. With such demanding pursuits it is incredibly easy to get side tracked and not do the tasks that actually produce results. It's also important to remember that there really is no such thing as "balance" but instead "seasons". Maybe for five weeks you focus most of your attention on investing, maybe you spend 2 weeks focusing on family and friends. It all depends. It is super difficult for me to imagine being in your shoes but I hope this helps in some way!

@Laura Chevalier In regards to repairs, ideally the business is making enough money that there is enough money in the business account to pay for it. In the event there isn't and more money is needed from the partners, ideally both partners would contribute equal amounts. If that's not possible, both partners contribute as equal amount as possible. Anything over that, the partner who contributes more treats it like a loan to the company. If Partner A contributes 5,000 and Partner B contributes 7,000, both partners made a business contribution of 5,000 and Partner B has a loan to the business of 2,000. Let me know if that doesn't make sense!

@Laura Chevalier So there are a lot of ways to skin the cat on this one. The way I'm doing it in my partnership (I also do additional management responsibilities) is for your partner to send an invoice to the LLC each month for "Management Services". Essentially he's another business charging your LLC. You two could make the same/proportional income from your partnership LLC and he gets additional income for his services, which just look like an expense to your partnership LLC. You can do this for a predetermined amount of time and cost. Whatever you two deem is fair. Does that make sense?

Often times most lenders don't know a lot of real estate lingo like BRRRR. BRRRR is just a new fancy word for cash out refinance. Definitely let your lender know you plan on refinancing the property after repairs are made to it. They may have a better product for you or be able to work some magic in your benefit. Hope this helps!

Are you doing this through an LLC? If so, typically in the operating agreement it outlines how all members of the LLC are expected to perform. The two most common...

1. All partners contribute the same amount monetarily and receive equal shares of profit and equity

2. Partners can contribute different amounts and have a split proportional to the amount of contributed. If partner A contributes %80 to the deal, than they receive %80 of the income and equity. (Highly recommend this method).

In either method...you could do a loan to your own company above the other person's contribution. For example, Partner A puts in 40K and Partner B puts in 50k. You could both have an "official" contribution of 40K on your books and Partner B would have an additional loan to the company of 10K (with interest if you choose). It would be then determined by both partners on how the loan is paid. Either it takes priority and no one receives income until it is paid off, or payments are made over the course of an agreed amount of time. The point of this is to ensure that the partner that contributes more gets paid back and both partners can have an even split of equity and income.

I know it is a lot, but I hope this helps. Let me know if you have any questions!

Hey Chris, unfortunately I don't believe there is a general sheet with those values. It is going to be very specific to the market that you are in. I would hit up an agent or appraiser in your market and get their insight. I hope this helps, let me know if you have any questions!

@Genevieve Anderson Currently no and it is rather unlikely that any legislation would pass that completely prevents STRs in Fayetteville. The other added benefit of Fayetteville is that it has a solid LTR market as well. 49% of properties in Fayetteville are actually rented out as LTRs. This is great because it provides a viable back up plan to STRs in the area should some crazy and unforseen regulations be passed.

Hey Genevieve, I'm an investor specialist agent in Fayetteville, NC. I can honestly say STRs are killing it in this market. I currently have seven STRs myself in this market and all of my clients have found great success as well. Fayetteville is home to the largest military population, a large medical personnel population (travel nurses), and it's a natural midway point between New York and Florida, making Fayetteville a phenomenal STR market. Let me know if you have any questions!

Hey Devon! Depending on the size of each unit, it may be better to rent it out as a unit. It will be easier to fill and more desirable to tenants. You could also rent out as a whole unit but include a slight increase to rent if that unit is going to have a pair of roommates living together. It really just depends on the size, you don't want to cramp too many people together in a super tight living space.

Hope this helps, let me know if you have any questions!

I'll be there!