All Forum Posts by: Kevin Trumbull

Welcome aboard @Mike Pena, you'll find BP to be a great place to learn more about real estate and network with like-minded people.

Congrats @Account Closed glad to hear things are going well. Please do keep us updated on the property. If you haven't already, would you be willing to share some of the numbers on the deal? 

I didn't word that correctly, I'm not a PM, my properties will be managed by PMs, so I just need basic accounting. 

@Account Closed so do you recommend the normal downloadable version rather than the online version for a basic buy and hold portfolio managed by PMs?

If so what edition do you recommend for that?

How applicable is your book to the online version? 

I'm looking at purchasing my first rental, and I've gotten an insurance quote that includes 1mil in liability for the property.  Should I also get an Umbrella Policy, or do you think I can hold off until I have at least 2 properties?

I know there are a lot of ins and outs to it, just looking to get a general idea from more experienced investors.

Dredging this topic up in case there are any updates from anybody or any further recommendations.

Welcome aboard @Ana Marie B., you'll find BP to be a great place to ask questions and use as a sounding board for your investment ideas.  I look forward to hearing more recommendations to your original question.

Although I'm a n00b investor, from everything I've read and learned, I agree that during the beginning stages you should put every dollar to acquiring more property, then after you have a good portfolio cranking out some solid cashflow, start using it to pay down some of your debt (especially when you start to get to the point where you'll be looking at more expensive loans, such as getting that 11th loan).

Welcome aboard @Matthew Siemer, as a new real estate investor myself I have found BP to be invaluable.  There is so much good content in the Blogs and in the Forums.  Also check out the Keyword Alerts.

@Brent Kiger I'm actually working with a turnkey provider, and I'm planning on purchasing my first property without visiting.  I plan on visiting before I purchase any further properties (likely next year).  I narrowed down my markets and Kansas City was on my short list, then looked at available properties and one was in Sugar Creek.  

@Aaron Brown Yikes, that is a little concerning to hear, the particular neighborhood I'm buying in was classified as B+, and it is just east of Cedar Ave (I assume you meant Ave and not St).  I know I'm not buying in an A neighborhood this first time out, but I'm hoping it's not a ghetto. :) Neighborhood stats/demographics seemed good enough, seems like a solid blue collar neighborhood. My due diligence had me comfortable with the area.  Thanks for the recommendation on a plumber, writing all of these down.

I'm really enjoying getting the local feedback, please keep it coming if anybody else has any thoughts.

How do you categorize your earnest money payment (and eventually the rest of the down payment) in accounting software (like Wave or Quickbooks) when purchasing a rental?

I know the down payment isn't tax deductible, but I believe some of the closing costs and such are.  However this question isn't so much about that, just trying to understand the right category for the actual down payment itself (because I don't think it really falls in to an income/expense category).