All Forum Posts by: Matthew Powell

Max that definitely makes sense. Using Aaron’s ship analogy I would not want my whole ship to sink if something were to go astray. Would much rather have one compartment flooded while I limped back to shore for repairs. I have a lot to learn going forward but am eager to absorb it all. Thank you. 

That's a great way to look at it. I can probably put them under LLC's by state location or something along those lines. Might be easier to keep track of everything that way. This will definitely be a fun journey! Thank you for your words of wisdom!

My wife and I own one Duplex in Washington and currently have one bank account that has all the funds from that property going into it. Is it necessary to have an account for each individual property that we acquire. Someone had advised us to have a different LLC and bank account for each individual rental property. Is this accurate? I imagine it would be a nightmare maintaining 100 different LLC's and 100 different bank accounts when we reach 100 rental properties. I don't think this was accurate advise.

My name is Matt Powell and my wife and I are on our way to becoming millionaire real estate investors. We purchased our first income property in September of last year and are anxious to purchase more. I am finally joining bigger pockets, with the hope that it will help increase our knowledge on the entire process. From creative financing to tax laws. I currently work a more than full time W-2 job, while my wife is a licensed success realtor in Oregon and Washington. Our goal is to become financially independent in our near future so we can retire while we are still young. We love traveling the world with our daughter and are finding the W-2 life tends to hold us back. Ultimately we are going to want to focus on owning apartment complexes and manufactured home lots. It’s time for us to floor the gas and make a major push forward. Looking forward to the road ahead.