All Forum Posts by: Maxine Brown

Thank you so much!

I'm very proud of myself, this was my frist time mentioning and negotiating on behalf of my friend who wanted to step in my world of REI.

Max 

Hello BP Fam.

I'm so excited to share with y'all that I mentored a friend of mine, who wanted to get in real estate investing. We started the journey last year Sept 2023.

The deal closed mid November, after a 2 months journey to find the perfect property (price/Cash Flow/appreciate) and closed on it.

Made her aware the holidays isn't the time for renters to move, however, once W2 taxes were issued in January 2024 she would get a tenant.

She is officially a landlord!

Maxine 

Hi BP Family.

Regarding your 1031 exchange. As per the IRS code you must use all the funds on your next purchase, either scale up or like same value. If you purchase less than your equity in the 1031 exchange. You will pay the taxes on the balance. Known as your "booth". However, whoever is handling your 1030 exchange should be explaining the tax ramifications of the tax codes. Hope that help with your question.

Hello @Jake Baker

I've a great property management company which does a great job with Appfolio, which breaks downs cash in, cash out and expenses. The portfolio has 9 SFR and a 5 plex. I don't know if I should give up that control and the financial side of my business. However, I want to know when should I give that aspect of the business.

Hello @Alex Clark I've been an investor for 19 years and really started taking this seriously 12 years ago. My first serious deal didn't cash flow in 2 yrs, but my equity was going up. I was in the Red $30 a month. i'm fine with that!. So, the question to ask yourself, are you ok with cash flow  or equity or both?

Maxine 

Hello Jon K. I do spend quite a bit on cooking the book. BUT, I have the time. My W2 job is a 4 on 3 off 40hrs. So I have 3 days I can dedicate to my bookkeeping.

However, I'm wondering do I need a bookkeeper to streamlined expenses going out. 🤔?

Maxine 

BP Family.

Here is a question, with 15 doors under my belt. Should I hire a bookkeeper, as suggested by Robert Kiyosaki "Rich Dad, Poor Dad"...i think i do a pretty good job myself. However, would i do better with a bookkeeper?

Max

Hello BP Family. 

Quick Tip...when selling/ renting your co-op. Be a friend to your CO-OP president. Eg. Send them Christmas gift every holiday. Even if you don't live there anymore. Just that one little gesture will change how the board vote in your favor. 

Maxine

AKA "Max"

Hello 👋 GW! He is finally seeing the light! So his temper tantrums don't last as long anymore, I usually let him get it out of his system, when he settled down I'll explain the deal to him. Lol