All Forum Posts by: Michinori Kaneko

that's great idea. i have a 1yr old daughter, so i'll try that strategy out in 17 years haha. 

Disclaimer that i'm new to real estate investing.

From just quickly looking at the numbers, looks like you have way better investment choices than the property you listed. for a $300K loan (and $70K Equity), you can find 3 x $100K properties that can get you $1000 a month (or more) depending on the area that you invest in. obviously, you will have more cost (closing, inspection, etc. + more CapEx as you have 3 roofs instead of 1), but in a longer term I think you will generate way more cash than keeping that investment? Your situation is not about whether the property can generate cash or not, but rather what your opportunity cost is.

Great! Thank you so much for your help.  I'll open the account soon, along with your suggestion about capex savings account!

Thank you Joe,

that's every helpful.  So if I distributed all the money to my personal, then decide I want to purchase another property, it's probably better to transfer more money into the business checking and buy the property from there, correct? 

Thank you both for your inputs. I do intend on utilizing LLC once my portfolio grows, but probably not until i have a handful of properties.

@Joe Hines How do I become "Creative with how to pay myself"?  I guess my question is, when i'm transferring money from my business checking to personal checking, how is that different from mixing the two? I suppose my question is how do I have a  clean separation? do I schedule like a set amount of quarterly distribution or some sort of "rule"? 

I am a CPA and good with excel so I think i'll be ok with maintaining my records (I don't really practice CPA though, so I'll still need some advice from people who practice in these type of situations).

Hi,

I went into contract on my first rental property a week ago, and getting ready to close the property in few weeks (under my own name, with no LLCs).  I am wondering if opening a business checking account is recommended, and if so, what do i need to be conscience about? Can i "distribute" money to my personal checking once every few months, or do I need to keep it in the business checking account?  Thank you for your help!

Agreed with Kathy Selig for Fort Wayne. I met her through Camilla, and she's been above and beyond realtor for me! went into contract on my first property last weekend via Kathy!

Thanks Aaron,

This is in Indiana.  There are minor repairs that are needed (about $3000) + I need to install appliances ($2000).  These are also in the pipeline.  

Hi,

i just went into contract for my first investment property.  There are things that I am working on now:

1. mortgage being worked on. 
2. have an insurance quote on my property.  
3. have a potential PM to manage my property for me.  
4. an upcoming inspection on the property

what else do I need to be thinking about from now until I close on the property? Thanks for your help!

@Sean Madden I've been looking at Fort Wayne property for few months now, but I haven't found anything that makes sense number-wise yet.  If you have lower return targets than I do, then perhaps there are lots of properties that generates ok returns.  It all comes down to opportunity cost (why invest in illiquid real estate market when you can invest in other liquid assets like mutual funds/reits if the returns aren't better).