All Forum Posts by: Nicholas Bacon

Thanks Eduardo, appreciate the advice. I'm still thinking about whether or not I should create an LLC, so of course that has me stalling on opening the new accounts because I am unsure if it should be in my personal name or an entity I have yet to create. I know there are many pros and honestly in FL it's not terribly expensive. I just have to pull the trigger and then work to get my books in order.

Appreciate it!

Thanks Markus, appreciate the insights. I have a cpa, but they don't focus on REI. I think it's time for a new hire!

 Hi Matt, 

I am self managing as it's a single property and I am trying to keep costs low. I am re-running numbers to see how badly I did on this first one haha, but thankfully been able to cover the expenses with my own cash. I haven't opened a separate account yet, but that is on my short list. Any suggestions on moving over funds and not making a huge mess of things?

Thanks,

Nick

Thanks Ray, my first deal was actually in the Buffalo, NY metro area. So not quite the same as South Florida, but I do have aspirations to move my investments south, where the commute is a little less! 

Hi All, 

Been a member since 2020, but not very active. I finally have my first deal done and generating income. I am trying to review the process and see what lessons learned can be gleaned from the whole experience. 

I am mostly interested in learning about how to keep track of income and expenses, when to take depreciation, and other tax focused things.

Best,

Nick

New investor here; looking for information on markets between Miami-Dade and Orlando. Hoping to find a SFH or ideally a small MF. Thanks in advance for all the input!