All Forum Posts by: Nick May

So, what is the advantage of starting an LLC moving forward. I have one property, and looking to go to a 2nd in the next 6 months. I was thinking I needed to created an entity for any future properties. My thought is that it limits my exposure. Any other benefits?

Vince, I'm new to this, and new in the forum, but I'm going to throw something out there.  Go slow.  It is a marathon, not a sprint.  Fill your first unit, and learn what you don't know that you don't know.  It is tempting to get all excited and want to go deep fast.  Well done on your cash purchase.  Give it some time though, and see how the process goes.  Start saving for the next deal.  Make sure you get good solid tenants in.  Get some financing in place, but don't over leverage.  You have to have reserves for WHEN things go wrong.  I've watched a lot of people go too aggressive.  You have a fantastic foundation, but there is a leaning curve just as in any business. 

Well done on your first property btw.  Keep your eyes on the big picture though.  Create a long term plan.  Stick to the plan.  Don't get stressed out.  

Just my two cents. 

I am a fairly new landlord (as of April).  Things have gone great.  We get the rent check every month.  I want to however set up an automated system, so they don't need to send us a check.  Does anyone have a good solution for this?  I would love to do auto pay, but don't know how to set that up.

Thanks. 

Thanks @Bill S. That makes sense.  Just trying to get my barrings.  Every forum seems to have their own way of doing things.  

I'm super excited to meet others that are building real estate portfolios. 

 Done.  I will be there.

All right, I am there.  It is on the calendar.  Can't drink that night, and will need to leave by at least 8:30...I have soccer.  But I look forward to meeting you guys. 

So, I see I got two votes for my post.  What does that mean?  

I was told about the Bigger Pockets Podcast just a few weeks ago.  I've listened to a few, and am glad I have found a place for answers.  My wife and I turned our last house into our first rental when we moved in April.  We had always wanted to do that, but it took a while to have the money needed to make a move AND keep the old house.  

Things have been going great, and we are almost ready to start looking for our next property.  We are in Denver, which I just found out is the actual home of Bigger Pockets.  

We are pretty conservative, so are not looking to do low money down deals, but are looking more long term.  We are $700/month positive on the rental we have, and are on a good clip to be able to have a healthy down payment on a house a year if we stay around the $250k mark.  

I am interested in learning more about multi-family properties, and potentially getting into a mixed use situation, as I have a painting business, and would love to get something that can be used for the business, as well as get a renter in.  

I know we have a lot to learn, but we are in no hurry as we know it is a marathon and not a sprint.