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All Forum Posts by: Colin Reid

Colin Reid has started 19 posts and replied 204 times.

Post: Do we really get tax benefit for rental property?

Colin ReidPosted
  • Investor
  • St Petersburg, FL
  • Posts 231
  • Votes 221
Originally posted by @Account Closed:

 For new investors, this itemization on one rental does NOT cross 24K so it doesnt makes sense.

So don't stop at one rental. Go get more! I always say that I want Bill Gates' tax problems.

Post: Of all the places you lived, where would you move to right now

Colin ReidPosted
  • Investor
  • St Petersburg, FL
  • Posts 231
  • Votes 221

I've lived in Maryland, Texas (central, west, and panhandle), New Mexico, Arkansas, Florida (East coast and gulf coast), and I've probably got enough time to earn a green card in Afghanistan. I'll stay in St Petersburg, FL. Really, anywhere in FL, as long as I'm near salt water. 

Post: Anyone else feel like the forums are losing value?

Colin ReidPosted
  • Investor
  • St Petersburg, FL
  • Posts 231
  • Votes 221
Originally posted by @Peter Tverdov:


 That's part of it but I've been on other forums nearly 20 years and still get lots of value. This place is becoming more watered down and to get a better discussion I basically have to pay $500 a year lol cmon. 

 K, bye!

Post: Multi family calculator

Colin ReidPosted
  • Investor
  • St Petersburg, FL
  • Posts 231
  • Votes 221

Is there a book+calculator combo anyone recommends? I've been using "HOLD," by Gary Keller et al, for my SFR and small MFR deals for a long time. It comes with a good spreadsheet, which I've modified over the years. It's a great package, but somewhat limited to <4 unit deals. In the MFR/Commercial world, are we stuck with expensive guru courses and associated products?

Post: NM Insurance Recommendations

Colin ReidPosted
  • Investor
  • St Petersburg, FL
  • Posts 231
  • Votes 221

I'm shopping homeowners policies for my two SFR's in Eastern NM. I've been with a major national carrier (bundled with everything) and I wonder if I'm paying too much. I'd love some recommendations from other SFR owners for good agents or brokers for rental policies. Licensed in NM is needed, and Texas would be a nice to have (I have one more there.)

Thanks!

Post: Addressing Racial Disparity in Home Ownership/ Wealth?

Colin ReidPosted
  • Investor
  • St Petersburg, FL
  • Posts 231
  • Votes 221

What am I doing? I'm buying properties and renting them to people with verifiable income, good credit, etc. I'm providing a nice place to live in a decent neighborhood (actually, some really nice neighborhoods, too) for a fair price. I'm working with property managers, contractors, etc who do business ethically.

I don't have a clue the names of most of my tenants, muchless their colors (there is an African American family in the other unit of my house hack, but I didn't know that until they moved in), because as someone else mentioned, the only color I care about in real estate is green. I do know that race is not a question on any of my PMs' applications or leases, and if it was I'd have them remove it, or not do business with them.

As a veteran, and now a government contractor, my coworkers are very diverse, in terms of color and socioeconomic background. I've spent countless hours over the years mentoring my Airmen on financial topics. I have a few who might become partners with me on deals in the near future. I keep doing it, because there's always a new Airman, or recently, an old contractor with questions about a home purchase or a 401k, and I want them to have success like I have.

Post: Keeping tenants after purchase?

Colin ReidPosted
  • Investor
  • St Petersburg, FL
  • Posts 231
  • Votes 221

I noticed a lot of listings I've seen recently are touting "Fully rented," and "long term tenants in place." It got me wondering if I could ask the seller for the information they used to vet the tenants. Is there any reason they couldn't or wouldn't keep the credit reports, background checks, references, etc, and any reason they couldn't provide that information to let a buyer decide if the vetting measured up to his or her standards?

Post: Is the market going to go KABOOM?

Colin ReidPosted
  • Investor
  • St Petersburg, FL
  • Posts 231
  • Votes 221
Originally posted by @Tom Wagner:

Is there something about Pensacola that makes it harder hit than the rest of the country by unemployment?

I'm not in Pensacola but I am in FL, in the Tampa Bay area. Florida, in general, relies on tourism for a large segment of the economy, and the height of the shutdown was during spring break. I have friends in the tourism industry, and they're hurting bad. Their biggest money making season is spring break and they were forced to close. I'm sure it's hitting P-cola, too.

Post: Age, how many rentals, and type of rentals?

Colin ReidPosted
  • Investor
  • St Petersburg, FL
  • Posts 231
  • Votes 221
I'm 34, with 4 properties. I'm house hacking a duplex in St Petersburg right now. I bought my first place at 23, and became an accidental landlord when I got orders to move. I've been growing it slowly, but looking to scale soon.

Post: Learning Book Keeping

Colin ReidPosted
  • Investor
  • St Petersburg, FL
  • Posts 231
  • Votes 221

I need to learn how to bookkeep. Until now, my real estate investing has been sloppy and amateur. I have three SFRs, two of which were my primary residences. I know I'm making money because there's money in the accounts from rent income, and I pay the mortgage and repairs out of those accounts. Positive numbers mean I'm in-fact making money. But that's about all I know.

I've attempted to learn Quickbooks in the past, and it's overwhelming. My dad is a CPA and tried to give me a crash course, but I still can't wrap my head around it, especially double-entry accounting. I paid for a recommended "quickbooks for real estate" type of book (don't remember the name, but I believe it was recommended here) which I both couldn't grasp, and disagreed with my dad's methods.

I feel like I need to keep more professional books to grow my business. I don't want to pay someone to do it yet, because I want to understand it.

Are there generic (meaning non-real estate specific) courses online you'd recommend? Should I take a class at the local community college? How did you learn to maintain your financials for your business?