All Forum Posts by: David Friedman

Welcome to BP @William Pittman !

It looks like you already have set some great goals. Make sure you hold yourself accountable to them! I know too many people that wanted to become a real estate investor, but let things get in the way.

Also, if you plan on cash flow being your main requirement in real estate you should look into investing in multi-family properties. If your goal is to own half a dozen properties for cash flow, you can count each unit as a rental property, but with easier management and shared expenses. One roof to fix for six units sounds like a sweet deal to me! Feel free to reach out and ask A LOT of questions.

@Michelle Shrum Hello Michelle! Welcome to BP!

I'm a real estate agent with an office in San Bernardino and I use forms all day. Were there any specific forms you were looking to understand? For example a purchase agreement, seller carry, etc?

As far as learning legalese, I find that I am learning most of what I know from other experienced professionals such as my broker. A website that I use for the definition of investing terms is investopedia.com. Hopefully I could help.

Hello @Karen Capps !

Are you interested in networking with professionals in your area? I'm a real estate agent with an office in San Bernardino and I'd love to help you guys realize your dream investing if I can. Let me know if there is some way I canhelp. Most of us from BP are super helpful and friendly!

@Jim Keller My father is a CPA and has plenty of experience setting up LLCs for his properties. If you post some questions I can refer him to the post and see if he can be of any help. If you don't mind me asking, how do you find the properties you invest in? Does working for the company you mentioned help? Thank you!

At 5 loans wouldn't you be able to get a blanket commercial loan for all 5 properties? I suppose you could cash out like that if that is the case.

@Brie Schmidt Thank you for the correction. Going to save this post for future reference.

@Account Closed

Yes, I should have specified. I am a real estate agent and therefore my income doesn't start to count until after 3 years do to the fluctuating nature of real estate commissions.

I am not a CPA nor to I pretend to be one, but from my experience you will not see large gains when starting out. Especially when you can depreciate the value of the property over 10 years. So, it is even possible that with the depreciation expense subtracted from your rental income you are running at a "loss" on paper, meaning low or no taxes. Again, not a CPA, but this is from my experience.

I hope this answered your question. If not please help me by clarifying :D

I agree @Brandon Hughes ! As far as networking events in the IE I have started a very popular RE Club using Cal State San B as a base. The turnout is usually 20-25 people the last 2 events. Want me to keep everyone here posted?

Thank you @Brandon Turner ! I will check it out now!

One more thing I forgot to add.

Banks will only start to count rental income and commissions as a usable source after 3 years of cash flow or receiving commissions. This is my experience at least.