All Forum Posts by: Scott Arno

Another way I've seen it done is to use "sub-accounts" under a property address so you can correctly reconcile expenses and income to the property "sub-account" which will then allow you to see a full break down per property in the P&L. 

Other software out there includes Xero, which has tracking categories, which is similar to Quickbook's "classes."

There's also Wave accounting which is free but a little clunky. It does have a pretty easy to use receipt capture mobile which is a cool perk.

Hahah you're absolutely right about the relationship aspect, and definitely value your insight. Thank you so much for your response @Hattie Dizmond!!

Hi everyone, 

I've begun to acquire enough funds to begin investing with my plan of buy and hold strategy. However, there are several unknowns lurking in the future and I was hoping to get some advice or guidance. Here is the story:

Moved to LA 1yr ago to support my fiancée in grad school. When she graduates in 1 year we will either 

a) Stay for another year or two if she gets a job

b) go on to another singing degree for a year, city unknown, then move on from that city to another city unk for hopefully more permanent situation 

I see several options regarding each path:

a) Buy an investment property back in my home town, which I know well. Pop 10,000, college town, property taxes 2% avg. and officially partner with my brother and Dad - which I don't want to do based on other horror stories. 

b) Buy and hold out of state after establishing trustworthy relationships within the next several months (Lexington/Louisville KY, Greensboro/Charlotte NC- all areas unknown to me but mainly bc I like those areas). That way where ever we move I have a specific area that won't change

c) Wait - which is hard to do bc I want to get started - House Hack when we move for a year, without FHA support bc I doubt I'll qualify if in between jobs (either live in flip or live in owner of multi-plex).

Which is worse - trying to establish a partnership with family or risking building a ground up relationship in a unknown area. My gut tells me to wait, but I feel like rolling the dice. I need some wise words. 

Thanks,

Scott

Hi Everyone,

This is kind of a feeler post for readers because I'm at an impasse with which route to take in investing. Soon I'll have enough saved to either put money into marketing for wholesale deals or....invest in a buy and hold property. Either way I feel both can eventually bring me closer to my goal of retiring from my full-time job by 40 (26 now). It just seems wholesaling might do it quicker so long as I could reinvest my income back into buy and hold properties. Any ideas on what could come first? Is my thought process even close to some sort of reality?

Thanks,

Scott

Hi Everyone, 

I understand that wholesalers sell to cash buyers. Can the buyer be someone who has a traditional mortgage loan too or is it purely as the title says - only people with a wad of cash.

Thanks

@Steve B. 

Thank you for the correction and response. I agree, my guess is no one will likely take action, and I understand it would be a risk albeit a limited one. 

Hi everyone,

I'm beginning to organize a new tenant packet for when I plan to buy a SFR in a few months so I can hit the ground running. My question is whether or not forms like a pet addendum, rental application, carbon monoxide/smoke detector acknowledgement etc. are state specific - I know the residential lease is subject to certain state regulations and will be asking an attorney about it. But for the rest, can I create generic forms for myself? If so, is it plagiarism to implement statements and items I like from other forms I've seen on Google if its only going to be used by myself and my tenants?

Thanks,

Scott

Great points about the loan brokers, thank you everyone and I'll definitely be doing my research slowly but surely.

 @Jon Holdman I thought a portfolio lender might come into play here. I understand refinancing a mortgage can be done to pay off a balloon payment mortgage when due. If that option was all a portfolio could offer for a buy and hold property within an LLC where would you suggest finding refinancing options to make the payment when due - the same portfolio lender possibly, based on how creative they are, or a traditional lender?

Hi everyone,

I'm severely new to real estate investing and and ran into an unknown. For instance, I found a duplex listed on the MLS but would rather not use any of my own money for a down payment. I understand the basic principles of subject-to, lease options and seller financing and I was curious if there's harm in asking the owner (based on their selling situation) if they'll consider a subject-to, lease option etc.? If its not a problem in asking, do I ask the real estate agent to ask the owner or contact the owner directly - how would that work??

Please let me know if you need more details

Thanks,

Scott