All Forum Posts by: Steve Jeffries

My Wife and I are buying our second SFR. We were discussing strategies going forward, and wondering to buy multiple properties or put more money down on each deal. Example: As of current, we are planning to buy once a year. When that time comes around, let's say we have $20k to invest from previous year profits. If we are looking at homes that take $6k for the 20% down, do we buy three properties and continue to grow that way? OR, do we put all previous year profits on single new property, eventually paying cash for them? The first scenario grows much quicker but acquires minimal equity. Second scenario grows really slow but max equity. I'm sure this is going to be a very opinion based response, just looking for what experience has taught you. If it helps...my Wife and I both hold W-2 jobs with 2 kids and hope to eventually leave the 9-5 world to do real estate full time. Thanks in advance BP!

A quick tax question here for those of us that are just beginning their journey... We have our first rental. The profit we make on the property in a given year will be taxed, come tax time the following year. 1. How much is a good idea to set aside for paying taxes? Is there a safe percentage? 2. Say in December, I take the profits for the year and buy another property. Is that money tax deductible? Or will I still have to pay taxes on it?

Thanks for the advice! Some very good points I hadn't thought about.That should help us get started.

My wife and I have decided to go full steam ahead with building out rental portfolio. We are currently closing on our second property under our newly formed LLC. With tax season fast approaching, we are wondering if we need to look for a RE specific tax professional, or if we can go to a local couple that run their tax business out of their home. They do single, business, commercial, etc. Are there any tax write off's or benefits that are commonly missed that we could take advantage of? Our LLC is majority owned by my wife, which makes it a minority owned business. Any perks there we should look for? Thanks in advance.

New to BP here, and looking to learn as much as I can. I currently have one property and am in contract for the second. I wanted to add that I have tried kwikset system. I worried about losing the tool, original key, or having troublesome tenants switching keys. I am thinking about installing the key pad entry door locks. This way I have a master code, can change codes for each tenant, and don't necessarily have to worry about the key. I have this type of entry in our home, but has anyone tried this on a rental?