All Forum Posts by: Steven Silbert

@Sean Delisle Paying myself from my business accounts is a great idea!

@Crystal Smith I never thought of that. I don't have an LLC, but I can get another personal account for now at Chase.

@Teri Feeney Styers The benefits keep on adding up. Not having my personal spending polluting the numbers would be a big plus.

@Sean Delisle @Trish Mccoy Thank you guys for the advice. I'm definitely going to take a look at QuickBooks. I saw that Chase was highly recommended and interfaces well with QuickBooks, so I'm going to go down that avenue. It'll be a pain to set up all the auto pays all over again, but clearly seeing what will be used for business or personal expenses will be a blessing I think.

@Trish Mccoy that's a really good Idea. Is it easy to differentiate each account at the same bank?

@James Niemeyer thanks for the input! I think it would be easier to keep track of expenses for tax purposes as well as budgeting, etc. I'd like to have venmo, business credit cards, and other thinks linked to it.

As I move toward acquiring my third property, I realize that I really need to start separating my finances. I plan on opening a separate account for my two rental properties. Do any of you have advice about what banks or types of accounts would be good for this? I'm currently military, so I have access to banks like Navy Fed as well. Any advice would be greatly appreciated!

Hello fellow BPers!

An opportunity has arisen for me to rent out my current primary residence that I cannot pass up (about $1000/mo cash flow), and so, as a real estate investor, I of course want to do a third house hack instead of renting.

I work around Ft. Meade and still have 2 years left in my contract (Army). I want to move to Federal Hill because it's fun, up and coming, and has great potential for short term rentals. Also, it's close to the freeway for me to head South for work, which is why I chose it over Fell's Point or Canton. Up until now, I've only rented out rooms in my SFH or a whole townhome for long term rentals.

I was wondering if any of you have experience with AIRBNB or VRBO in the Federal Hill area. Do homes in the area pull good rates and have low vacancy? Do the rooftop decks pull in more renters? I feel like moving toward short term rentals will give me the saving potential to start BRRRR in the area eventually.

Also, any leads on good multi-families or houses with ADU/mother-in-law suites of course would be greatly appreciated.

Lastly, if you are in the area and want to talk shop about everything Bigger Pockets, coffee is on me :)

I know that @Ozzy Sirimsi works in the Baltimore area and is an investor himself. 

@Danny Lambert thanks for the heads up! I might be able to make it in time from Columbia after work. Sounds like a fun event

@Trey Prince I don't think Aloha requires the 6 months

Haven't done the BRRRR yet! Used BP to find some local lenders and called them to find out how there process works. Which turned out to be a good idea as they vary more than traditional lenders. Waiting on a HELOC to go through first.