All Forum Posts by: Brian H.

I don't quite have the cash to invest in anything right now but it is slowly building back up each month through my rentals. They cash flow very well.

So, while I am waiting... I have a good portion sitting in Live Oak Bank Business Savings which is about  1.09% return... doesn't even beat inflation.  I have both my repairs/vacancy/cap ex savings and then just a general savings that has a large portion of my cash. Both in Live Oak.

I know there are a few other higher yield business savings accounts but I was also looking at money market...   What do you all do? Yes, I know, I should be out networking... finding money to invest... but I run two kitchens and just don't have that kind of time. Want to at least have the cash on hand working for me while I wait.

Thank you!

I would definitely like to hear some people's recommendations in regards to REI-focused tax pros here on BP.

@Natalie Kolodij

I had been thinking about this recently. Concerned my CPA, while knowledgable, may not have the specific REI knowledge I need to really make sure I am set at tax time. Is it reasonable to just give my 2018 tax return to an REI-focused CPA and pay them to just comb through it and see if it looks good or if they would have done things differently? Can I expect an unbiased answer since they know I have a CPA that I would likely stay with if it turns out they know all the little extra bits that help us out in REI?

Howdy everyone. Hope you are all doing great!

So, this year, I will make around $140k on paper.  I make right over $70k at my day job (with... no benefits, yes I know, moot point) and my rentals will pull in right around that much as well. I take no pay from my rental business yet. Just putting everything back into it to pay for some repairs/upgrades and also build capital back up so I can invest more.

I don't have a 401k through work... so I can still contribute to Traditional IRA for this year, correct? And still get deductions because of no 401k? The owner of the restaurants I manage is considering starting a 401k in 2020. So at that point, if he does, I won't be able to get a deduction from Traditional IRA, making it not a tax advantaged retirement account for me to contribute to anymore. What is the best move at that point? Do I go with ROTH? Do I just start investing in index funds and what not, just not utilizing retirement accounts for that piece? I will, of course, max out my 401k if I can and hope to have a little left after for extra investments. Just curious what makes the most sense at this point. We are finally able to start really putting money away and I want to make sure we do it in the way that will help us the most as we move forward.

Thank you all so much!

Hi all!

Hope everyone is well.

Has anyone here ever tried out REI Autocomp?

Anyone else ever end up trying out REI Autocomp?

Curious if anyone in here has connections in the Lenoir, NC area? Even Hickory or Morganton would probably work.... I don't know many people there but have a few properties. Have worked and worked to develop some relationships but man are some people just plain flaky.  

Anyways, any leads would be so very much appreciated!

Thank you!

@Marcus Auerbach

"You are expecting too much from yourself in too little time."  

Yes.  That is echoed by my girlfriend.  She keeps pointing out that my goal for 2018 was to finish my first flip and maybe obtain ONE rental.  I ended 2018 having finished my first flip and obtaining five rentals that total 11 units.  So, I am much further ahead than I already hoped I would be... but that gave me the itch!! haha But yes, you are right.  Especially with the time required by my day job.... I need to be approaching this in a less intense and almost... panicked fashion.  

Thanks for the book recommendations. I will add those to the stack by my bed... haha I think it is about 12 books tall at the moment.  I need to set aside time to read again.  

Also thanks for the advice on focus.  I was originally focused on three specific areas withing 1.5 hours of my location and then just recently kind of exploded in all directions... contacting a bunch of different realtors... it became extremely overwhelming extremely fast. Clearly I do not have the time for that sort of approach at this point. I have the mind for it... if I had the time, but since I am not planning to drop my day job yet, I need to chill.

Appreciate the feedback, man.  Everyone has been helpful here. It has already helped me calm down in my head quite a bit.  

@Cory Anderson

Very much appreciate that.  Care to share the podcast(s) or book(s)?

@Brit F.

Thank you for the information.  I am a bit lost on the comms part.  The action tracker? I'm not really getting what you are doing there.