All Forum Posts by: Zach Barber

Hi All,

I am currently working on an organization chart for my inventing business. Currently it's just myself and one partner but our roles are not very well defined. We sometimes mix responsibilities and it is not very scaleable. I am looking to scale up and add more team members in the future.

Does anyone have any suggestions for roles and activities that I should have laid out and clearly defined before bringing more people on?

Thank you for any help you can provide!

@Andrew Postell thanks! It’s probably because my credit age is so young. It just gets frustrating, but I understand how it can keep people from getting in irresponsible amounts of debt.

Im 21 and don’t have a very long credit history to begin with. I got started with real estate about two years ago. Since then I’ve bought one duplex, I bought my own house and also applied for multiple credit cards (which were accepted) and a line of credit with my bank. It just seems like every time I make a step ahead with either buying a new property or increasing my lines of credit, my credit gets dinged and I lose points.

My question is, how do investors that by multiple properties every year keep their credit score high enough to qualify for loans. I’m also looking to refinance my rental property that I fixed up and pull some of that money out for another deal but my credit is low and I’ll get a much higher Interest rate than I originally had and that inquiry will also pull my credit down a few more points.. which with affect me when I go to buy the next property. I’m wondering how to avoid getting those negative impacts every time you want to make a move In real estate?

Any help is greatly appreciated!!

Thanks Allan!

I’m building my Realestate portfolio right now at a decent pace. I’m looking to leave my day job in the next 2-3 years to focus on doing this full time. I’ve heard that it’s difficult for self employed workers to get loans. So my brother is thinking about being my partner just for the loan applications. He won’t have his hand in any other part of the business besides putting his name on the loan. I’m wondering what percent of a deal is fair to give to him?

I have one rental property right now, I'm under contract to buy my 2nd. Right now I have my personal bank account with it's 5 sub-accounts. I also have a separate bank account for my property (with it's 5 sub-accounts) which is under an LLC. My bank only allows me to have 5 sub-accounts per account. For my property account under the LLC my sub-accounts are: 1) Checking, 2) Deposit Money, 3) Personal (cashflow I can spend) 4) Repairs 5) Cap Ex. My question is should I have a completely separate bank account for each property? Or pool the money into one bank and keep track of it through a spreadsheet?

I'm getting ready to screen my first tenants right now. I'm looking into smart choice through bigger pockets to do the screening service. Has anyone used this or a similar service that they would recommend? Also any tips and insight into the screening process would be greatly appreciated. 

Thanks Guys!

Thanks for all the input guys!

While at work, my tenant called me about 11 times today because her hot water went out. I have been working on the plumbing on my days off, so I wasn't sure if it was something I had messed with or if it was an issue with the water heater. My question is how do you guys handle maintenance issues if you can't make it out to the property? Do you hire a part time handy man? If so how would this position be billed? Or is it better to just send out a plumber if there is water issues, electrician for electrical issues etc....    

Thanks for the help,

Zach