All Forum Posts by: Adam Bradley

I'm just bumping this thread. My search for "CPA Birmingham" and "tax Birmingham" are yielding unhelpful hits.

Do REI's in bham do their own taxes or can anyone recommend a REI-savvy CPA?

Any input is appreciated.

I'm seeking a REI-savvy CPA around the Birmingham area. Can you folks please recommend one with whom you've had a positive experience?

I appreciate the input.

@Steve DellaPelle, thank you very much for your input. What company do you use for your insurance?

I'm looking at a potential first property. It is a single-story duplex on a crawlspace. It is worth about $100k. It has vinyl siding and is on about a 1/3 acre lot.

I asked ISG for a quote and sent to them the listing only (no one has been onsite to check out the duplex).

This is what I was given as a first quote:

Total annual premium $2,111.52

========================================

1. DWELLING FIRE COVERAGE

COVERAGE LIMIT DEDUCTIBLE VALUATION

COVERAGE Building, LIMIT$ 250,000, DEDUCTIBLE $1,000 (all perils), VALUATION Replacement Cost

COVERAGE Other Structures, LIMIT $25,000, DEDUCTIBLE $1,000 (all perils), VALUATION Replacement Cost

COVERAGE Fair Rental Value, LIMIT $ 25,000

COVERAGE Vandalism & Malicious Mischief Coverage is included

2. LIABILITY COVERAGES

COVERAGE Premise Liability, LIMIT $500,000

COVERAGE Medical Payments to Others - $ 5,000

Payment Options:

Annual Paid in Full $2,111.52

Monthly $ 410.23 down payment with 10 monthly payments of $ 183.50

========================================

Are these numbers about what you would expect for a (2-unit) duplex?

I'm looking at a potential first property. It is a single-story duplex on a crawlspace. It is worth about $100k. It has vinyl siding and is on about a 1/3 acre lot.

I asked ISG for a quote and sent to them the listing only (no one has been onsite to check out the duplex).

This is what I was given as a first quote:

Total annual premium $2,111.52

========================================

1. DWELLING FIRE COVERAGE

COVERAGE LIMIT DEDUCTIBLE VALUATION

COVERAGE Building, LIMIT$ 250,000, DEDUCTIBLE $1,000 (all perils), VALUATION Replacement Cost

COVERAGE Other Structures, LIMIT $25,000, DEDUCTIBLE $1,000 (all perils), VALUATION Replacement Cost

COVERAGE Fair Rental Value, LIMIT $ 25,000

COVERAGE Vandalism & Malicious Mischief Coverage is included

2. LIABILITY COVERAGES

COVERAGE Premise Liability, LIMIT $500,000

COVERAGE Medical Payments to Others - $ 5,000

Payment Options:

Annual Paid in Full $2,111.52

Monthly $ 410.23 down payment with 10 monthly payments of $ 183.50

========================================

Are these numbers about what you would expect for a (2-unit) duplex?

Can anyone recommend a local smaller bank for a business checking account for an REI LLC? Or are they all the same for that purpose?

Right now I'm leaning towards Regions as there is a location close to me. Any opinions?

To put it more succinctly: my end goal is to:

- Purchase via seller financing for $30,000
- Rehab for $30,000 of private money
- Refinance with a conventional bank mortgage Pull out $60,000 (less than 70% LTV)
-- Payoff private lender
-- Payoff seller finance loan
- Move forward paying only the bank mortgage note

Is this possible?

I'm making an offer on a SFR that needs a lot of rehab. I'm estimating $30,000 for rehab.

ARV is $90,000

My total investment must be $70,000 (or below).

Seller Finance offer: $30,000 @ 3% APR for 15 years with $1600 down

I do not have $30,000 for the rehab but I can borrow it short-term, like for one year.

Is there a way for me to cash out refinance with a bank (to repay the $30,000 rehab loan) after the rehab is complete 6 months after the initial purchase or does seller finance basically mean that I must either 1. buy a property that is rent-ready, or 2. have cash on hand for any rehab necessary?

Thanks a lot for your input.

I'm looking for recommendations for a real estate attorney, familiar with seller financing, who can put together a seller financed contract for me. Has anyone had a particularly positive experience with any?

Thanks a lot for the input!

I am making offers for cash sale and for seller financing.

When I finally get an offer accepted, I know that I'll need to reach out to a RE attorney but who else will I need to reach out to for handling closing?