All Forum Posts by: Trey Leigh

Any help?

Also, the 50% rule at 1000/mo rental would be 500 expense and 500 for debt service, which would be a 484 dollar payment. So it doesn't cash flow well using that Rule, but would the fact that I could potentially be "all in" with NO out of pocket money mitigate this rule at all in your mind?

BP friends

I've found a house that is for sale by owner, a guy and his two brothers inherited it and have failed to pay taxes on it to the tune of 12k dollars. He wants to sell it and is asking 40k. I believe I can get it bought for 30, but he has two other people looking at it at this time. The house is trashed and contractors I've had over there estimate 25-30k in repairs (new roof, new AC in and out) to make it a bare bones rent house, nothing fancy. My realtor has comps in the area and has recently sold houses in the area from $60 sq ft to $85 a square foot (this one is 1300 sq ft built 1972). She says a quick sell price would be 75K on the house if basic repairs are done. Based on two other houses I have rented for 1000 ea, I know this would be a 1000/mo rental minimum. So I'm looking for advice....Not enough margin for a flip, but a decent rental I believe. What am I missing?

My local bank will lend 60k on it (5.25% 15 year amoritization on a 5 year balloon) once they get a list of repairs from the contractor, and if it appraises with their in-house appraiser for 75k or better after completion, I have to come out of pocket with nothing. Unless something major comes up in the rehab, I think this is potentially a good deal. thoughts?

Those are both the same for me, so its easy, not sure but i would assume
the state the property is in?

Wow, thanks for the advice everyone. Looks like I need to start Accountant shopping. If anyone knows a good one in South Texas please let me know. Im not sure the one I used last year would be knowledgeable on all these areas ya'll have brought up. I do have many questions because I have spent a lot of money on rehabbing homes, yardwork, closing fees, and three new roofs that were paid for by insurance, but yet I had a deductible.
Thanks to everyone that replied, I was on the fence but not anymore. Great advice.

[/b]Hello, I'm looking for advice on getting an accountant. I have always done my own taxes, and last year I had one rent house and decided to use an accountant after reviewing what Turbotax had to offer online. I essentially did all the leg work adding up income and expenses and presented it to him and all he really did was file it for me....no great advice or anything, and I felt like I could of done it myself for much less $$. Fast forward to this year, now I have 4 rental homes, 3 aquired this year, so I have a ton of expsense etc to write off. Long story short, is an Accountant worth it for this number of properties or would I be money ahead using a tax software to prepare my taxes? All my other income is in the form of W4s and is relative simple. Also does anyone recommend one software over another?
Thanks in advance.

Trey

How about rent it out to somebody at a reduced rent in exchange that do the work and he buys supplies? Would have to someone with the necessary skills of course.

Lots of Hog hunting going on in Cotulla (80 mi south San Antonio), I have some friends that do it but not for hire that I know of. I'm sure there's plenty that will down there. I know theres a ton of Hogs down there!

Hey Nate, I'm new here too, but wanted to say welcome and Thank You for your service to this Nation.

TL

Agreed, It could get ugly with that schedule our first year in the SEC, especially with a new coach....Hopefully Sumlin can pull something out of his hat.
Our "creampuff" opener at La Tech got postponed (after I've waited all year to watch them damnit) Now I have to wait another week for our opener with Florida. All my time there is was the SW Conference, so this is going to be weird.