All Forum Posts by: Alice K.

When you take over it will be likely the tenant won't be paying water. 

I definitely recommend you have them pay / charge a flat fee to split when you take over.

But, include it in the price when you analyze for sure, along with the taxes, etc.  
I don't know many/ any in Spokane that have truly separated water out as the cost doesn't usually shake out (that seems to make more sense for larger buildings). 

Plus, then you're on the hook and there can be a lien on the property if water isn't paid (as I'm sure you know).

Hello Keith,
Welcome to BP!

@Dan G. - what do you do in RE?

@Antoine Martel probably means that he invests out of California :)

Yeah, I'd recommend just do it. 

Because if / when you sell, I bet that the buyer will hire an inspector.

$100/unit is chump change compared to the potential losses (and the total bill for closing costs... It's practically a drop in the bucket.)

Although, as some have said in here, if you've been doing this for years and know what you're doing, then maybe you're good to go.

So sorry to hear that. So, that was a total of 57k in guru classes?! 

What's the name of the guru company? I'd love to know to avoid using them. 

As far as the audit, they say one should resist representing themselves unless they really know what they're doing.

I'd recommend getting a new CPA to represent you and read many reviews before selecting. 

You could pick anyone in your state (usually easier when they know your state's laws in the event it's impacting your state taxes as well). There must be someone in MA who can help. Someone who has experience with audits and representing businesses / RE would be a good bet... Most offer a few 30 min consultation so you can see if they can actually help before hiring-- You could ask for a cost upfront so you know if it's worth it and what they think they can do.

Good luck!

@Cody L. - Thanks for sharing! Hearing a real story is super helpful. *knock on wood* I don't need this yet but good to know.
@Fred Heller - Also good to know! I usually discount this in my mind, but late is late.

Hello There!

If you're an agent you probably already know a golden deal when you see one. It sort of works the same way as when you're an agent-- you want to find sellers who are motivated to sell.

Being on BP you should have all you need to get started! I'd start with that "how to" they have on the starting page here and one of BP's weekly webinars by @Brandon Turner. 

@Anson Young's new book might also be a great way for you to think about how you can find properties.

Just use all you learned about finding listings as an agent and try to convert that to a flip business (of course easier said than done). 

Also, check out the members in your area and send them messages! People here are very friendly :)

Cheers,

I've done the whole "let me go to owners" and knock on doors / leave flyers as an agent.

@Jay Hinrichs is right, it was tough. Also, where I am it was SO AWKWARD. So, if / when you do it, if it feels weird, know that you aren't alone! 

I love how @Ray Lai said it should be done. Since, imagine if we were being foreclosed on (heaven-forbid). I'd be PISSED / SAD / PANICKING.  

All that said, you can do it! I can see it now, you're playing some Tony Robbins tapes while walking door to door. Haha

Just stopped by this week to check out a property and meet with my family and property manager.

Crazy hot market, most I looked at made little financial sense when I factored in the expenses / pre-rental rehab.

 @David Clinton III - I am 99% sure I saw your truck w/ the phone number in Spokane this week! (If it was you, it was a great sign. )

@Deanna Joy / @Mark Fredrick / @Jade J Marquis - How was the last meetup? 

If anyone is interesting in connecting in the area, do DM, would love to chat more and share notes. 

Thanks for the heads up! Has anyone sent a message to these folks yet? Would love to be involved in giving the other side of the story. The fact that they're trying to pin felons as racial discrimination in Spokane is a bit silly. 

Racism is a shame and it's shocking we still have to deal with it but I feel there must be a better way to prevent that. My own current landlord in CA is racist (I am a renter myself) and if people are, they'll find any excuse. The felon reason is not going to stop them. If they want to prevent that there must be a way that is more... "win-win". 

Will relay to our property manager as well. 

Seattle has been going bonkers with laws, many of which are absurd. Was there last year and some young campaigners knocked on our apartment door telling us: "Petition for all these new rules!"

I looked at them thinking, "Do you even KNOW what some of these laws did to SF?"

 "If you wouldn't marry the person don't partner." <-- Love it. 
Any tips if you HAD to partner with someone, what would you look for the next time / tell them?