All Forum Posts by: Brian Corbett

My wife @Monica Corbett and I have a buy and hold deal under contract that we are looking for some feedback on. We plan to purchase the deal with a combination of saved cash and a HELOC on our primary residence. The house which was built in 1986 is in a B class neighborhood with the possibility of a large development going in nearby which may increase values. It's a condo building with about 10 units. The association fee of $100 covers lawn care, snow removal, and exterior hazard insurance. Many of the residence in the area are retired and its not unusual to find long term tenants. The condition of the property is decent with repairs needed are paint, carpet clean, new appliances. After repairs are complete and the house is rented, we plan to refinance the deal and pay off the HELOC, then do it all over again. I have analyzed the deal with both the actual purchase numbers as well as the numbers after refinance. Let me know what you think.

http://www.lifeonabudget.net/wp-content/uploads/20...

As an update, i sold this property last month and wrote a check for $4000

@Brandon Hall

 thank you so much for the help. As someone local would be nice, I think the benefit of a larger pool of tax professionals will likely out weight the benefit of a local person. (although i was really hoping to find someone in the Toledo, OH area). I need to sit down with someone soon to do some planing.

I am fairly new to real estate investing and I want to do Tax planning. I am listening to Tom Wheelwright's book Tax free Wealth. He suggests to seek counsel from a tax advisor, but I feel like my usual experience with accountants is that they are scared to take deductions. How do i find a good accountant that will help me reduce my tax liability?

 Nate, i would appreciate that...my best guess is that 1 bedrooms go for about $30,000

i owe $33000, i can rent it for $550. i could bring $3000

 I am confident that my principal balance is close to the value. Another realtor from BP did a comparable market analysis for me on it..but he was including all of the sales of the two bedroom units in Kenbrooke, i think this analysis is not accurate. I couldn't get the guy to respond to my emails after. I will list it if i cant sell it soon. 

 I could do a rent to own. The Condo is in Kalamazoo, MI. I will look for further places to post it on for sale by owner in Kalamazoo..thanks for the tip. 

Does Any body have any advise as far as paying a fee from a site like "for sale by owner" to get it listed on the MLS? It would cost be about $415 to do this at this place. A realtors commission at 6% would cost me $2100 if i sold it for $35000...not sure if this is worth it or not. Seems like the biggest list out there of homes for Sale.

@Hattie Dizmond

 I have been renting the property for the last 7 years with a break even on my normal expenses, any capital expense comes from my pocket. I live in Toledo OH, and this property is in Kalamazoo MI. I need to sell it. I cant do owner financing as i owe more than its worth. I will look on facebook for Alumni groups, and have already got it in a few groups from the school. It is right near Western Michigan University.