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All Forum Posts by: Choon Yee Dee

Choon Yee Dee has started 6 posts and replied 23 times.

Post: Max Allowable Offer for Fix and Flip

Choon Yee Dee
Pro Member
Posted
  • Posts 23
  • Votes 14

Thank you Andrew! That makes more sense now! Appreciate the clarification 

Post: Max Allowable Offer for Fix and Flip

Choon Yee Dee
Pro Member
Posted
  • Posts 23
  • Votes 14

What’s up everyone!? I have a question regarding max allowable offer.

(ARV x 0.70) - rehab cost = max allowable offer

Example: ($900,000 x 0.70) - $100,000 = $530,000.

My question is, why do I have to subtract the rehab cost? It seems like the spread is large enough to still profit without subtracting the rehab cost.

Maybe I’m misunderstanding this. Thank you!!

Post: Creative Financing Attorneys for Contracts

Choon Yee Dee
Pro Member
Posted
  • Posts 23
  • Votes 14

I see, thank you. I am doing it in California.

Post: Creative Financing Attorneys for Contracts

Choon Yee Dee
Pro Member
Posted
  • Posts 23
  • Votes 14

Hey Jacob,

Yea seller finance contracts, Subto, executory contracts, etc. Thank you for your time.

Post: Creative Financing Attorneys for Contracts

Choon Yee Dee
Pro Member
Posted
  • Posts 23
  • Votes 14

Hey Chris, 

Thank you for reaching out. My partner and I going to begin acquiring properties via Seller Finance, Subject-To, Wrap, etc. and we are looking for a Real Estate Attorney who has experience in this field to draft/draw-up the appropriate contracts.

Post: Creative Financing Attorneys for Contracts

Choon Yee Dee
Pro Member
Posted
  • Posts 23
  • Votes 14

Hello everyone!

My partner and I are beginning to acquire properties via creative financing and we were curious if anyone knows or can refer us to a Real Estate Attorney who specializes in this field do draft/draw-up appropriate contracts?

Thank you in advance!!

Post: Looking for a CPA for tax filing and tax strategies throughout the year

Choon Yee Dee
Pro Member
Posted
  • Posts 23
  • Votes 14
Quote from @Nate Meeker:

@Choon Yee Dee In what state are your properties located? Regardless, the location of your CPA is not as imperative as their knowledge in REI. since you are looking to grow your real estate portfolio, I would talk to a few CPAs (that specialize in REI), and, specifically, those that offer packages for tax planning. Talk to a few and select the one that best aligns with your goals. Best of luck to you during this tax season!

Thank you Nate for your advice! I'll be sure to do so.

Post: Looking for a CPA for tax filing and tax strategies throughout the year

Choon Yee Dee
Pro Member
Posted
  • Posts 23
  • Votes 14
Quote from @Basit Siddiqi:

One of the questions that will be asked is 
How did you acquire the property?

are you and your partner both listed on the deed - this is tenants in common where each person would report his / her share on his / her return(assumed unmarried partner)

If the property was purchased through an LLC, there may be a separate partnership filing obligation(assuming unmarried partner)

Also be mindful, that normally only one person can take advantage of treating the STR as an active property on their return.


 Thank you Basit for reaching out on this forum! We really appreciate your input and will be prepared for those questions. 

Post: Looking for a CPA for tax filing and tax strategies throughout the year

Choon Yee Dee
Pro Member
Posted
  • Posts 23
  • Votes 14
Quote from @Katie Balatbat:

@Choon Yee Dee

Not sure where you're located, but I know a handful of CPAs in the San Diego area.  Send me a message if you're interested.  As others have mentioned, if you search through the forums, you'll find several well-qualified CPAs often post and comment on BP.


 I am located in the Bay Area. Thank you for reaching out Katie! Greatly appreciate it.

Post: Looking for a CPA for tax filing and tax strategies throughout the year

Choon Yee Dee
Pro Member
Posted
  • Posts 23
  • Votes 14
Quote from @Account Closed:

Hey @Choon Yee Dee

As accountants on BP we cannot promote ourselves directly.

Also, for house hacks generally, you cannot write off any % of your mortgage since it's your primary residence.

To help you in your search: be sure to find an accountant who is willing to grow with you, and is not too high priced fee-wise. Not too low either, you don't want to go with someone who is just focused on price as this is a quality of a not-so-great accountant. Accountants are in such demand, that the best are not even accepting clients half the time.

The other problem I see often with accountants on here is that they specialize in larger investors, and have really high prices when you as a smaller investor do not need all the bells and whistles.

Another thing I see is folks thinking they need to have a tax professional in their state. We as a firm have investors working with us who have rental properties all over the US big and small.

Finding a real estate-focused tax professional and one who can help with advisory and grow with you would be my suggestion to focus your efforts on finding. Best of luck in your search!


 Thank you for all the pointers and advice Zach! That honestly helps a lot. We appreciate it!