All Forum Posts by: Clayton Crawford

Thank you all for the advice this will surely help me get started this tax season.

Hi BP! I'm wondering if anyone can share some tips and/or advice regarding questions to ask the CPA as A real estate investor in their first tax season?

I basically have no idea what it should look like on the other side of this thing, and I'm wondering what a newbie might bring to the table to ensure the CPA has the best tools.

Also, are there any red flags we should look for upon meeting with a CPA? Things telling us that this CPA may not be the type of accountant that we're looking for?

Or, am I just worrying too much? I can't help but think, if the first one is not the one I'm looking for, then I'll have to wait a whole year to start looking again.. and what if the mistakes are vert costly? 

Thank you so much for your time and any advice! Feel free to ask your own follow up questions on this thread, as they may help us all out!

@Account Closed thanks the information. I think i might have corrected the issue. I found a local lender. I also, returned the money back to the credit line and sold a vehicle to earn the rest of the capital needed. I'll post the updates as they come. Thanks again.

@Jay Hinrichs Thanks for the input! I spoke with a local lender today and it looks like i'm out of the fire.. for now. I did correct the issue with credit line. I actually put i all back. I sold a vehicle to cover the amount owed so the bank will see that it's not borrowed or gifted capital. 

@Cameron Whitehead I know.. It's very tough. I'm going to try some local banks in the morning. I've called one already today, only to hear that she's not sure if they can work it out either. I also just tried multiple hard money lenders referred by BP. But, I was denied.. This is very unfortunate, but i will do everything in my power to make this happen. 

In the end, i am to blame. I have been in contact with my banker throughout the process, and i didn't hide the fact that i using a credit line for a portion. She just didn't understand that is would  cover a portion of the down payment. 

I'm learning a hard lesson right now. This will not happen again, but I need to find a way to pull this off. If someone else gets this deal, it will haunt me for the rest of my life. Or at least until i find another deal.. 

Thank you for your feedback. I will be sure to let you know how it all works out. I really want it to be great news in the end.

I'm having serious trouble getting a loan. I have a property under contract. It looks like this.\

purchase price = 95k.

down payment = 15% = $14,250

Renovation = 5K

ARV = around 140K

Closing is around 5k.

The bank (well Fargo) will provide the loan because a portion of the down payment is from a credit line that used. I've got 12K of my own money, and i used another 8K from (7.5% a credit line to cover the rest. I have already pulled the money out of the credit line, my account currently has 21K in it, but i'm having serous issues with the bank now.

I was even told that if I was given the money from a friend or family member, that i couldn't use it for the down payment or the closing, because it wasn't earned income..

Bottom line, i need help. This will be the third property we've purchased in 15 months, and best deal we've done so far. I can't let it slip away over this.

Any advice would be great.

As always, thank you so much to the bigger pockets community for everything!

I'm having serious trouble getting a loan. I have a property under contract. It looks like this.\

purchase price = 95k.

down payment = 15% = $14,250

Renovation = 5K

ARV = around 140K

Closing is around 5k. 

The bank (well Fargo) will provide the loan because a portion of the down payment is from a credit line that used. I've got 12K of my own money, and i used another 8K from (7.5% a credit line to cover the rest. I have already pulled the money out of the credit line, my account currently has 21K in it, but i'm having serous issues with the bank now.

I was even told that if I was given the money from a friend or family member, that i couldn't use it for the down payment or the closing, because it wasn't earned income.. 

Bottom line, i need help. This will be the third property we've purchased in 15 months, and best deal we've done so far. I can't let it slip away over this.

Any advice would be great.

As always, thank you so much to the bigger pockets community for everything!

@Account Closed Welcome to BP! Good luck on your journey! this is a great place to learn and grow, it's helped me and many others along our own paths. 

@Ralph R. are you still in AK? I was there from 2006 2010. I lived in eagle river. I want to visit there next spring, show my wife real wild! I can only imagine it's grown a great deal over the last seven years.

@Jaysen Medhurst @Ralph R. Thank you both for the info. the house was built in 2011. I seen a small water stain in the ceiling of one of the bedrooms yesterday. I'm guessing the A/C, but i wont know until later today.