All Forum Posts by: Colte Utley

@Ned Carey I appreciate your feedback- I have looked at them but I don’t see anything other than interest rate and 59 payments which brings me to my current principal amount. I should have drilled down more but I thought when the lender said it was a 15 year amortization with a 5 year ballon that I would be around 40k and I am not.. so your explanation makes more sense but where did the extra 4 years come from? .. no one said this is a 19 year amortization schedule.. lol

Can anyone help me with my situation? I have had a a commercial loan on one of my properties since 2017. I was told that I was getting a 15 year amortization with a 5 year balloon. The balloon payment is due in the next few days and I am confused as to why the principal that is left is so high. I financed 53k and the balance is 45k at this moment. I have ran several 15 year amortization calculators and they all show the balance should be around 40k. The payment was $365 per month at 5.25% interest. What is it that I do not understand correctly? Are commercial loans structured differently than traditional loans when it comes to the amortization schedule?

I remember asking a lot of questions when first getting started because everything was new. I was told that the loan could be reissued at the end of the 5 years and the amortization schedule would pick up where we left off. That all sounds great until I realize this loan will not be paid off in 15 years. Any advise is welcome!

@Daniel Kelley I have been using Cozy since 2017 and it has been great. Not once has a check ever got lost in the mail or deposit lost. I tell them when they sign the lease that cozy is the only acceptable form of payment.

I plan on attending. Thanks Deren!

Davison Accounting in Tulsa: This is a small family business ran by father (Steve) and son (Mike) . They have a portfolio of rentals so their advice is always good. Steve has the best stories and Mike is always up for a laugh. I just met with Mike a few days ago and he gave me some good advice and cleared up a few things that I was uncertain about. This is my 1st year filing taxes for my LLC so I definitely needed guidance. Tell them I sent you, they are great guys. Hope this helps!

Mayer M. What version do you use? I have been told you can separate classes in the online plus version which is $50 per month after the promotional period. Not sure it’s worth $600 per year. I like the idea of not having to make spreadsheets but that might be a bit steep.

Dan Villanueva Thank you for the insight! I was hoping for a little more one on one time to ask questions but I may have to go that way.

I recently received a quote for a SFH in Zone AE, it was $1800. I am contemplating doing an elevation survey and possibly a LOMA since the flood zone starts in the middle of the street --literally about 10-15 yards from the front door. The insurance agent told me that the rates they experienced in zone AE were generally about 1500-1800 so if I do an elevation survey and I am in the flood zone still then I could maybe save $300 per year. I purchased the property cash via my heloc and did not realize the property was in a flood zone until I went to refinance. The home was purchased from the bank and I am told they do not have to disclose that information. Due diligence was neglected in that area. I may just find a way to accelerate the payoff of this home to avoid the cash flow killer.

I am looking for someone to help me setup Quickbooks online in the Tulsa area. I will pay for your time to help me set it up and show me how to input the data. I am currently using spreadsheets but would like something more automated that can make the process easier. i.e. Credit card statement integration, bank statement integration, property performance etc. My thought is if I can get this going then it will make it easier moving forward with more properties. 

I started my journey last April and have been using the BRRR method; purchasing properties with cash via a Heloc; renovating; refinancing and then renting. I currently have 2 properties; one which was rented in September and another that renovation is almost complete. I have researched how to set it up but it is a bit over my head with some tutorials citing the desktop version versus online. Its confusing.

Does anyone know someone that can help me or can you point me in the right direction on where to search for help?

Thanks in advance!

I am looking for someone in the Tulsa area to help me to setup quickbooks online and show me how to use it. I will pay for your time. I am currently using spreadsheets to track expenses and income but would like something more automated that also helps me asses each property’s performance each year; automatically integrate CC statements, bank statements etc. I have utilized a HELOC and personal funds to fund my deals and operating expenses and pay it back on monthly basis. I currently have 2 Properties; one which is currently rented and the other is still undergoing renovations so I need the ability to track renovation expenses too. Does anyone in the Tulsa area know anyone that can help me? Thanks in advance!