All Forum Posts by: Daniel Ortega

Hello,

My partners and I are currently looking for a CPA in real estate taxes, was wondering if anyone had good recommendations? This isn't restricted to San Diego only, remote would be fine if they checked out. Would greatly appreciate any leads, thanks! 

Will be attending this :D

Hello BP,

We are currently going through negotiations for an out of state rental property in Augusta, Maine. Since this is our first investment property and we're out of state, we'd like some advice on general estimates or contractors who can come out and check out the place if possible! We've come across some items that will require repairs such as:

• Wood rot, couple places but especially one of the outside window frames, needs to be repaired ASAP
• Mold Removal in the Attic, seemed to have a significant amount in there
• Radon mitigation, it was 4.4 which the action level is 4.0 Pci/L
• We have one water heater not functional and another one that may need replacing soon
• Repointing some of the foundation, there are cracks along the edges, especially near the gutter systems so we would like to get that fixed

If anyone has any general advice/recommendations on any of the items or if there are contractors that are willing to give estimates, we greatly appreciate it! Thank you!

Hello BP, 

I am looking for advice on how to go about hiring an attorney for real estate investing with a group. Specifically covering the general overview of partnerships. Some things to note are that we are investing as a 3 person group, we are hoping to get our first property(our offer has been accepted and is now in the due diligence portion), all 3 of us are on the loan and will be on the deed for our initial property, and we plan on pursing an attorney for future properties, exit strategies and whatever else we have to cover. Our property will be in Maine, we wanted to know if it mattered if the attorney was in Maine or where we currently reside in(San Diego). Next, we wanted to know what NEEDS to be covered while consulting an attorney for this partnership, is there a standard overview of this that everyone follows? Any advice or information is definitely appreciated and thank you!

Originally posted by @Winston Covington:

Check into Huntsville, Alabama along with the other communities in Madison County. You will find a growing population, a diverse economy, affordable housing, good schools and good old fashioned Southern hospitality. In addition, Alabama has the 2nd lowest property taxes in the United States and is pro landlord.

 Will be looking into Hunstville! Thanks for the info. Have you invested there?

Originally posted by @Carl Hebert:

@Daniel Ortega What type of properties are you looking for? As @Bethany Turon mentioned there are properties that cash flow in Maine. I just purchased one a couple of months ago in Lewiston that cashflows very well, but I deal in multifamily's. If you focus on just the coast and southern Maine you will have a hard time finding a good cashflowing property. Look inland and you will find quite a few, just be prepared to bid at market and bid fast as they fly off the shelf now. 

Good luck and welcome! 

We are mainly looking at multi-family in southern maine / coast maine. It's been hard to find something solid that makes sense in terms of numbers but we will check out inland and see. Thanks for the info! 

Originally posted by @Bethany Turon:

@Daniel Ortega I’m definitely happy to be in Maine for great cash flow. Why is it not working for you?

It's just finding the right deal out there. The market still seems crazy where offers aren't making sense for cash flow properties. At least not 2-3 unit ones right now. 

Hello,

Curious to see what areas people are buying in right now for cash flow properties. Currently my team has been looking in Maine but might have to expand that search because we haven't found the right one and so we were wondering what areas have your interests and why? Some other places we were going to look into were Alabama, maybe Ohio, and New Hampshire but property tax is really high in Ohio and new Hampshire so we are leaning more towards Alabama. Anyways, would be happy to hear your thoughts on what areas might be good to look into or really any advice on how to spot the right investment areas. Thanks!

Hello BP,

I am new to the forum and hope to get some great guidance from you all! I am currently looking to invest in rentals with a couple of folks and was wondering if we could get some advice on how to set up the partnership or how to go about the process of figuring that partnership out. I'm new to the whole investing world when it comes to real estate. Are there any resources / guides any of you fellow BPer's have used in the past to assist in this process? Is it best to go to a real estate agent first and have them recommend a path? We do plan on going with an attorney to get most of these questions hashed out and written out to our needs, or least that is our thought process. But since I'm still in the researching phase and figuring out information, it'd be really helpful to get some input on this! Any help or information is appreciated, thanks!