All Forum Posts by: David Burns

Is anyone else experiencing issues with erentpayment.com?  I use them for rent collection and they are currently holding my recent rental payments.  Allegedly there is an issue with their bank and the bank's required reserves.  Its' been seven business days since my tenants made the deposits and erentpayment.com hasn't released those funds to me yet.  Usually it only takes a couple of days to receive the ACH deposit.  I'm not sure what my recourse is for something like this but I certainly need these funds and I have no idea when they'll be released.  Any suggestions?

I just flipped a house in Oxford, currently under contract to sell.  Some areas are nice but most areas I wouldn't invest in.  This property just happened to be in a good, small neighborhood.  I thought my house would sell quickly based on comps but it was available a little longer than I had hoped for.  I also dropped the price twice as I probably listed it high in the beginning trying to hit a home run.  The house right across the street hit the market about three weeks after mine did.  It wasn't as newly renovated as mine but was well-maintained and had a nicer yard.  Both house went under contract around the same time.  

I would invest in Oxford again if presented with a good opportunity.  I like the town of Oxford.  Very quaint, at least to me.

I've used Wendell Siding before and they do good work and are reasonably priced.  If you find a better/less expensive siding company please pass their info on to me.

David

I'm looking for deals in the N. Raleigh/WF areas.  I also like Youngsville, Knightdale, Oxford and Creedmoor.  I'm looking for anything I can flip but I'm also looking to increase my buy and hold portfolio.  I oftentimes have my wife and kids working with me on these houses so I prefer to avoid sketchy neighborhoods.  If you come across anything in these areas please let me know.

I'm looking for a good wholesaler in the Raleigh, NC market.  Please message me if you are one or if you know of one.

Thanks

Can anyone recommend a good accountant in the Raleigh, NC area that is good with real estate investing tax laws?  Ideally I'd like to have an accountant that invests in RE themselves.  Thanks.

Thanks everyone for your input.

The rental is filed on schedule E.  I've done a lot of research on this and felt Schedule D was okay.  Maybe it is time to ante up and pay an accountant.  Thanks for the advice.

I'm a relative novice investor but I have done several flips and currently have one rental.  I do my own taxes but have always struggled with where/how to expense mileage to and from the properties I'm working on.  I always use schedule D for the properties because I only do one or two a year plus I have a full time job in addition to the flipping.  How should I account for the mileage?  Is it added to the cost basis of the property?  Thanks in advance for your help.