All Forum Posts by: Deborah Smith

 Which organization do you partner with?

Is the $6500 the actual rent that Oxford has agreed to pay for a 10 person house? And they agreed to let you live on the premises? I have several Oxfords and am asking because the rent sounds high, and it's not been my experience they'd be open to allowing any other use of the property. But it sounds like a great deal, and the numbers may still pencil out very well. Just cautioning to double/triple check on those two things. 

I think it depends on what you're looking for from the CPA. If it's just tax prep, that's different than strategy. I went with Tom Wheelright's Wealthability Team in order to get a more strategic partnership approach to tax planning. They work all over the country as well, but HQ is here and our advisor is local as well. 

Thank you @Kerry Baird! Will check those out!

I have about $1M equity tied up between 4 SFRs, and am looking to access about 30% of it to continue growing the portfolio. The only option I've found so far is to cash-out refi two of the properties. This is less than ideal since they're <4% interest. Do I have any other options? So far not finding anyone that will do a HELOC or 2nd Mortgage on investments.

Thanks

Rehashing this thread again! Lots of good info.

Short of it - I don't have the full 20% to put down, found someone that wants to partner and willing to put the 20% down if we can mortgage the 80%. It'd be a residential loan. If I had the 20% down, qualifying for the loan is easy peasy. 

I'm running into lenders saying I can't "borrow" the down, nor can I have a partner. 

What are ya'll doing to make it work? Does it makes sense to set up an LLC, fund the LLC with the $$ and get a loan through the LLC? Any suggestions for avenues to look down for lenders that have a solution would be much appreciated.

Gas, no doubt.  Induction is cool, but I feel like gas is more "reliable" and easier to cook with... it's always something I look for (or see if is feasible) on a house we'd buy for ourselves.

No strong opinion either way on the microwave - but perhaps the drawers might be a bit fad-ish?  I do think a built in microwave is a must though - no one wants to put that on a countertop, and most people do want it. 

I also think cook top with separate double oven is the way to go if there is room.  The drawers that can go under a cook top alone make a kitchen seem more high end, in my opinion, because the cabinetry feels more "custom" that way.

I'd remove them. 

I'm not sure about liability for NOT including them, but you could certainly have liability if they are installed and they impede escape from the house in an emergency situation.

I can't recall where I heard it, so take it with a grain of salt, but I was once advised that so long as you're providing "reasonable" security - such as locks on the doors, lockable windows, adequate lighting, that you aren't expected to provide more than that.  This was in light of a discussion I had regarding a "high tech" keypad lock and cameras a tenant wanted installed in a rougher neighborhood.  They thought those things would make them safer, rather than exercise their own safety smarts and not leave things unsecured.

I would ask for his last 2 years personal and business tax returns (they may be one in the same depending on the business entity type), and also his business income statement and balance sheet for those years. 

I only had one applicant similar to this, and previous tax returns showed less than half what she said she was making, and then when she provided "current financial statements" to back up that she's doing better now - it consisted of a piece of paper with "Income" written at the top, months down the side, and a dollar amount.  I passed. 

Not everyone is an accountant, sure, but a legitimate business should be able to provide those things without any issue. 

@Dawn Anastasi - great find and job!  Thanks for sharing the details with us.