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All Forum Posts by: DuRon Netsell

DuRon Netsell has started 9 posts and replied 28 times.

Post: Parents private loan financing

DuRon NetsellPosted
  • Involved In Real Estate
  • Columbia, MO
  • Posts 28
  • Votes 5

Alright, so my situation is Monday I will be making an offer on an HUD foreclosure with full cash that my mother is giving me from a mutual fund that was to be my inheritance(60K).

My agent has suggested that my mom buys the house with a general warranty deed with both of our names on the title. This seems like a easy, simple solution and would like to know your thoughts about that.

Another the other hand my mom thinks that she could just give me all the money through an IRS Form 709 and then I buy the house with just my name on the title. Is she able to do this without unnecessary tax consequences?

From what little i know, have read, and heard these both seem like viable options.

Do you guys agree or disagree and/or have another alternatives/solutions?

Also, i realize the best thing to do is to contact a Tax or Real estate attorney but i am not able to speak with one until Monday morning and am just looking to get some quick information and opinions from knowledgeable sources.

Thanks,
DuRon

Post: Best Cash Flow Projection Software?

DuRon NetsellPosted
  • Involved In Real Estate
  • Columbia, MO
  • Posts 28
  • Votes 5

To be completely honest i guess i'm not entirely sure what I'm looking either but i was thinking about something fairly simple that calculated financial measures in the spreadsheet with me just plugging in numbers.

I did find almost exactly what I was wanting from Realdata.com that provided templates from Frank Gallinelli ( waiting for his book in the mail btw) just by typing in Annual Property Operating Data, so thank you Ned and everyone.

J scott- ya i just mentioned that to give you guys an idea of the properties i would be dealing with. I really haven't gotten to look at this property long enough to know details yet.

Post: Best Cash Flow Projection Software?

DuRon NetsellPosted
  • Involved In Real Estate
  • Columbia, MO
  • Posts 28
  • Votes 5

Currently looking at 3 bdrm SFH's asking around 60K. I'm doing a second walk through on a 3bd/3bth 2100 sqft HUD tomorrow with an ARV that i would guess around 130k and listing price of 68k. I'm hoping to flip about 10-15 SFH within the next year or so.

I could probably do it in my head or on paper by hand but i am hoping to be organized and professional from the beginning

Post: Best Cash Flow Projection Software?

DuRon NetsellPosted
  • Involved In Real Estate
  • Columbia, MO
  • Posts 28
  • Votes 5

I realize there have been a few other posts regarding this but i didn't really find any of them useful.

I am to make the leap and buy my first property but am having a tough time deciding which software to go with for my cash flow projections, P and L statements, etc. I would like to use a program that provides templates in excel, where i am able to just punch in numbers and go from there.

I think it would be neat to build my own on excel but I have such little experience with excel and don't really want to spend the time to learn at this moment.

Thanks for reading,
DuRon

Post: Best Cash Flow Projection Software?

DuRon NetsellPosted
  • Involved In Real Estate
  • Columbia, MO
  • Posts 28
  • Votes 5

I realize there have been a few other posts regarding this but i didn't really find any of them useful.

I am to make the leap and buy my first property but am having a tough time deciding which software to go with for my cash flow projections, P and L statements, etc. I would like to use a program that provides templates in excel, where i am able to just punch in numbers and go from there.

I think it would be neat to build my own on excel but I have such little experience with excel and don't really want to spend the time to learn at this moment.

Thanks for reading,
DuRon

Post: Soon to be college grad life plan

DuRon NetsellPosted
  • Involved In Real Estate
  • Columbia, MO
  • Posts 28
  • Votes 5

Thank you very much to both of you. This is exactly the kind of feedback that i am looking for and why i love this site so much.

Bill- That is an excellent idea and one i had given a little thought to in the past and i think that that is what i will try to look for this summer... I am originally from spfld and my parents still live there. I have contemplated moving back to begin my career but would ultimately like to avoid going back home this early in my career.

Steve- Thanks for the words of encouragement. Your post was very inspiring and full of great advice.

Post: Soon to be college grad life plan

DuRon NetsellPosted
  • Involved In Real Estate
  • Columbia, MO
  • Posts 28
  • Votes 5

I am about to graduate from the University of Missouri in less than 3 weeks. I have a pretty good idea of what i would like to do with my life from this point forward and would love some feedback.

I plan to begin this summer as either a real estate assistant or some type of work in home construction, maybe even possibly finding some work for a local RE investor. Once my lease is up here in Columbia, I plan to move to KC to be a real estate agent in order to network, learn the business, and learn to sell.

Sometime shortly, after moving to KC, i hope to begin flipping homes with a combo of buy/sell, buy/hold strategies. I hope to buy a foreclosure when i first move there to live in and to begin my rehab career with. I then plan to buy more houses and rehab them through 203k loans or something along those lines. Once i am successfully rehabbing homes on a consistent basis, i would like to begin buying or create businesses ( Property management, mold abatement, contruction, etc) in order to expand my portfolio and develop into a development company. Eventually, i would like to be renovating older urban homes/buildings into extremely green and efficient homes/apartments in new urbanist ( is that word?)type communities through out different cities.

So i guess my biggest question is what advice and tips can you give me to help for the beginning couple of months and years?
- I already plan on continuing to read as much as possible on here, as well as well as joining a local REI club in KC.

Also, what would be the best way for me to learn about the structure and fundamentals of houses? I would like to get a home construction job this summer but it seems to me that most of these jobs require an apprenticeship or certification. Are there books out there that will do an adequate job of teaching me what i need to learn about homes?

I also would love some opinions on the Kansas City market. I plan to start in Missouri and expand to Kansas sometime after getting a hang of things.

Any advice, criticisms, encouragements, or tips are so greatly appreciated.

Thank you,
DuRon

Post: My Intro to BP

DuRon NetsellPosted
  • Involved In Real Estate
  • Columbia, MO
  • Posts 28
  • Votes 5

Hello BP!

My name is DuRon Netsell and I am a soon to be graduate (05/12) from the University of Missouri. I will be receiving a bachelors in business management with an emphasis in entrepreneurship and real estate.

I have been reading this site for a few months and have gained an incredible amount of knowledge already. I have finally decided to take the next step and begin posting.

I plan to become a real estate agent this summer in order to learn the business, network, and raise capital. Once i have saved enough for a down payment or have lined up some investors, I would like to begin by flipping homes (buy/sell and buy/rent depending on market conditions) and eventually transition into creating my own development company a few years down the road.

I will be posting a more detailed version of my 5 year plan soon to get some insight and feedback. I look forward to interacting with you guys and absolutely can not wait to get my REI career started!

DuRon