All Forum Posts by: Dustin DuFault

Hello all,

Unfortunately I was recently divorced and am needing to remove my ex-wife from the note on a property. I'm currently in the process of doing renovations and will sell it so It's more of a bridge financing situation. In fact I have the cash to do all of the presently planned renovations so I really just need her name off of the mortgage so that she doesn't have the opportunity to hold me in contempt on the refinancing provision from our divorce decree. It's low risk with high equity already built into the property. If you are interested please reach out.

There's plenty of opportunity for us to do more business in the future as well. In the midst of this unbelievably protracted divorce I obtained my residential contractors license and will be looking to use the remaining amount of my equity from our marital estate to build some spec homes in the future.

Thanks!

Dustin DuFault

Good Morning! Just bumping this during daylight. Hopefully someone has worked through this before, thanks! :)

Hey Wes! I think you will want an engineer to look at this. It looks to me form your picture that the concrete wall is bowing into the basement there, is that it? So the I-Beam was installed to hold the structure up since the concrete was no longer structurally sound, right?

As far as residential construction material, I-Beam is just about the strongest you can get, but my concern, as an amateur, looking at it would be how they are transferring the load to the ground. There needs to be something with mass under the beams to support the weight above. Normally this would be a footer --- a mass of concrete under the original concrete wall and underground. If the I-Beams are not resting on something solid like that then they will do very little to hold the weight of anything above the.

In short, I would ask the seller for documentation that what they did was done to an engineers specifications and if they do not have that already, that's certainly a concern and a warning that they may have put this together themselves... either way I'd get an independent person to look at it and say it's either good to go or needs to be corrected.

Hello All! I need some advice from folks that have been working with a virtual assistant. I am in the process of selecting one to handle my accounting -- both for my real estate, which I currently have setup in Quickbooks desktop, and I am happy with, and a new non-real estate business. I have my hands full and have wanted the time sink that is bookkeeping off of my plate for a while now!

But: here's the thing. All the virtual assistants I am encountering are pushing the new online web platforms as their go-to choice for working with me.... and I'm not so sure. Mostly Quickbooks Online - and some also support Xero. I signed up for a trial with Xero and my initial impression is that that it seems nice, but it's a totally new platform I would need to learn and I would need to adapt all the Quick Books tricks you kind folks have taught me to their system. I also have some time in using Quickbooks online because my church has that and I have been doing our finances lately. I have to say I am less than impressed with it... all of my workflows would be broken. There are no batch entries, the keyboard shortcuts I’m used to fly through screens don’t work, and the page load times just seem inefficient.

I was just wondering of those on BP that have hired a virtual assistant are switching over to the cloud accounting systems? If so do you like it? If not how are you sharing your Quickbooks file with your Virtual Assistant and you happy doing that?

Hmm, interesting. So they have been stable for 5 years eh?

I know the conventional wisdom (and generally with good reason) on BP is to begin an eviction immediately, but in that scenario I would take a step back and evaluate the tenants situation. If they had some unforseen financial blip and there is a path to get them back to being current over a short period of time, that may be an option I would pursue under those circumstances.

In order for that to work you'd have to determine they are not harboring ill will about the eviction notice and they would have to be forthcoming about why they've fallen behind and what the path forward to getting current would be.

Dmitriy - So sorry to hear you are going through that!

One thing stuck out from your notes on what transpired --- that the sheriff went out to serve the tenant the court papers. I bet the other process server may not have even attended. So: give the sheriff a call. They should be able to get you in touch with the serving officer.

I'm also a big fan of trying a cash for keys arrangement. I make mine contingent on a move out date and the property being in clean condition.

Good luck!

Found this, which solved it for me:

https://books.google.com/books?id=hFm96jZmlc0C&pg=...

Looked a while online today to see how to construct that journal entry, so hopefully this will be helpful for someone in the future.

I think I was trying to take the hud expenses as expenses but also see those reduce the capital gain account. Oops :D

Hello BP!

I'm having a mental moment I thought the kind BP community could assist with! I recently sold my first property (I've historically been more of a buy and hold kinda guy), and I'm struggling with the QB journal entry to close out the property.

I know I need to debit my asset accounts and credit my contra-asset accumulated depreciation accounts. What I'm confused about are all of the fees I paid that were accounted for on the HUD... like the real estate commission for example. If I enter these as expenses what do they get offset against?

I hope this makes sense because my brain feels like mush after thinking about this for the last hour LOL.

That's a lot of opportunity there DeMarrius, which is great. Unless you have a full-tilt call center trained on these negotiations in your back pocket that's going to be way to many for you to market to at one time... try and narrow that list down some more. Maybe there is a geographic area in which you are most familiar and comfortable you should focus on? ListSource will let you limit by zip code. You can also throw in some more criteria of your choosing - only higher equity opportunities as an example. If the list is still too big you can market to a part of the list at a time, and ListSource will let you buy partial lists and keep track of who you have purchased for you so that you are not buying the same targets repeatedly.

That's a great problem to have man, congratulations!

Thanks Man!