All Forum Posts by: Fredie Robinson

Hello all,

I am in the Louisville, KY market and I am looking for a CPA to handle the tax side of my business. I am a new investor with 2 SFR, soon to be 3, and I need some direction and tax strategies. I would prefer a local firm but it's not required. I had a first consultation with Pro Vision Wealth today and while I like their structure, it was a little pricey for me at this time. Also, what are some good questions to ask a CPA when interviewing them?

Hello all,

I'm about to refinance my first BRRR project and was wondering which loan you would take. My end goal is to produce enough passive income to do REI full time. So the 20 yr loan looks like a better fit for the cash flow, but I'm a little worried about the interest rate after the first 5 years. The 15 yr loan looks ok but if I continue on that route, I will need twice as many properties to hit my freedom number. What do you think I should do?

20 year commercial loan

This loan is fixed for 5 years @ 4.75% and then is prime plus 1 after that for the remaining 15 years. I can refi after the first 5 years if need be.

15 year commercial loan

This loan is fixed for 10 years @ 4.49% and then is prime plus 1 after that for the remaining 5 years.

Thanks for all the suggestions! @Joe Splitrock you make a very valid point. I did ask her why she wasn't renting from her current employer and she said they only buy properties in the downtown Louisville area. My house is located 20 miles south of Louisville and she doesn't want to transfer her kids to another school. She should be filling out the application tonight and I can verify more info then. 

@Linda S. @Kristina Heimstaedt So both of you suggested a month to month lease. What would be the advantages/disadvantages of doing that over a 2 year lease? Like many of you have pointed out she is looking for stability for her kids and I would feel a M2M lease wouldn't give her that. If it came down to a eviction, is the M2M lease easier to get someone out? Sorry for my ignorance on this subject, I have always heard other investors say to sign a 2 year lease.  

@Laticia Braxton@Eddie Memphis Thanks for the input! So the funny thing is I’ve seen her home because I’m going to try and buy it at the auction next week and it was pretty clean. I’m also thinking that if I get her house next week to see if she wants to stay there. I will be calling her employer tomorrow to verify her info. Thanks again!

Hello all,

I finally finished the rehab on my first deal and put it up for rent yesterday. My question is I have a lady that is recently divorced and has bad credit that wants to rent my house. She has a steady job (working for a property management company, ironically), has 2 kids that she wants to keep in the same district they are in now, and wants to stay at least 4 years. I asked why she wasn't staying in her house and she told me Wells Fargo wants a 10K balloon payment in order for to keep her house. I'm not sure how true that is but should I just pass on this applicant? She lived in her current house for 13 years until her husband wiped all the accounts clean. She has enough for all the fees/deposit/rent. I would just hate to get burned on my first rental.

I also am in need of those contractors. Good luck!

Thanks for the info and recommendations! 

@Daniel Hyman @Jordan O'Donnell @Basit Siddiqi @Robert T.

Hello fellow BPer's! I'm looking for suggestions on a great CPA that specializes in real estate. I recently bought my first rental but plan to own a lot more over the years. I am currently investing in the Louisville, KY market. Would it make sense to have a local CPA or does that matter? I'd like to get one lined up soon to get suggestions on what book keeping methods they prefer and not be scrambling around for one at the end of the year. Thanks is advance!

Hey @Brett K.! Is there a possibility you could record this session? I really want to attend but will be out of town on this date. Thanks!

@Niyi Adewole Can you please send me your realtors info? I'm not happy with my realtor now and am looking for a replacement. Thanks in advance!