All Forum Posts by: Jake Johnson

I have several tenants who transfer funds directly to my bank account. The only thing is that I open a bank account where my tenant banks because most banks allow customer to customer transfers through their online system. Once a month I consolidate all the payments into my main bank using online transfer from my bank. It's so easy.

@Jacob_Allen

The property looks very nice. The thing that I found odd was that the interior looks fantastic, but you don't have a garage. Appears you chose to enclose the carport for more sf, which I understand. So the first thing that came to my mind was that you went overboard on the interior when you didn't need too. Seems you may have segmented out a section of potential buyers that want a garage/carport, while putting money into a fancy interior that is atypical for that area.

I have read a few books about flipping. (I am sure you have as well.) Most people say one of the biggest mistakes people make when they start flipping is to try to make everything high-end. You have to adjust your flip to your target area/demographic.

I guess it doesn't matter if you stay on budget and sell it fast! Good luck! I am very interested to find out how you come out and what lessons you may learn from your first flip. Congrats.

$1200 sounds expensive to me. I did a quick search and found the article below. Doesn't seem much different than my state. If you don't have a CPA, then I recommend you find one. I have found my CPA to be well worth the money. You could also talk to a real estate attorney to get their advice.

http://www.nolo.com/legal-encyclopedia/new-jersey-form-llc-31872.html

Congrats. I picked up four condo rentals over the past few years. I am looking to add some 3/2s to my mix soon.