All Forum Posts by: James Brand

Not having issues, but since Stessa ultimately is the tool I use to manage my books it seems like a natural connection would be an accountant familiar with the tool. From a strategy standpoint knowing the reports available could be quite helpful.

@Greg Wasmuth

Wondering if you made any progress her, I actually just posted a similar topic asking if any CPAs were familiar with Stessa, seems like a great combo.

J

BP,

Stessa was once (maybe still is?) a platform advertised for on the BP podcast...

I have recently adopted it and am aggressively working through prior years' data to get the most out of the system. My question is if there are any Stessa savvy CPAs. To me it seems like an incredible pairing, someone who knows and understands to tools available and has the professional ability to leverage those tools not just for tax returns BUT also for tax planning and strategy.

I'm a Stessa Pro member and in talking with the pro support team they do not have any preferred CPAs/vendors at this time.

Does anyone know of CPAs who know the system? Are any BP members familiar with it?

Cheers,

James

Thanks for the input @Clinton Buchanan and Jared.

 Prob about 5% of total project cost. The property is roughly 6,000 sq ft, 6 units and the rehab budget is about $450k.

Is IEBC 2015 outdated tho @Steve Sandrews? Plans examiner had referenced IBC 2018 and I’m just trying to save on the sprinkler work which we can call $20k, tho I imagine there might be some insurance savings.

BP!

Looking for some random assistance if there are any design professionals or experienced investors who might know of an exemption. 

Situation: I have a 6 unit shell, just rezoned a portion of it so not getting benefits of grandfathering, and I was under the impression if each unit had 2 forms of egress that we would not need sprinklers. Plans examiner is asking where in IBC code that's referenced and my architect is coming up empty. Hoping that maybe someone on here would know? I believe its classified as R2 since its 6 units.

Any help or guidance is welcome!

BP,

Recently had an inspection of my 2 story, 3 unit project. The property is zoned CMX-2 and is by right allowed to have 2 residential units and one commercial (min first 30' of frontage).

The inspector who came yesterday to okay closing up the walls said that for the commercial unit, which is the front half of the first floor, there are more significant drywall needs for fire purposes, and we also need cast iron & copper plumbing versus the plastic that's already run AND used throughout the rest of the property.

A couple years back there was a big change in plastic vs. metal for plumbing in Philly, but I believe that may be specific to Residential.

Really curious for any feedback on this.

-James

The seller could could come after my personal assets to recover the debt. If I had a larger equity position the mortgage which secures the property would hold more weight imo, but with only 10% down it doesn’t 

Thanks for the feedback @Wayne Brooks

BP,

As always when I am in a jam I seek out you lovely individuals to weigh in and share war stories.

Situation:

I just postponed a settlement that was supposed to be happening right now. My lawyer strongly advised NOT signing a personal guarantee for a 10% down seller financed purchase on a $245,000.00 5 unit shell (5% rate amortized over 5 years, would likely refi in 12-18 months). Buying in an LLC specific to the property.

If we were going with a commercial lender I believe we would have to guarantee it and obviously if we were doing cash we would own it outright. My lawyer believes the mortgage should be sufficient collateral since we are putting money down and will be putting more than $245k into the property in reno.

My lawyer is obviously looking to protect me but I do believe on occasion this could be at the detriment of a deal.

Has anyone ever done seller financing without a guarantee? Its a show stopped for the seller so at this point we have to sign or terminate.

Thanks in advance!

J

I do full get rehabs in Philly, converting to either duplex or triplex. No additions, just within existing structure. 1,000-2,500 sq ft row homes