All Forum Posts by: Joseph D.

Hello All,

I am in the process of obtaining quotes for an architect and construction company for a buildout of a 2800 sqft retail space in St. Johns County Florida. The buildout is for a franchise called The Little Gym. If you or you know is interested, please let me know!

https://www.thelittlegym.com/

-Joe

Hello,

Curious on your thoughts for the following situation.

I am moving out of my primary residence in July. I have a 30yr fixed @ 2.875% with a loan amount of approximately 440k. The home is worth approx. 530k-550k. Originally, I was going to rent out the property, but now am thinking about selling it and using the funds to reinvest (likely) into an apartment syndication. My question is, would you recommend keeping the property as a rental (cashflows a couple hundred) and using a heloc for investing, or selling and taking the tax free capital gain to use for an investment?

Thanks in advance for the advice!!! 

Respectfully,

Joe

@Wayne Brooks, thanks for the info.  @Anthony Dooley, I appreciate your input. Definitely something I am going to look into. Thank you! @Nathan Gesner, thank you. Yes, will definitely include a clause in the future. Hmm, good question. I live in Loudoun County, so things are pretty expensive around here. I'll ask some of the neighbors for their thoughts, hadn't really thought about it before. 

Hello,

My HOA recently increased their fee due to the inclusion of internet service. How do I incorporate the new fee (approx 70 dollars for the internet) into my calculations? Can I increase the rent or do I need to eat the cost? Also, the increased fee only includes internet. If you want cable TV, it is extra... however, obviously you can bundle it for a deal. Should I buy the bundle and use that cost or just stick with the internet and let the tenants decided how to handle cable TV (assuming they want it). Any advice is really appreciated. Thank you.

Hi @Ashish Acharya,

Thanks for the information, I appreciate it. I intend on managing the property myself under the LLC, but want to ensure I dot my I's and cross my T's by hiring an accountant. Thoughts?

Hello,

Thanks in advance for any insight provided. I recently created an LLC so that I can manage one of my properties, long distance. I understand that I need to get an accountant, but am not sure where to start.

Hello,

I am interested in doing some light rehab on a single family. Most likely replace the flooring, install some granite countertops, landscaping, probably knock down a wall. I am out of state, and have a timeline of approx 6 weeks. Any recommendations you can give is greatly appreciated.

Thanks,

Joe

Thanks all! I definitely have a better understanding of how the process works. 

@Russell Brazil. Thank you so much for the quick reply. I know that I can be countered regardless of an included escalation clause. I guess my question is:  If a seller reviews all of the offers that come in and accepts mine.  Are they allowed to accept my offer and then counter to my top dollar or a little bit above my original offer? Or are they prevented from countering after accepting my escalated offer?

By way of example:  I originally offer $100 w/an escalation clause to $200 and beating any offer by $1.  Someone else offers $150.  I win with my escalation clause taking my offer up to $151.  Is the seller prohibited from countering at this point up to $152 or worse yet $200?  Or can the seller simply not accept the $151 and just counter?

Sorry for the long-winded response. Just trying to figure this out.

@Max T.. Same question for you. I'm not saying they shouldn't, in fact, they probably should. Just trying to figure out the mechanics so I don't shoot myself in the foot. Thanks again for the reply and any help you can provide.

Hello all,

I have a question about escalation clauses that I was hoping someone could shed light on. We live in an area with limited inventory right now. Houses are getting 15+ offers, 25-20k over asking (approx. 8%-10% above asking). It;s my understanding that the seller will see the amount that I am willing to escalate to if I include an escalation clause in my contract. What stops them from just choosing the contract that is willing to escalate the highest, and then countering that price? Any advice and insight is appreciated. Thanks to all!