All Forum Posts by: Julie Doke

Yes I believe that I will start looking for a real estate savvy  CPA next week

We are an LLC and for tax purposes we are treated as an S-Corp. We flipped one houses last year (first year in business) I am trying to wrap my head around understanding how/where flipped houses are reported on form 1120S. I was told the house would be treated as inventory and reported on 1125A but I shouldn't there be a greater break down of cost to show the profit & loss? What am I missing? Am I making this harder than it really is? Thanks

Hello I have thought I had replied to this last week but didn't post. I figure I need to rethink what I was saying. The realtor did have the open house but no buyer - he thinks it is too soon to drop price Another piece of info is he is also an investor - he has a  BP account I checked before I posted and he has not been on BP in over a year. (did not want to step into the fire) but I still have had second thoughts on starting this thread would hate to make worse by his deciding out of the blue to check BP post and find this one.

 I just wanted to say thanks for everyone's thoughts. 

Hello everyone, we have a home on the market and signed a contract for realtor to sell it the first week of August and within 2 weeks the house was under contract and everything was going great until two weeks ago when the buyer backed out, every since the realtor has not been trying to sell - he lies and says he is showing it (we have ways of knowing) he no longer has the house on his web page (I've looked)plus his facebook page is outdated - it shows a picture of the house with a status that reads under contract in 13 days! The home got lots of attention - 559 likes and 64 shares so the fact that he refuses to change the listing and notify likers and sharers that the home is back on the market is a big slam!  He claims that he is hosting an open house tomorrow but Realtor.com (the only place he appears to have it listed) does not show an open house scheduled and when I sent him a text suggesting that changing the facebook page to show it was back on market he said he was planning on fixing it in the morning before the open house!!  

 This home was renovated with hard money which becomes due in November so time is running out and between a fickle buyer who cost us valuable time and a realtor with a poor defensive I don't care attitude ( defensive because every time I talk to him he says I'm doing all I can, I'm posting it everywhere and calling everyone blah blah blah -lies) 

  I am trying very hard to not panic.  Does any of this sound normal? How do other realtors handle open houses? What would you do if you were me? 

Looks like we  have a clear path to the closing table. thanks everyone!

Thanks for your response @Austin Youmans I have confidence that there are no safety or health issues (lol one of our first tasks was bagging the leaves and even some dirt between our house and the little old lady next door due to MOTHBALLS and the awful eye burning smell they put off...it seems she had the notion that mothballs scared off snakes - and since  the property had sat empty for several years there were LOTS of mothballs (both whole and partially deteriorated) - but thankfully they are gone and I would know  - turns out I'm very sensitive  to them.  So yeah I think that it will go smooth just counting down the days until the biggest worry is closing delays.

Oh my bad we are just now beginning to research and learn about income producing properties. I thought all rentals had a CAP rate and now that you have clued me in @Account Closed  that explains so much. Wow so glad I posted what I did. I  love Bigger Pockets!

So we finally have our first fix & flip under contract hooray! It is a VA loan and the realtor tells me that the VA uses their own inspector and that there is no wiggle room if they find a flaw we either fix it or walk away from the seller. No negotiations. We just did a major upgrade, update and replace on just about everything. We have been told the home looks flawless but I still wonder should I be nervous is there anything specific the inspector will look for do they tend to be easy or nit-pickers? I'm so ready to finally say we have one under the belt I just want to be proactive. They have 10 days to inspect and 2 days to make a request known, so that helps at least they can't drag the inspection out for 2 or 3 weeks. I'm just antsy I guess....been waiting two months for the house to sell.

Does anyone have an experience with a VA inspector that they would like to share? Maybe just words of encouragement would be great right about now.

What did you figure your CAP rate at I don't see it listed?

Welcome! This is an awesome circle of like minded folks who are always ready to help!