All Forum Posts by: Joe T.

Hi there,

I'm looking for someone / a service to help me set up my accounting system and train me to do the entries. I'm open to software like Quickbooks online or any other that is recommended. 

Is there a service out there that would be able to help? I'm a new real estate investor and want to make sure the accounting and taxation side is done right from the get go.

Thank you!

Joe

$1000 / month for coin operated laundry?

That seems a tad high.

@Michael Pease @Bryan O.  - Hey guys - I'm actually in the market for a good PM in Davenport as well. Would love to get some thoughts and experiences from you, if you don't mind. 

The idea of fraudulent charges do scare me a bit .

Thanks in advance!

For those investing in the quad cities, is there a difference between purchasing property in the IL side (Moline, Rock Island) vs the IA side (Bettendorf, Davenport)? 

I hear that Iowa is more landlord friendly than Illinois, but I'm not sure how that plays out in this city.

thanks!

I'm working with a wholesaler who said there is no inspection clause as part of the deal. And usually the deals get turned around really fast with their other investors.

My question is- as an investor, how do you manage risk when purchasing these properties sight unseen? Especially with no inspection clause to fall back on. 

thanks!

Are there any advantages to finding a hard money lender from the state at which I plan to invest in?

Or is it really up to the lender and their comfort levels?

Hey guys - If I find an interesting property on Zillow, do I have to use the buyer agent listed on the site, or can I send the property to the real estate agent (who works in the area) I have been working with? 

Are there any rules around how you work with agents that I should know of?

Thanks in advance!

Joe

That does help. Thank you!

@Andrew Postell  This is really helpful. Thank you!

Could you help clarify a few points? (My questions in bold below)

1. When do you start using rental income to help me qualify? (the answer needs to be immediately) 
   Can you elaborate on what "start using rental income to help me qualify" means? Does that mean that they are using rental income as WELL as W-2 income as a qualification?
   
2. How long do you need me to be on title to refinance? (this is important if you do need a short term loan to purchase then refinance out - and the answer should be 1 day...very important that it is 1 day on title is all that is needed to refinance)
   I didn't realize there was a title duration factor to refinancing. I thought it was only the 6 month seasoning time frame. 
   What if the title is under an LLC? Would a refinance not be possible?
3. What is my minimum down payment required? (if they only require 15% down on a single family home that is usually a good sign that you are working with a flexible lender)
4. Can I change title to my LLC?
   Is this to avoid a due on sale call by the lender?
5. Do you sell your mortgages?
   What is the implication of them selling mortgages?
6. What is your loan minimum?
7. Can you explain to me what your reserve requirements are?
   What answer am I looking for here? A higher reserve requirement for stability? Sorry, not sure I understand what this question is going for. 

thanks again!!

@Chris Mason Thank you for providing those examples. That's what I was looking for.