All Forum Posts by: John Lee

I and my sisters want to swap tittle of our property with each other in Florida. What is the process to doing so, assuming both house is equal in value? is there any cost or tax consequences?

Have you find anything yet? I'm having trouble finding deal through listing like zillow. Anything good get snag up on day 1, and offer higher than asking price (Winter Haven area from downtown to legoland). I found a property that wholesaler snag up in July, do nothing to it. Now list for double the price.  

It's a hot market, but I don't think people are too irrational. I see a property in lakeland, fl, from a wholesaler advertise for $80k, repair $50k, ARV at $180k. I look around the area and I can only see the property can only sell for $150k. Am i wasting both of our time trying to connect to the wholesaler if the different is too high?

I can try to make it work for rental at $1300/month and lower rehab cost ($15k-22k) . But that would be just me talking myself into the deal.

I'm look at a house that needed total rehab. Asking price $95k, ARV $120k, max arv $150k. The house is only on the market for a week, I want to come in with $45k offer, my realtor said it's too low and their realtor won't even present it. Can I ask my realtor to submit an offer anyway? And come back with 70% offer if they rejected it?

Tenant's dog urinated in the garage and sweep into the cement. Now I have to clean up and repaint the garage to get rid of the smell. How do I create invoice to bill tenant deposit money if I do it myself rather hire someone to paint it?

The excel sheet : https://drive.google.com/file/d/1QBAap1ANXkS0Q_1u6orqPWhAaERH5-dh/view?usp=sharing

http://www.loopnet.com/listing/1540-s-highland-st-memphis-tn/11841109/

I'm just practicing analyzing deal base on what I got from seller information. I have not look at each individual property yet. Can some one give me reason not jumping  in this deal?

Purchase price (from B23)	$1,300,000.00
Purchase Closing costs	$78,000.00
Repairs	$0.00
Holding Costs	$0.00
All Personal Contributions (down payment)	$325,000.00
Total Investment	$1,703,000.00
Total Loan Amount	$1,378,000.00
Number of units	1
Average Rent per unit	$18,504.00
Total Loan Amount	$1,378,000.00
Interest Rate	10.00%
Term Length of Loan ( in Months)	360
Interest Rate per month	0.008333333
Total monthly mortgage payment	$12,092.94
Monthly Insurance	$989.33
Monthly Property Taxes	$1,494.83
Other Monthly Expenses (HOA, Utilities, Maintenance, Etc)	$2,919.25
Total Monthly Expenses (not with mortgage)	$5,403.42
Total Monthly Expenses (with mortgage)	$17,496.35
Other Monthly Income	0
Total Gross Monthly Income (Rent)	$18,504.00
Total Annual Expenses (not mortgage)	$64,841.00
Total Gross (Most Possible) Annual Income	$222,048.00
Net Operating Income ($ left to pay mortgage)	$157,207.00
Cap Rate (for multifamily/commercial)	7.00%
VALUE BASED ON CAP RATE	$2,245,814.29
Cashflow per month	$1,007.65
Annual cashflow average	$12,091.77
All Personal Cash Contributions	$325,000.00
Annual cashflow	$12,091.77
Annual “cash on cash” Return on Investment	3.72%

Ok thanks you

Originally posted by @Michael Plaks:

Originally posted by @John Lee:

When it time to file contractor W-9,  do i include his credit card fee he add on to the bill in the total? or just what is in the contract?

Looks like you're asking about filing Form 1099-MISC. (W-9 is something completely different.)

The deadline for 2017 forms 1099-MISC was Jan 31. If you're talking about the work just completed, then it is too early to file 1099-MISC - they will be due next January.

You contractors is supposed to separately indicate the cost of labor. If he did, you will only report labor. If he did not separate labor - then you report the entire amount. Do not include his credit card fee either way.

You only need to create 1099-MISC if you paid by check or cash. If you paid by credit card or electronically - no need for 1099s.

If you do need 1099-MISC, then you will need the contractor's full name, address and Tax ID ("EIN"). This is what Form W-9 is for: to request this information from him.

Can you elaborate on how i don't have to file 1099- MISC for next year if I paid by credit card? The contractor send me the W-9 form to file tax for next year