All Forum Posts by: Joseph Rios

@Joe Cassandra what company are you using for direct mail? I think that will probably be my next move. I've been trying the MLS for months now like @Victor Oben and no luck, submitting cash offers over asking and nothing. I tried FB ads as well but the problem is that with the new rules I'm getting leads from NY (I'm in NJ), looking to buy a house rather than sell theirs. Too many buyers out there right now, competition is tough.

2019 Tax season is upon us and I am about to complete my first flip (hopefully closing soon). Since this is my first flip I am now (in April of 2020) just finding out about the W-9 form we need to ask contractors to fill out in order to use the payment made to them as an expense. I have receipts but now I am stuck on whether I should be asking for it now and sending the 1099 copy to the IRS. Also I bought this flip in November of 2019 and I haven't technically sold it yet so not sure what this would be classified as for year ending 2019. Any advice from experienced investors would be greatly appreciated!

Congrats @Alex Kamunyo !

I'm still trying to wrap my head around the 1% rule, can you explain what it is?

Hi @Alex V.

I'm curious, what ended up happening? Did you receive the NFA Letter in time for the closing? Any contamination issues after receiving the NFA letter? I'm in a similar situation now unfortunately, but based on the responses I see I may have some leverage in this deal.

Thanks!
Joseph

Hello BP community, I have come across a sfh in a nice neighborhood. The property itself needs repairs which after having my contractor take a look he gave me a rough estimate of $55k. The property is listed at $175k and similar homes (in mint condition) in this area sold for $300k. I have the means to obtain the property, however, I will not have any money left over to cover the actual repairs. What options would you guys use to obtain the $55k? I’m looking foward to my first flip. Any words of encouragement are always welcomed :) Thanks! Joseph

I’m so glad I came across this thread. I’m in a similar situation, just had an inspection done for a three family home, found cracks in the sewer line pipe, 60 amp panels should be 100 amps for each floor, one of the boilers is 30 years old and all connections for the 3 boilers need to be replaced, the water heaters’ exhaust in not placed correctly.

I’m waiting for the report to come in so I can discuss our option with my attorney. The seller and listing agent made it clear in the beginning that the home is being SOLD AS IS.

@Robert Obniski what was the final outcome?

@Account Closed you’ve inspired me to fight for a lower price :)

Hello BP community,

I have about 15k in savings. Where can I invest this small sum of money (compared to the loads you need in order to purchase an investment property)? I was thinking of getting my sister to buy a multifamily unit using a conventional 5% down loan and use me as a cosigner so she can qualify for more (I already used up my first-time-home-buyer-owner-occupied-5% down conventional loan). I live in NJ so any ideas are welcomed.

Thanks!

JR 

I would evict them ASAP... I went through this exact same thing early this year. It started with late payments, then it became “hey were paying the rent late this month” not even a “is it ok IF we pay rent late this month... soon it moved to being 1 month behind.... eventually their lease ended and they did not want to move out (which in my state you can’t kick them out for a year lease expiring, as it automatically becomes a month to month lease). Finally I evicted them but I lost 2 mo rent plus attorney fees (I did keep their deposit but it wasn’t enough to cover everything they owed). Lesson learned: in this business you CANNOT be a nice guy. First late should be a warning + Late Fee, second time should be an eviction filed asap

Hello BP Community, I’m looking to move to another area but I’m a bit confused as to how to go about selling my current home while buying a new one, simultaneously. I don’t want there to be a gap between the two because that would mean having to move somewhere temporarily or pay two mortgages at the same time. The current house I’m living in was bought with an FHA loan, I’m also wondering if I can use an FHA loan to buy the new house? Thanks, Joseph

Hello BP Community, I recently got my real estate license and I'm looking to get some business cards to start promoting myself. I was wondering if it's wise to put my picture on the business card? My broker told me it was up to me (she has hers on her business card). Any advice regarding pros and cons are welcomed! Thanks! Joseph