All Forum Posts by: Joshua Raley

Hey guys question. We bought a house for an short term rental. Purchase price was 340 k. We just got our estimate to do a rehab which was 80k. Question - sould we do the cost segregation study on the purchase price and THEN do the rehab?? OR ... should we do the rehab first and then do the cost segregation study??

@Daniel Hyman thanks so much. We will look into it.

Hi guys were looking for a great CPA in the Northern Arkansas area. Really looking for ones who have worked with high income earners who inveat real estate. Thanks guys any advise will be great

Joshua

@John Underwood you know as sad as it is im not seeing really any in the area. I only see ones that are for vacationing. I live in a major vacation destination with 2 massive lakes and a world famous fishing river. So basically its known for its vacationing but we have a pretty big hospital here with 2000 plus employees. We live in a large retirement community. The median age is i 52 years old. So the hospital is very important here

Seeking advise guys. Are there ways to analyze a short term markets success or desirability for the hospital industry? I'm considering buying a small home next to a large hospital and I have no idea about the market for this. I understand the Vacation market side. But what about the hospital side? I assume there would be potential traveling nurses, specialists, and even family needing lodging. But is there anyway to analyze this?

@Scott W. Absolutely we just want to get back to normal asap.

@Harjeet Bhatti thanks for answering, I guess I'm not understanding, so my income was the same year after year for 8 years, then covid 19 hits and our seating capacity is slashed to 33%. Therefore making me lose income, but once the capacity mandate is lifted my income will go back to normal. So because of a government mandate, I will lose buying power? Even when it goes back to normal?

Lender's please help. I'm a bartender, therefore my income is 100% tips on my W2. Before covid I was pre approved for upto 150k, based on my 18 and 19 W2's. Now obviously my wages will be much lower this year due to the 33% seating etc. How will lenders and underwriters handle this? Will this year be looked at differently? Or will my ability to borrow be drastically changed now that my 2020 W2 is going to be much lower? Would some one please reach out or respond. We were really trying to get our journey started. Thanks guys

@Bridgette Delva so that was my first thought. I assume anything is possible with enough capital right! Lol

I wonder if anyone here has an idea of the cost to raise this thing up? I've done a generic search and prices are all over the board.

So we have an opportunity (maybe)

We live in a tourist/retirement area. With one of the worlds most famous trout fishing rivers. The White River in Arkansas. There is a property with 225 feet of river frontage. Typically river frontage here is $1000 a foot. There is a 2400 sq ft home. (Shell at the moment and I'm guessing it will need 60-70k to rehab)They want one hundred thousand less than market value for this property. Problem is it is in a flood plain has flooded twice is the last 20 years. And with a flood here it means basically the water rises slowly for a day or 2 and destroys the drywall electrical etc. Then water subsides. The house is a great "shell". No mold, no structural issues etc. Its just that chances are it will flood again someday.

My question is, Is there any opportunity here? This place is a short term rental dream location. Fishing is year round and it's a year round fishing / vacation destination. Any one have thoughts or experiences with this kind of issue?