All Forum Posts by: Jeff V.

GV only charges for international calls, all calls within us are free.

I use google voice as well with ObiTalk box so that I can use a cordless phone around the house.  It also rings my cell phone simultaneously and I can pickup which ever is closest.  The VM gets transcribed and emailed to me automatically if I don't answer.

It allows you to setup business hours ect and custom voice mail lists allows for multiple VM messages depending on who calls..  for example a number not in your phone book might get a marketing message about available rental properties, while known numbers may get a business "Not at my Desk" message.  

There are also options to hand off the call from your cell phone to Google voice land line or record a phone call in progress.

All of this can be setup pretty easily.  

Down fall is I think it only supports 1 number per Google account.

I don't do alot of marketing, so this free option works well for me, if you have more advanced setup such as multiple ads and want to track responses ect from each this wouldn't work well for you.

Jeff V

There may be another angle here.

Sounds like the lender isn't willing to cooperate...  why not purchase the property subject to the mortgage and then catch up the mortgage OR Re-Finance to pay them off.

Obviously, I don't have any numbers to work with here, but that may be a viable solution depending on the property value,  Outstanding Balance, Arrears, Taxes Owed ect...  It's possible the numbers are workable.

Jeff V

James,

Sounds like he/she would like to be a debt partner not an equity partner. He/she wouldn't need to be on the LLC paperwork at all. Sounds like all they would need to be is lien holder secured by mortgage with terms of the loan laid out on the promissory note.

If he/she were wanting an equity stake as well then you would want them on the LP paperwork as the Limited partner and your main LLC or personal name as general partner. This could be done with LLC as well I believe but LP is designed for this sort of thing where one partner is entirely passive.

Disclaimer:  Just advice based on what I would pursue in this scenario.  As always, please consult your CPA and Lawyer for advice on Tax and Legal matters.

Jeff V

A couple ideas, see if they would allow for a second appraisal to get a second opinion.  OR have the seller take a second note for the difference instead of lowering price.

However if I were the buyer I would want a lower sales price so that I didn't start out upside down on the transaction. 

Just some ideas, hope this helps.

Jeff V

@Gino Zahnd

Have you thought about setting up the payment system so that it functions more like the Online Bill Pay system where you setup a target payment date and the system attempts to have the funds get to the destination by the target date?  Thats kind of how the Bill Pay systems work in online banking platforms.  From a landlord perspective that would be awesome if Cozy worked the same way. 

Imagine the lease says rent is due on the 1st late on the 5th...  The tenant pays on the first under the current system and in this month it's finally received on the 8th...  Now I'm supposed to serve notice on the 5th that the rent is late, but I see its in transit...  so I sit and wait for a few more days and if something happens and it doesn't come in then I'm now almost at the half way point of the month before I can react and serve notice to pay or quit and start eviction proceedings.

I know its just a few days but I think it could be improved by changing to it works more like the bill pay systems that you have in online banking.  Just an idea.

Jeff V

Short answer is for the BRRR strategy to work you need to have bought the deal in such a way that your purchase price, rehab costs and holding costs is no more than 70% ARV. When you do the refinance that's about the average that a lender will lend for a cash out refinance. That should get all of your cash back. You have to buy with a good discount built in at purchase for these to work.

Example may be in order. Let say you purchase a 100k arv home for 30k and rehab for 30k plus another 10k in holding and misc expenses. This puts your all in price being 70k no matter where the funds came from. After a year of renting you can then refinance to pay off any loans/LOC used and or cash and have all of your funds and credit available for use once again.

In the meantime you may be able to use the equity as collateral for a line of credit. I believe they will lend up to 80% with a LOC with no seasoning. You could have the limit raised annually based on the new equity in the properties.

Also if properties are purchased using your LOC then you wouldn't have to season the property to refinance.

Hope this helps clear things up.

Jeff V

Aroldo

You will most likely need to sell the note or wait for them to refinance to get your capital back out.

I watched some videos by the note queen where she recommends creating 2 notes selling the first to get your capital back and keeping the second for cashflow.  Obviously this has to be planned beforehand to put you in that position and may be prudent to have the note buyer lined up before it's created to be sure it will meet their criteria. 

Just some thoughts. Hopefully it will give you ideas on structure for the next one.  

Jeff V

Did you tell them it's for used mobile homes? I believe you would need a dealers license. 

I had one back in 2005 and no sales time was required back then. 

You were allowed to buy and sell up to 3 per year back then as well under your personal name but you had to record the transfer at the dmv and pay taxes when you put in your name.  Then the buyer would pay taxes again on transfer.

With a dealers license you sign back of title on purchase as dealer then buyer signs when you resell and you do not record the transfer to yourself at dmv. It works like an assignment sort of.

Jeff V

Steve,

I know the question wasn't one about taxes specifically but... replacing the coil would be a repair and fully expensed the current year, while a full replacement would be capitalized and depreciated over multiple years.

It's worth mentioning you should discuss major repairs with your CPA to determine the tax impact as well.

Sometimes it's better to take the full deduction current year where other times its best to depreciate it over multiple years.

Not specifically what you a asked for but good to know either way.

Jeff V