All Forum Posts by: Maugno M.

My tenants were without water and electric for a couple days due to the snow storm that hit

Texas. Nothing I could do about it till the freeze went over. Should I discount something of the rent this month because of that ? Nobody has asked me ... yet. But not sure if I should since it’s not my fault. But I also feel

For them. Feedback?

50% now

I have 4 tenants. Only one has paid.... will be contacting them if not in account by tomorrow. 

where do we apply?

Hello BP family, 

I have a SFR that i fixed up and have on the market. Very nice and great neighborhood, and overall a good middle class home. Ive had some issues that came up during the time i've had it since January. I did a very light rehab (flooring throughout, new paint, inside and out) and thats about it. Ive been told by several that maybe the roof is an issue which is the biggest expense. Also, my laminate flooring has bubbled up, :( geez seems like it always happens. And original contractor on flooring has moved to a different state since. . .

the house is listed for 172k. I just got an offer for full asking contingent on me fixing the flooring, and fixing a back gate. also almost 6k in buyer closing cost. seems like a good deal but ive heard that VA loans are even more strict than FHA loans and i would hate to go under contract and then the roof not passing. I DO NOT want to make more repairs and really want to sell as is. i had a low ball offer with a conventioanl loan too, but ehhhh idk.

Any experience with VA loans for Sellers ?

@Suni O'neal  Why didn't you consider all these things before putting in an offer ? This should all be considered before the fact.... now in the future other brokers may not take you seriously.

@Gary Siver @Frank Chin @Rick Wade @Joe Splitrock These are individuals that specialize in an individual trade and do side jobs like mine. some do this full on the side. You all are correct, i'm telling them ahead of time now so we wont have issues anymore. My problem is that they charge a significant amount for it to be under the table money, so I'm going to do my part and issue 1099's. I just spoke to a CPA here locally... it wont cost me an arm and a leg to hire her. So this will probably the first year I hire a cpa and she agrees its probably time. I had two LLC's , and at the end of the year I ventured into a new business in opening up a retail store. so I think its time I add a CPA to my team. She suggested we follow through in sending all 1099's to def cover myself.

Thanks all for your input. 

@Joe Splitrock and you are spot on with my options. I'll see how I proceed since I have a couple weeks to make sure I get this right. thanks for the insight. I reached out to CPA in my area today, consultation this evening we'll see what they suggest

@Joe Splitrock So from your experience(and I know your not an accountant) I should send them 1099 even if I don't have there SSN or Tin? I have there name and addresses. I just don't want to increase a chance of me getting audited by sending a 1099 not completed like writing "refused" on there SSN thing. I don't have anything to hide or beat around the bushes but who wants to mess with the IRS anyhow. 

@Frank Chin Thats for the info. and yes.. it is for my flips not my rentals. 

@David Kelly it sucks.. i need to put my systems in place and get it done correctly