All Forum Posts by: Michele B.

 WOW.... I am an accountant and I have an office and multiple clients and I think what you said about paying a bookkeeper is so wrong and sexist and oh my Gosh just mean and nasty.  CPA's over charge clients because the can.  A CPA gets 100-200 an hour. A bookkeeper gets between 30-60 an hour.  I don't think its fair to say that one is less educated. I did not sit for my CPA but I have the degree and the classes and the continuing education that they do.  I just didn't take the tests for that Licensing. That does not mean my business is a good company.   

As for the post if all the CPA is doing is looking over the number and doing a few general ledger end of month transactions then paying them 150 might be realistic. IF you are having them do all payroll and taxes for payroll then 280 does sound okay.  But if you had a bookkeeper doing this it would be like 180 a month or less for everything. 

Here is the real issue...there are no set standards for what banks loan for.  How many and what types are not written anywhere .  You have to call around to find out who does what.  Just FYI though if the unit you are looking at are 5+ they will be a definite commercial loan.  

There are business consultant that do the leg work for you and find you the exact criteria you are looking for.  

Tag me if you have any other questions.

Hello and welcome!

 i do!

Go with the 100% of the amount of the project and see if those make sense first. If not then go with the amount you are financing minus the down payment. 

get an equity partner.....

 I would say you need a good amount of room so if the property is worth 200 k you would need to find something selling for 120 k then sell it off for 130 K .... SO take that down to a 50 k  value, buy it for 20 k sell it for 23-25 k It just depends what you think it will sell for. 

Do not bite off more than you can chew.

The longer the years involved the highest the interest rate.  If you want to go for longer you will have to shop around or find a consultant to go find the loan package you want, and they don't come cheap. 

I would say a lease option.

If you are bank financed they are the ones you need to make happy with the builder's risk insurance.  Ask them what they recommend.  IF you are personally financed, I would call 2-5 different insurance companies and ask for a quote.  It gets really expensive if the build takes long.  

Good Luck and if you have any other questions tag me.