All Forum Posts by: Patrick Thomas Mc Manus

Count me in, cheers !

Good morning BP members

Can anyone here recommend a good real estate tax specialist/accountant/attorney for a foreign national (myself) investing in Florida. I shall be communicating mainly via email before actually arriving in the US in mid September. Thank you.

Good morning dear BP members,

I am analyzing the below rental property deal in Florida:

Purchase Price : $ 50,000 (including closing, cleanup & rehab costs)

Amount Invested : $ 10,000 (with $40,000 Loan for 20 yrs @ 4%)

Est. Rent: $ 900

Running Costs:

Loan Principal: $ 167

Loan Int. & Fees: $ 87

Insurance: $ 75 (1.8% of property value)

Property Tax: $ 105 (2.5 % of property value)

Property Mngmt: $ 90 (10% of rental income)

Maint. & vacancy: $ 144 (16% of rental income)

Utilities & Upkeep: $ 0 (Paid by the tenant)

What tax percentage should I factor into my equation?

Are there any other running costs that I should be asking about?

Thank you.

Patrick

Thank you for your feedback, I shall look into turn-key providers. What If I had to partner with a realtor that can spot a good deal, and be my local contact, meeting with contractors and potential buyers while our projects are getting rehabbed and sold?

Hello! I am considering getting a partner for my RE investments due to being away most of the time, so I have little time to locate, buy, rehab and sell good deal properties. What kind of partner should I look for i.e. (realtor, contractor, etc.) and what percentage of my net profit should I offer for their services. I should be able to fund our projects in cash.