All Forum Posts by: Christopher B.

Haven't found the answer yet. I like HFS really well, love the detail and the reports but have grown tired of the double entry. I tried just using HFS then exporting the expenses periodically for my QB but that got messy and my actual books were behind. I've recently setup my QB chart of accounts similar to HFS and start with a new bookkeeper soon. I want the granularity found with HFS but hate the bookkeeping and data entry side of things. 

Do you enter your expenses into the spreadsheet and your accounting software? I agree the hfs is great and have used it a lot in my own business but have found this to be a bit of a hassle.

You should find an investor you trust and bring them the potential deal for a wholesale fee. If the investor will be determining ARV, repairs budget, negotiating with the seller, funding the purchase and rehab, and managing the rehab why should they split the deal 50/50?

Use it as an opportunity to make a little extra cash while yours is on the market, gain some knowledge, and begin building a relationship with an active investor. 

pay for the materials and 50% of labor up front and finance the rest sounds more like "give is a bunch of money and we won't comeback"

You can install a submeter system. Cheaper than putting in a second water line and meter. Cheapest option is to just implement a rubs system. Keep water bill in your name and bill tenants for it each month, 50/50. I do this with a tripled, it's 5-10mins of extra work each month but no tenants have been bothered by it and saved us $3-$4k upfront 

 Sounds like you're knocking it out of the park.

In this environment you'll likely have to pay more for your contractor to compensate for the extra hassle.

Work for someone or somewhere that surrounds you with real estate. I am a fan of higher education but there is not a better form of education than getting out there and getting your hands dirty. 

When you hit the jackpot those vows can quickly change!

My partner of 9yrs is all about some real estate. She wants to quit her teaching job and work with me full-time. It would be very frustrating for me to be with someone that didn't support my business and what I do. 

How do you know it's $100k+ in repairs if you don't know how to accurately assess rehab costs? What's the square footage? A 2/1 is generally pretty small, at around here, so $100k+ would be a pretty significant budget unless you're putting in all the bells and whistles. 

I agree with both other posters. At the asking price it's probably a waste of time unless it's been on the market for a while, but go ahead and throw it out there and see what happens.