All Forum Posts by: Account Closed

Did a fix and flip, and need to seek out a qualified tax preparer that can assist us with filing. Any suggestions. 

@Michele B. @Dennis M.,

Well, unfortunately, we trusted our mentor with this deal. He orchestrated the entire deal, and allowed him to "mentor" us. At this point, it is what it is, and have learned tons with what this "mentor" has put us through. Now we are trying to come up with alternative solutions, instead of selling, and taking a huge loss. 

Initially this property was a flip. We purchased it with a tenant in the property. Our mentor said that it will not be a problem getting the tenant out. That was not the case. 7 months and thousands of $ later, the tenant is now out, and we will not have enough capital to rehab the property as the months have added to the loan. So, we are now trying to find out what other options we may have so we are not in the red. 

@Tarik Turner, thanks for responding. Enlighten me with the non conventional product. Who would I contact to discuss the non conventional loans? Mortgage broker, loan officer etc? If you have any contacts out this way in CA, please shoot them over. Just trying to be more pro-active with this just in case we cannot sell and at least break even with paying off the hard money lender. 

@Kerry Baird, thanks for responding. We already requested for an extension. Original due date was 8/31/2018. He extended it to 12/31/2018.

@Alexander Felice Thanks for responding. Right now comps are only coming in slightly above 650k. The alternative is to hold on to it, however we would have to refi into a conventional, and possibly do a lease option. BUT... we do not have the 20% down to do a conventional. That's why I am trying to get other strategies and ideas to see if there is another route we can take. If have already extended the loan due date that was due at the end of Aug. it is now due end of December. We are trying to be pro-active and come up with the alternatives just in case we cannot sell at the price that we need to pay off our hard money lender. 

Hello BP! I need suggestions on alternative strategies for the following scenario:

-Purchased a property to flip. Currently loan for $650k with a hard money lender.

-We ran into a few snags with the tenant that was occupying the unit when we purchased the property. Tenant has been evicted.

-Loan is to be paid in full to Hard money lender by Decemeber 2018. 

-The market is softening (Oakland, CA), and we are not sure if we can sell this property at $650 as the comps are coming in slightly above $650k. 

Please shoot over any ideas that you have as to what we can do to get out of this deal. We do not have the 20% down payment, should we decide to refi into a conventional, which would be great, because we could do a lease option. Please shoot over any ideas you might have, or suggest anyone I can contact in the San Francisco Bay area. Thanks BP!

Fellow Investors in California, Bay Area to be specific, can anyone share their successful Subj. 2 deals? From start to finish? I would live to hear about it, and read the responses from others feedback, and other strategies.

Hello BP friends. My LLC recently purchased a property through a wholesaler. The fee was paid through title. My question is, should I (or must I) 1099 the wholesaler?

I have researched some info out there, and I am getting mixed reviews. I know I should probably contact a real estate tax adviser, however wanted to post this out here first, to see what responses I receive. Thanks.

Congrats on your success! I wish you many more, and look forward to more of your posts!

Awesome webinar! Definitely crushes any doubts or excuses to get started. So refreshing to hear how Brandon got started, and shared same emotions and doubts we all may be having during the beginning stages of this process. Looking forward to the next webinar about using other people's money!