All Forum Posts by: Noureen A S.

Would anyone suggest investing in a single family home in Wendell?

Google maps is showing that (the area I'm looking at) is only 25 min from downtown Raleigh.

Redfin "market insights" show that the Wendell home prices per square foot have risen 12% since last year (not sure if this is trustworthy data)...

I can't find year-over-year info about unemployment.

In other news, Wendell Falls is still developing (commercial and residential properties) and a charter school is said to be coming to Wendell Falls...

Thoughts?

Thanks in advance!

Interesting point about title issues...

Yes - I'm learning that buying/selling wholesale properties is a 'dark world', so to speak.

I appreciate the input. Thank you!!!

I'll start searching for attorneys in my area.

I'm a new investor and am now considering purchasing a deeply discounted property (I'd refer to it as a 'wholesale' property but I'm learning there a different types of 'wholesale' buying/selling scenarios, so I'll just say 'discounted')...

From what I've learned, buyer's agents are rarely involved with assisting in wholesale purchases. So, I gather the only professionals I'll need to assist me are...

1. An inspector
2. An attorney (for title search and closing - North Carolina is an attorney-closing state).

Does that sound right? I understand that more seasoned investors might not hire an inspector at all, especially if they already have working history w/ the wholeseller...

Thanks in advance!

@Eric Veronica I understand. Thank you!!!

After I've owned my first rental for a year, I hope to cash-out refinance the property (rental not purchased yet; still in analysis phase).

But I recently (read online) that cash-out refi's are difficult for the self-employed.

Have any of you found this to be the case?

Through my research on BP, I learned that its harder for the self-employed to get conventional loans (later on, my experience getting  pre-approved for a conventional loan confirmed this)...

As a self-employed investor, is it just as hard to get a cash-out refi as it is to get qualified for a conventional loan? Or, is it harder than?

If it's just as difficult, then I should be in a good position as long as my business maintains its revenue in 2019... But if its more difficult, then I need to research how and what I need to start to doing to prepare myself for approval of the cash-out...

@Dan Maciejewski Very, very helpful. Thank you!!!

When searching for potential rental properties, if I am unsure about how well rentals do in a particular area, I will post photos of the property "for rent" to Craigslist and see how fast and how many inquiries I receive...

(I'll keep the listing up for 48 hrs as this is unethical and, I'm sure, illegal (I don't own the property yet). I won't post the exact address, only the cross/between streets. This is enough information for "prospective tenants to find out the exact location anyway)

I've yet figure out whether or not this is an affective way to gauge the potential of a rental because...

1) I'm still a brand new investor and in the property analysis phase and...

2) This method only captures the demand of a property in a somewhat isolated frame of time (for instance, if the property needs renovations, I may not be able to rent it until 6 mths after closing, and by that time, demand can shift... By how much, I really don't know).

Does anyone else have any "creative" ways to gauge rentability if they don't have access to proper data?

Yep - that's correct: I already paid taxes on the $5K since it was paid thru payroll... I forgot.

Okay - I have a better understanding now.

Thank you!

Dilemma...

I have an S-corp. For the majority of 2017, I paid myself outside of payroll ($5K was paid to me thru payroll and $20K were just 'owner withdrawals' - my acc'tant said they must be recorded as "profit distributions").

So, for 2017, I've been left with the following #s:

- S-Corp profit: $10K

- (personal) W2: $5K

- (personal) profit distribution ("earnings"?): $20K

Exactly what will I be paying income taxes on? (I have 100% ownership)

- $35K? (S-Corp flow-thru + W2 + profit distribution)

- or $15K and I pay a different kind of tax rate on the $20K of profit distributions?

Thanks in advance, guys!

Excellent. Thank you so much, @Cassi Justiz. I've made app'ts w/ lenders this week!