All Forum Posts by: Ryan Collins

 Got it. Yea if you don't mind that'd be great. 

@Remington Lyman incredible man... but thanks for that info. So the extent of the damages that can be pursued is only the EMD? Nothing to compensate for the time of tying up the home, making the requested repairs on their behalf, etc?

Just a general question if anyone is familiar...

If a FHA buyer reaches an agreement with a seller and makes the offer contingent on multiple repairs, the seller agrees and makes the repairs based on that agreement, and then on final walkthrough the day before closing the buyer pulls from the deal on reasoning that they are not pleased with the aesthetic of a minor repair, but does not allow the seller A chance to rectify... Does the seller have no recourse?

I’m being told no but it seems like it completely voids the purpose of earnest money. Just curious to see if anyone has direct experience or knowledge.

This is in Ohio btw

 Hi Bob - 44128 ZIP

Hi All, 

I'm looking to see if hopefully someone can connect me with a solid masonry contractor and I'm also in need of an affordable window guy.  My usual masonry guy hasn't been responsive and the property that needs this work is under contract.  So I need to move FAST.

Any help is appreciated!  

TIA!

 Will do - thanks

I'm looking to begin building my team in Orlando, FL. I'm hoping to connect with other investors, contractors, wholesalers, lenders and others in the area through BP. I'm slightly familiar with the area - but I would definitely like to learn more. I've got my brother who is my boots on the ground there and we're looking to buy something in the next few months. Please feel free to reach out or refer anyone you may know of that is outstanding in any one of those categories. 

Thank you everyone!

Found an accountant that specialized in real estate, attended meet ups and took action

@John Underwood It’s not blunt what you’ve said is true. I hear you, I’m just getting started though and am in a cash strapped situation where I have to be conservative. I can’t magically make money that’s not there appear. The tax questions are unfamiliar territory for me for now but it’s what I went to school for I’m sure I can pick it up. In actuality 3/4 of those questions if worded better could’ve been consolidated. 

I’ve weighed the cons & pros and I’m a guppy, not even a blip on the IRS’s radar right now. My audit risk is low. Now going forward for sure as I said I’ll be hiring out a CPA immediately. It’s just contingent on the sale of my first flip. 

@Linda Weygant thank you! 

So the only reason I ask about bullets #1, 2 & 4 is because I’m using the cash accounting method for this business instead of accrual. I guess I should have made that disclaimer as well.

I’m not as well versed in cash accounting. But if under that method cash is considered earned as soon as received and expenses are recognized as cash leaves doesn’t that void the matching principle under this method?