All Forum Posts by: Sajan Jiva

Sit on the coins I have. Bitcoin is a long term play, not a short one. If you want to get in and get out and make some quick money I personally believe you have the wrong mindset for this type of investment. 

How many Amazon warehouses do we have around Louisville?

Congrats @Autumn Shutt !

Biggerpockets provides state-specific lease agreements, I don't know how much it is but I know if you are a Pro-member you get it for free. 

https://www.biggerpockets.com/landlord-forms

Hey everyone,

I have a friend who is looking to sell a SFH right by UofL. It's currently rented out at $1,200/month and he's looking for $120,000. The only reason he's looking to sell is because he's trying to transition into the multifamily market. If you're interested feel free to message me and I'll get you all in touch or shoot him at text/call at 502-889-6508.

Thanks!

@Jay Leisten   - Thanks for your insight.

@Erik Hitzelberger - I agree there are a lot of variables that still need to be answered, I had this idea prematurely but figured I'd make an initial post and add data as I get it, or I might not do it at all. Thanks for your insight. One question on the long-term condition how you do evaluate a property after determining if they are wood or brick, this is something I don't have a lot of knowledge on. I'm assuming brick is preferred but is there more to it?

@Louise A. - Thanks for the comment. I'm not buying for appreciation my main focus is cash-flow. This was just an initial inquiry on the property, wish I had more information at the time for everyone to work with. I don't think there are any opportunities to reposition the buildings.

Looking at an off-market deal, thought it would be interesting to see how other people with different experiences analyze it, newbie to veteran. Would love to hear from all of you.

Details:

Located: Louisville Kentucky

Neighborhood: Three blocks off of one of the trendiest neighborhood in the city, 15% of the houses in the neighborhood are having A grade flips done to them.

Buildings: 2 Triplexs

A1: 2BR/1BA - $775              B1: 2BR/1BA - $800 (Vacant)

A2: 1BR/1BA - $700              B2: 1BR/1BA - $560

A3: 2BR/1BA - $550              B3: 2BR/1BA - $700

Owner is asking $225k each for a total price of $450k.

"Owner has done a great job renovating the interiors, refinished floors, new siding" - I haven't seen it yet plan on touring this coming week.

So what are you're thoughts, do you think I'm trying to  use you, do you think I shouldn't touch this deal with a 10-foot pole or calling your agent right now trying to find out where this deal is. 

Whatever it is let us know. Hope this post brings on some interesting discussion, I got a wedding to go to but I'll check back tomorrow to respond to comments and give my analysis on the deal.

EDIT: As I get more information I will add it.

You could have used a 203k loan on property 2, it's a loan for both the home and the home improvement. Since you've closed on it already thats not an option anymore, you can go get some hard money. A credit card with 0% APR for the first 12 months is an option. You could wait a bit and refinance your first property then use the money you pulled out to pay for the rehab, this would be the longest wait in my opinion.

When you go get to get property 1 refinanced the bank will contract an appraiser. They will look at the type/style/# of bedrooms/# of bathrooms/ sq.footage/ condition  and try to find comps in the area to settle on how much your property is worth. If the area is  increasing in value the longer you wait the more your property will be worth. There is  an opportunity cost in waiting though so you just need to figure out if you want to wait for more money or refinance immediately and buy the 3rd property/finance the construction of the 2nd property.

@Rob Bergeron @Jay Ingram Thanks for your recommendations I'll add them to my list of potential CPAs.

@Basit Siddiqi Thanks for the wealth of knowledge! I'm going to start implementing them immediately. Haven't networked on this site as much as I need to.

Questions:

On the remote CPA topic, does the CPA need to have some sort of license in the state I am in for me to be able to use them? 

I'm currently listening to the newest episode of the BP Podcast, 269, and they talked about being able to depreciate 100% of any furniture or fixtures for an Airbnb if the purchase was after September. Can I do this if the Airbnb I list is also my primary residence, we were thinking of buying pull out couches to add to the number of beds in the house? My fiance and I live in it most of the time but try to rent it out on weekends we are out of town.

Title pretty much sums it up. I recently purchased a 12 unit MFR in Louisville Kentucky and want to start working with an accountant familiar with the tax code in relation to real estate investing sooner than later. Who do you recommend?

@Micah Mcarthur

The loan payment is calculated as if after 30 years of payments the loan will be paid in full,  hence 30 year amortization . However, the bank wants the loan due in 20 years. You as the borrower get a lower monthly payment based upon the 30 yr amortization but have to payoff the loan balance at year 20, or refinance at that point.