All Forum Posts by: Santosh Prabakar

I'm based in CA but have three out of state rentals in TX. I've been doing my personal taxes using turbo tax for the past 12 years. Since I have rentals now, thinking of getting a good CPA. What's the typical fee CPA charges every year to help with taxes and real estate strategy? 

I bought a fixer in Oct 2022 in leander TX and due to market conditions lm unable to sell it. I plan to make it a rental and would like to do a cash out refinance for $125k. What are the rates for interest only refi? Will there be any prepayment penalty? Any big disadvantage of doing interest only? 

I bought my first fixer in Leander TX around Oct 2022. Fixed it nice and put it for sale in December. Received a good offer, accepted it and then the buyer backed out on the day of signing.

It's back in the market and I'm not receiving any offers. Need suggestion as what I should do with the property. Bought it for $283k plus $50K renovation.

Here are the options I can think of:

1) Put it for $2000 rent and refi to take cash out. 

2) Reduce the price drastically and sell it. If I reduce the price, I will get offers and will breakeven.

What are some of the other things that I can do in this situation.

I was in a similar situation last month. Buyer backed out on the day of closing. I got the earnest but I wanted to sue for performance. Consulted few attorneys and everyone advised that it's just waste of time and money to sue.

What are the Pros and Cons of moving the rentals to LLC. Can the lender object moving the property to LLC?

Hello,

Does anyone have an attorney they can refer me to in Austin area. I'm having a dispute with my buyer backing out after the closing date and I need to lawyer up.

Hello,

I have an investment property in cedar park, TX which I bought couple of years back with cash. I would like to pull $100K from the property to address some urgent items. I was told TX doesn't allow HELOC on investment properties. What other options do I have to pull cash out. Pls advise.

Thanks!