All Forum Posts by: Scott Williams

The irony of this response: I searched the forums and found this response ... ha

Originally posted by @Basit Siddiqi:

@Jaime Chandler

There are many ways to connect with a local CPA.

1. BP search function - Use the search function to see if someone already in your area requested a CPA. This choice is ideal because you can ask members who they interviewed with, who they decided to go with and if they like working with them. I went ahead and pulled up posts from members who requested a CPA in Cleveland, Ohio.

https://www.biggerpockets.com/forums/67/topics/450...
https://www.biggerpockets.com/forums/51/topics/376...
https://www.biggerpockets.com/forums/731/topics/50...
https://www.biggerpockets.com/forums/51/topics/419...

2. Keyword alerts - Add the keyword alerts "Cleveland" and/or "Ohio". You will notice that there are frequent posters who respond to posts that have these keywords. Network with these individuals and ask who they use for a CPA.

3. Local REIA events - These events will normally contain seasoned investors and would be more than happy to refer you to a CPA. You can find local REIA event through the Biggerpockets events section or meetup.com

4) Remote CPA - If you are still unable to find a CPA that matches your needs. You may want to reach out to a CPA that works with clients remotely. There are many CPA's on this site that do so. Feel free to interview a couple to see if anyone fits your needs.

In the meantime - feel free to ask any tax related question. I would be more than happy to help give my opinion.

Good luck in your search!

@Salvatore Lentini

Looking to house hack. So cash purchase isn’t really in the cards. But this is a good mental exercise. I should listen to Brandon. Don’t say I can’t, ask how can I?

@Salvatore Lentini

I submitted an offer (well above ask) and was outbid by a cash buyer :(

After submitting my first offer on a MFH in a super hot market (Lakewood) and getting out-bid by a cash investor buyer, I want to talk to someone who knows that market really well. Trying to buy a house hack property and I am already realizing how hard buying a reasonably priced MFH will be with a FHA loan (due to market competitiveness, I'm a highly qualified buyer) :/ open to any and all advice, but it would be the gift of a lifetime to have a zoom coffee with someone local! Thanks all

Excellent things to look out for, thanks all!

@Will Fraser thanks for the reply! I’ve used the BiggerPockets calculator to do my best. I overestimated the repairs, marked the purchase price at 20k over ask and ran the numbers with a more conservative rent.

Even after all of those pessimistic numbers, a 220,000 home should cash flow about 750/month. Obviously not while living in it, but once moved out.

I actually feel pretty great about the numbers! - though having a second set of eyes may be useful, I may reach out for a consult lol

The thing I’m looking for more is anything that has burnt anyone during a MFH purchase. Reading a book I heard about wires not being grounded. Looking for things like that.

Thanks!

House hack say what??!

Are there any things I should ask about outside of the norm?

Planning to live in the house and fix up the rougher unit while renting out the nicer one!

The house is super fairly priced, and I know I'm going to need to submit above ask, but it'll be FHA loan so I'm worried a cash buyer will swoop in :/

I’ve done some due diligence, but relatively new to all of this, so any recommendations are greatly appreciated!