All Forum Posts by: Shawn Thom

Do you have experience in a rehab requiring that much work? What the amount of projected profit? Tearing out walls and moving bathroom on a slab is a lot of work and I leave that to the guys on HGTV. Unless u have experience with something that big, working through the permit and architectural processes and it was done major profit I'd reconsider.

There have been many news articles recently on how cheap Puerto Rico property has gotten. Since the country has been on the verge or maybe already has defaulted and unemployment has gotten so high their economy is in the toilet. It is an intriguing proposition.

Here is a copy paste from the response when I emailed my CPA last year as I did the same thing. My question was is it a taxable event to change from personal to llc. Quote No...as long as the ownership is same...meaning It is owned by you 100% today and you own the LLC 100%...it is just a non-tax event. End quote Consult your CPA as it may depend on how your llc is set up.

DFW is a hot market which is hard to jump into unless you know people. Deals currently are not easy to find.  If you work hard, network, be creative and get lucky you can do ok.  I do it on the side and stay busy but I have to drive to where the deal is.... arlington, carrollton, seagoville, dallas......

My price range is $250k. I originally listed it through forsalebyowner.com with just the basic listing type that does zillow etc. that is when I noticed the Chinese buyers. After a few days of getting tired of spotty showings, I upgraded my service to the MLS offering through forsalebyowner.com . At that point, you don't know who is coming because I set it up on CSS.

I think the angle you need to work is the water dripping and not the AC. Water leaking from the ceiling would be more of a health issue than no AC. Discuss that angle with an attorney. One suggestion is to look up legal shield online. You can get prepaid legal for less than $20month. You can cancel when u r done. I do that often.

I'm building a new home to live in that will be ready in July. Since I have the luxury of time, I thought I'd put my own home up for sale by owner while my home is being built. Out of the callers I've gotten almost all of them have been calling for Chinese investors. What I've gathered from the callers so far, they do not want to get into a multiple offer situation so the individual or their realtors have been calling exclusively on FSBO houses in their target areas. I thought that was interesting comment.

My neighborhood is in a great rental area.  Good schools, great houses, tons of new jobs and a shortage of houses.  I hear a lot of people ask how they can find Chinese buyers and this may be something some of y'all can use.  it may not work in all areas and would definitely require some more research before you go spending money on it.

I have only done one in a hold, the other 2 have been on lower end flips.  The one on my rental is holding up good.  that one actually isn't granite but a porcelain tile.

This one is a granite.  It was a low end flip.

here is another one.  this is an even lower end house I'll be selling as owner finance.  I think this one is pretty ugly but the response so far has been good.  I got these tiles for about $1.50 each.  All the counters cost me around $70

My quickbooks will download the same item multiple times.  I know I can exclude them so I dont have multiple entries for the same debit, but what causes it.  I usually get hit with one day every 10 days that seems to go haywire and I'll have entries across multiple bank accounts do it.  Luckily I don't do a lot of volume or I'd go crazy.  I basically have to check each downloaded transaction to make sure it isn't already in my register.  the extra time and headache completely screws up the benefits of having some of your "systems" automated.

Any ideas?

I have not done one so it may not be any big deal, but don't you buy any baggage that comes with this LLC. Does that LLC have any other debt associated with it? how would you know? What liability tied to that LLC for any past wrong doings? You are now that LLC so couldn't that come and hit you?