All Forum Posts by: Ronnie Sparrow

Wade thanks for your reply. You are correct here in Texas it is considered income and an expense when we pay it back. I had a meeting with an accountant and that's exactly what she said. I just started using QuickBooks for our rental properties and in QuickBooks you enter it as income/expense.

Where do you put the tenants deposit? Is it OK to keep in the business account or does it have to be placed in a separate account from the business? Example: we have a business account at Chase with a checking and two savings account. Is it OK to keep the deposits in one of the savings account or does it need to go into a different bank or a totally different account at Chase?

I recently closed on deal on a house which I used used private money. The purchase price was $65,000 and rehab costs were $6,000. Total loan amount was $71,000. The title company used part of the $6,000 for closing costs and other fees so I ended up with $3,700 back to me at closing. One month later when I go to refi to a Fannie Mae loan I am told by the underwriters that the the title company broke Fannie Mae guidelines by giving me cash back at closing. Now I cannot refi into a Fannie Mae loan. I have done four times in the past and now I cannot because the title company screwed up. All they need to do is change the verbage to say "rehab allowance " on line 303 of the HUD and they won't do it.

Any suggestions?

Huy,

If you don't mind my asking, What was your final profit? I mean the number after all expenses and closing costs. The dollar amount you put into your pocket at closing. I understand if you do not want to share that number here on the forum.

Hello I am a landlord in the Spring area. Can you do comparables via a realtor? Do you have access to the MLS for comparables?

Simple answer, stay focused on your goals of acquiring rental properties and increase you cash flow one house at a time. There is nothing wrong with that formula. If you need cash quickly then just sell one.

John, while there is tons of free advice here on BP only a small percentage of people will take action. On the other hand there very experienced investors on the site that actually enjoy helping others succeed. There is a certain amount of joy that comes from helping others. If I was you I would try to take advantage of the free networking that is available to you and use it in your own business. Once you have been successful then pass it on to others, you will see that you are successful because other peoples have helped you along the way. Just be thankful for what you have here on BP!

Hey Erica, Thanks for hooking me up with Chris today. After talking with today I will be refinancing my private money loan with you guys. He was really a big help for me today and because of that i have to decided to go with your company. Thanks,

Hello I am here, I am getting ready to refinance out of a Private Money loan to a Fannie Mae. What are the interest rates today for a refi, on an investment home?

Cell 281-468-2601

Thank you that is great information. I want to work with honest people as much as possible. I have had a great relationship with the first lender after all I do have seven loans with them. I am going to meet with the second lender tomorrow, what should I ask him so that I can compare apples to apples?