All Forum Posts by: Shawn Torsitano

Thanks @Matt Turbitt, that information is really useful for me.

Okay, well thanks for all the information guys. I'll probably reach out and see if I can find someone who's interested in an equity partnership, and if I can, might as well make offers on the property.

Thanks @Traci Lovelace. Is the usual best option to submit a low offer that fits the investment, and just let them sit on it, or to wait and see if they lower the price later? Do they tend to hold on to old offers for when they lower the price?

@Will Chamberlin thanks, I appreicate the input.

Thanks @Harry Metzinger, I appreciate the response. The HUD thing is completely new to me, and I wasn't sure if that was some sort of bank requirement that was absolutely impossible to get around.

A HUD home came on the market the other day. Pretty outdated, but not destroyed. Certainly needs new paint, inside and out. New flooring everywhere. Kitchen cabinets seems like they are in good condition, but flat, and currently stained that typical brown color. Probably could use painting. Needs new appliances throughout, some updating to the one bathroom. It's got older windows, but I'm not sure if it's worth replacing them with vinyl ones.

Ballpark, I'm thinking around $15,000 for renovation. Asking is $85,000, I'm initially putting the ARV at around $130,000. Using the 70% rule, we're down to $91,000, and then minus repairs, ballpark offer is $76,000.

The agent remarks in the MLS specifically says, "Offers to be full price or more.", which I think is a little ridiculous of a demand. Is it worth exploring this house a little more to see if it's a viable candidate?

Workforce 3640 with an InkXPro Ink reservoir. I can print thousands of pages before a refill. Color reproduction isn't perfect, but good enough for 99% of the things I print(marketing materials and business cards are ordered, as the colors seemed slightly washed). An alternative solution would be ordering the empty CISS(continuous ink supply system) and filling it with official Epson ink, that they now sell in bulk for their (overpriced) printers that have built in ink tanks.

https://www.amazon.com/gp/product/B00X474FS/ref=oh_aui_detailpage_o03_s00?ie=UTF8&psc=1

Thanks, I appreciate the input, I was hoping it could be considered an expense, but am now getting that's not how it works. 

Just so you know though, salaries are going to be paid before distributions, and the investments are going to be in a separate legal entity no matter how I invest.

Thanks for the info Linda. Does that also apply to an LLC electing S-corp status, and to LLC's in general? The S-corp election is to limit my payroll taxes, if there was another company in between, I would think I could eliminate the S-corp status of the paint business, since, as far as I understand it, the LLC still passes through income in a similar fashion.

Okay. Thanks for the clear answer, I appreciate your time.