All Forum Posts by: Account Closed

If you have a business or LLC set up, you would probably need to manage the "revenue" of that business in a separate account. You would need to check with your CPA.

Whether or not you use a property management company, and whether or not you have a business set up, keep records of all your income (rent receipts, deposit statements, etc) and expenses (invoices from maintenance companies, payment of taxes, etc.). You will need this for reporting on your tax forms.

@Tom Keith 

congratulations!

@Cierra Seay Thanks for explaining.

Thanks @Dorothy York 

It's possible. It was just a chance email to an agent and her slightly strange response. Of course, I would be curious to know but I probably won't be in a position to find out one way or the other.

@Cierra Seay @Robert Leonard 

Something occured to me: In case the apartment had already gone into foreclosure, potential buyers might know about it. A foreclosure can be marketed as a foreclosure. Or if its headed to foreclosure it can be marketed as a short sale.

However, its not OK to blurt out that your seller is desperate or has found him/herself in one or other unfortunate situation? Also, even if it were a short sale or foreclosure situation, you should only disclose as much as necessary because its still your duty to get the best price you can for a client (even if it is a bank).

Thanks for the insight. I'm interested to know this.

not sure... if it sounds to good to be true, it usually is. But I'm a born skeptic and I've never painted a wall (or anything else) since kindergarten.

Curious if anyone here has used the stuff.

@Robert Leonard 

Thanks, my gut feeling was that it was wrong. But since I'm not a realtor, I wasn't sure of the exact reason my gut told me it was wrong.

Welcome @Andrew Beauchemin 

This is a great place to learn and interact. People are super helpful and will answer your questions with compassion and in detail without you even having to pay for it!

Good luck as you move forward.

A realtor listed a property online. The building is a feature in my town and I've driven past it my whole life. So being curious (as a buy and hold investor), I emailed her to ask what kind of rents one could charge in that building.

Long story short, she emails me back to say the owner is behind in his mortgage and is desperate to sell and any offer would be considered. I just felt that saying this was putting herself (and her client) in a very weak negotiating position. The apartment if beautifully renovated yet the asking price is market related and reasonable compared to comps (that are less nice and less well renovated).

If she just marketed it as normal, she would probably get her asking price or close to asking price without much trouble. But she's going around emailing people who express interest that her buyer is desperate.

I'm going to pass on the property anyway, for other reasons, but just curious as to what realtors out there would think of her strategy.

I make sure there's enough money in every deal to be able to set aside money every month for maintenance and property management, but that I still make a good enough cash flow.