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All Forum Posts by: William Price

William Price has started 12 posts and replied 44 times.

Post: Possible condo deal. Need opinions.

William PricePosted
  • Investor
  • Arlington, VA
  • Posts 45
  • Votes 27

In addition to all of the above, I would ask for the minutes from the last year.  Sometimes there is discussion about upcoming projects (new roof, paving parking lot, etc), that could indicate a large special assessment is about to happen.

Post: House cleaning included in monthly rent

William PricePosted
  • Investor
  • Arlington, VA
  • Posts 45
  • Votes 27

I'm considering offering a house cleaning service as part of the monthly rent for a group townhouse I'm trying to rent.  In the past I have typically had groups of 4 young professional people and some groups are very neat and others are not.

I figured I could bump up the rent by enough to cover the cost of the cleaners and it would also set me apart from the other rentals.  Selfishly it would also keep the place clean!

Has anyone ever tried this?  I'm curious to hear how it worked for other folks or if you think it's a good idea.  Thanks!

Post: Meeting Repairmen While Working Full Time

William PricePosted
  • Investor
  • Arlington, VA
  • Posts 45
  • Votes 27

@Al Williamson  I also use a key box ($30 at home depot).  I have developed a relationship with a handyman, electrician, and HVAC guy so I trust these guys.  It took several years, but it has worked out well.

I leave the key box on even when tenants are living there and it has saved me from having to leave my regular job to let them in during a 4 hour window!

Post: CPA or Real Estate Agent, Career life choice

William PricePosted
  • Investor
  • Arlington, VA
  • Posts 45
  • Votes 27

Hey Ryan,  I'm a CPA in Big 4 and an investor.  As others have said, I think you should do both.

You've already taken all of the classes and are eligible to sit for the exam so my advice would be to suck it up for the next few months and do nothing but study so you pass the exam.  You can do it!!

I would then try to work for a Big 4 firm in tax for 2 years.  If you can't do tax with Big 4, I would go with a smaller regional firm where you'll get exposure to everything.  If you ultimately want to do real estate investing, focus on what you can learn from an accounting firm for the next few years to help you in your investing career.  That's why I say don't do anything but tax at Big 4.  You'll be doing grunt work in assurance so that won't help you. 

In tax, you'll being doing a lot of grunt work as well, but you'll get to see how deals are structured, you'll see some 1120S and 1065 returns and hopefully some real estate businesses.  You'll also probably get some exposure to high net worth individuals with a lot of Schedule Es so you can learn about depreciation, Sec. 179, what deductions they should be taking, etc.  With Big 4, make sure you request to get put into a tax group that does small company returns or individual returns.  

If you go with a regional firm, you'll likely see everything so concentrate on how individuals have structured their S Corps or Partnerships, look at their historical tax returns when you are preparing their current year return.  Look at the losses or gains they are incurring.  Do they have huge losses, but the losses are all from depreciation?  Look at any 1031 exchanges that your clients have done in the past - look at how basis is tracked.  You can learn so much from the history of your clients.  

As others also mentioned, you have instant credibility with your CPA license.  You may gain a mentor on the real estate side by sharing some of your accounting experience.  

Good luck!

Post: Owner financed duplex questions/advice

William PricePosted
  • Investor
  • Arlington, VA
  • Posts 45
  • Votes 27

What happens when you buy a property with seller financing and then the owner dies?  

Do you structure the deal in such a way that upon the owner's death the payments could continue to be made to the heirs or the estate for a defined period of time?  I would think this could be a selling point to the owner so that his heirs could receive an income stream for a long time without having to worry about the hassle of maintaining a property.  

My only concern would be that the loan would be called upon the death which could be a problem if you were not in a position to refinance quickly.  Would love to hear what others have to say.

Post: Eviction Protection

William PricePosted
  • Investor
  • Arlington, VA
  • Posts 45
  • Votes 27

@Kim Knox

 -thank you!  I think I will definitely use the eviction protection services and monthly fee.

Post: Eviction Protection

William PricePosted
  • Investor
  • Arlington, VA
  • Posts 45
  • Votes 27

I'm interviewing a new property manager and they have a monthly charge for "eviction protection".  If you pay the monthly charge ($15), they will cover all of the costs of evicting a tenant.  

Does anyone have any experience with this?  I'm inclined to do it because I'm afraid of the costs I may incur should I need to evict someone.  This monthly charge covers all legal costs.  

What do you guys think?  Would you sign up for the plan or pass on the eviction protection.  Thanks for any feedback.

Bump - Is there anyone from Charleston, WV who may have a suggestion?

I'm looking for a property manager recommendation for a quadplex property in Charleston, WV.  

I'm in Northern Virginia so any recommendations from other investors or other people in the Charleston, WV area would be much appreciated! Thanks!

Post: Potential Tenent is "unknown" With credit bureau

William PricePosted
  • Investor
  • Arlington, VA
  • Posts 45
  • Votes 27

I have encountered this situation on 2 occasions.  The first was a recent college grad who was 1 of the roommates moving into my property.  Since I had a clause in the lease for "joint and several" liability, I wasn't as concerned because the other roommates would be on the hook if she didn't pay.  This situation has worked out fine.

The other situation was for a Sec. 8 tenant who was in her 60s and she said she had never had a credit card or a bank account.  I believed her; however, I ended up not renting to her because she couldn't come up with the security deposit.