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26 September 2024 | 13 replies
Hello everyone, I've done 3 buy and hold rental properties, and now I want to do flips, I need investors and I have some that have shown interest, in addition to speaking to private lenders that are willing to fund 70% of the LTV (based on the desired property)I'm seeing a lot of deals from wholesalers, but the problem is, some of them close in 2 weeks and some as long as a month, and they don't take conditional offers, and the good ones fly off the shelf really quick.My question is, how does someone like me close one of those deals within this short period, how do you arrange the equity and financing with little to no inspections sometimes even.I'd like to know how do I prepare myself to be able to close one of these good deals right away when they are offered to me and many others?
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26 September 2024 | 10 replies
The stamping architect is taking legal responsibility for the work (just like a local partner for an "out-of-state" design firm), and most architects charge handsomely to review and stamp plans.
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25 September 2024 | 14 replies
Most firms can recommend a qualified intermediary for the 1031.As for potential taxes, without knowing the full picture, I can't really speak to it.
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26 September 2024 | 7 replies
My firm can do it, but the funds need to season in your account for a month.
26 September 2024 | 5 replies
@Tejas ParuthooliI can answer your question by telling you a story at what points in my life I was developing the software and I asked my attorney if he could write terms of use his response was brilliant he said the best terms of use policy is that microsoft.com they have the largest law firm in the world at that point it was simply copy and paste.I can understand paying an attorney to drop your first LLC but after your first one it's copy and paste.With single family properties you could probably just have one LLC with your umbrella insurance.
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26 September 2024 | 11 replies
You need to balance the desires of the preferred equity with those of the common equity.
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26 September 2024 | 7 replies
I think they also need to be located in desirable, urban areas with strong rental demand, which can make finding tenants easier.
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27 September 2024 | 7 replies
If possible and you so desire I would consider pulling out a portion of the equity to do another deal.
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25 September 2024 | 17 replies
It wouldn't hurt if you wanted to do that now as they could provide good information as you move forward and make decisions.Benefits: building a relationship, shopping firms to get the best fit, knowledge regarding big financial decision before they occur, knowing if you're making any major mistakes, determining if your plans will actually help you tax wise SummaryIt might be too early but only something good can come out of a meeting with a knowledgable tax professional earlier rather than later.
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25 September 2024 | 18 replies
I am a CPA operating a firm myself.