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Results (10,000+)
Luis Maza Real wholesalers - or hype pricing - my numbers are not adding up - dilemma
15 November 2024 | 15 replies
Quote from @Luis Maza: Hi all, returning to the game this year and would like to pick your brain a bit, we started working with a wholesaler that will send us properties here and there with the "wholesale" price, but every time we check the properties and add the numbers, the margins are, well, I am not sure, too low perhaps, maybe we are getting to picky, but this is my dilemma for example...Today we got a property, wholesale price 300K, rehab about 50-60K, ARV is about 440k, but with the cost of hard money, we have about 100k cash, hard money interest at 11%, keeping the property for 90 days while we finish the rehab, closing costs,  commissions, we ended with 30k profit before taxes, while it sounds appealing, adding up all expenses and cost we ended up expending 50K on rehab(labor/materials) and about 50-60K with cost of the loan, interest, commissions, etc, everyone makes money, happy with that, but it seems that we are working to produce a 100k for everyone else, while we make 20-30k if everything goes well...In my opinion, we are not really getting "wholesale" price, it seems that we either buying to expensive, rehabs are much more than we would like to spend and the cost of borrowing that money is too high...We came up with thoughts as: lets fund it ourselves with money from a close friend/partner that we will bring in, and that would save us 10-15k here and there, but still, is that the norm now?
Account Closed Tenants are escalating mold situation
19 November 2024 | 15 replies
If tenant knows you do not have insurance, which they could learn by searching for you on the internet and finding this thread, they have the upper hand.  
Scarlett Tao Co-signer income requirements
18 November 2024 | 14 replies
If the only difference between a co-signer and an applicant is a second job or some other insignificant factor, they are NOT co-signer material.
Melanie Baldridge "Does the IRS require site visits for cost segregation studies?"
13 November 2024 | 10 replies
While the IRS does not mandate a physical site visit, the IRS cost segregation audit technique guide (ATG) does suggest conducting “field inspections.”It’s important to note that the ATG is not an official IRS document.It serves as a guide and cannot be used, cited, or relied upon as an authoritative source.However, the recommendations in the ATG are worth considering.According to the guide: “A field inspection is recommended to document the physical details of the building, type of construction, materials used for construction, the assets contained in the building, the size and types of building systems, and any land improvements that were included in the purchase of the property and the condition of that property at the time of purchase.”So while the IRS does not require a site visit for cost segregation studies, following the guidance from the cost segregation audit technique guide can be beneficial.
Jaime Ramirez Rental Property taking too long to rent
14 November 2024 | 8 replies
Your fridge and stove, while new, still has shipping material on them.
Melanie Baldridge RE Pro status to make the best case with your CPA and the IRS
12 November 2024 | 1 reply
You must also materially participate in your RE activities.If you materially participate in each RE activity, losses are fully deductible.
Jay Hinrichs How U.S. can lower housing prices? And Could Trump look at Broker model as Broken?
20 November 2024 | 45 replies
Shortages of construction labor and material will also have a major impact upon pricing. 
Akshay Bhaskaran Any successful BRRR in OHio?
15 November 2024 | 32 replies
BTW look how incorrect you were, see this is what happens when people sit on the internet and THINK they are " learning" 44109 (median home price went from roughly 50k to 125k in 8 years)https://www.zillow.com/home-values/77009/cleveland-oh-44109/44102 (median home price went from roughly 30k to 120k in 8 years)https://www.zillow.com/home-values/77002/cleveland-oh-44102/44106 (median home price went from roughly 100k to 200k in 8 years)https://www.zillow.com/home-values/77006/cleveland-oh-44106/All the best
John Herold Best Practices for LVP Floor Installation
13 November 2024 | 3 replies
What materials are used besides the LVP itself?
Davin Manfredi Cost pushed to tenant?
14 November 2024 | 11 replies
Quote from @Davin Manfredi: This is a construction material on the remodel or work done on the home, so I would say it would fall on you.