John Underwood
Loss of business mileage deduction for those with W-2 income
3 February 2024 | 7 replies
Of course, an accountant/CPA can explain this far better than I could
Thomas Kambadzi
Please clarify my Real Estate Math
2 February 2024 | 11 replies
Some properties would meet the math if they were bought, renovated and re-rented at up-to-date market rents however after reading online I am realizing that landlords can be in trouble for "renovicting" tenants of the previous owner with the sole intention to increase rent afterwards.
Rebecca Orlich
Is Anyone Doing Desktop Appraisals in Cleveland?
2 February 2024 | 5 replies
I have only found one online that advertises this option and their phone number is disconnected.
Ryan Wallace
Any Interest in Weekly Coffee and Investing in the Eagle ID Area??
3 February 2024 | 1 reply
Nothing fancy, just casual conversations, some goal accountability, and lessons learned.
Account Closed
Using Business Credit for Proof of Funds for Hard Money Loan
2 February 2024 | 5 replies
One of the hard money lenders I've spoken to said they require proof of funds and "the funds do not require any seasoning, it can be any account in your name, even multiple accounts, that add up to the necessary available balance."
Jacob Parrett
Getting money together to get to rentals
3 February 2024 | 17 replies
I've also moved what savings I've managed to cobble together into a high yield interest savings account.
Beka Shea
Is your PPC marketing working??
3 February 2024 | 14 replies
I just don't think that paid Google advertising really does much to build trust.Thanks for weighing in Account Closed!
Rahul Gupta
Lending one extremely poor experience- Any other recommendations?
2 February 2024 | 5 replies
I was totally okay with the ID and the bank account balance but the other things were too much of an ask at that stage I feel.
Account Closed
Subject To – Why You Need Money To Buy Using "Subject To" (SubTo) - Safely, Legally
3 February 2024 | 20 replies
Bought for $157,100.38 *** *** ARV $245,000.00 5 bed 3 bath – Phoenix AZThese are the numbers from the HUD statement Bought for $157,100.38 *** * ARV $245,000.00 Existing Loan Amt Payoff $118,145.37 * Subject To $118,145.37 **** Closing Costs From HUD Title $1,045.00 Escrow $1,400.00 County Taxes $538.38 Recording Fee $120.00 Cash to seller $10,000.00 Misc other charges $525.00 Total Amount Due $ $13,628.38 *** Arrears To Bring Account Due Total Number of Missed Payments: 11 Total Payment Amount $10,095.47 Unpaid Late Charges $146.84 Additional Amounts: Foreclosure Fee/Cost $354.19 Unpaid Advance Bal $1,101.75 Total Amount Due $ $11,698.25 *** FHA Loan Mod 2nd $11,582.44 *** My Out of Pocket $36,909.07 *** Total Cost Basis of Purchase $155,054.44 ARV (After Repair Value) $245,000.00 Repairs Post Purchase $ 5,000.00 +/- Unrealized Profit $84,945.56 *** Equity (ARV minus Subject To payoff) $126,854.63 *** I strongly recommend having 3 months reserves as follows: Monthly Mortgage $917.77 (Taxes included) Electric Monthly $362.21 Water & Sewer Monthly $102.80 HOA – None $0 Reserves3 months mortgage payments @ $917.77 per month = $2,753.313 months Electric payments @ $362.21 per month = $1,086.633 months Water payments @ $102.80 per month = $ 308.40 Minmum Reserves Total $4,148.34Then I turned around and sold it on a Lease Option for $265,000 getting $20,000 down on a nonrefundable Option fee, and rent of $1,900 a month. *** My Out of Pocket $36,909.07 Option Fee To Me $20,000.00 My Adjusted Out of Pocket $16,909.07 ****** My Cash Flow * $ 982.00 monthly **So, I sold it for $20,000 more than street value, I get tax write offs, I got $20,000 back immediately as an Option fee, I cash flow at $982.00 a month and if they exercise their Option, I’ll get $146,854.63 (minus the $20,000 Option fee) equals $126,854.63 cash along with any pay down during their Option period.
John Burgundy
Automate Screening Tenants Software
3 February 2024 | 1 reply
Once leads are pre-qualified, they can then make an appointment based on my schedule through some online calendar.