Timothy Mitchell
Help ME analyze this New England 2 Unit Deal
Hey BP! So this is a Fannie Mae foreclosure where all offers were due this morning. I submitted a cash offer for the list price of 127k with 5% earnest money to close in 30 days. This Property is being sold as-is. Com...
Amber C.
Accounting question for flips- WIP account
New to accounting for FLIPS.
Right now I have all expenses (utilities, material, labor, interest loan payments, insurance) posting to the WIP account.
Should I be posting construction loan draws to the WIP account...
Kiernan Maloney
FHA followed by the VA
Hi BiggerPockets community!So this is actually my first time posting, but I’ve recently been following the podcasts and reading up on my material. Once I’m more acquainted and can provide useful insight, I really want...
Justin Smith
Notice to Tenants if not entering any of their units?
Good afternoon, I just closed on a multi-family property (4 plex in an older home) . 3 units are rented, 1 is vacant and there is a shared common area for laundry. Do I need to provide a notice to Tenants that I will ...
Account Closed
Philadelphia contractor advice: Bathroom renovation
Hey BP,I am renovating a small bathroom (typical Philly row) and I'm thinking of leaving the tub and wall tile (needs a good cleaning) and replacing the vanity, sink, floor (install tile) and toilet. The more I look a...
Account Closed
I disagree with my accountant on interpretation of the de minimis
I dove into the IRS code today, and I think I have an airtight argument that the de minimis rule applies not only to personal property like refrigerators and computers, but also to materials and supplies used in impro...
Joseph None
Anyone in CA ever win an eviction case non payment for full rent
I have a tenant who is deducting $25 from the full rent of $2000 per month. They have done this two month now. So they owe $50 total. BackstoryI gave them credit for utility bills because the unit they were in, used ...
Nicholas Seaver
Line of Credit vs. Credit Card
I am about conduct a local flip with a new partner. My financial obligation in the deal will be to provide the funding for rehab costs. While I have some cash for this, I was going to get a line of credit as a quick s...
Chris Good
Adding Value and Controlling Costs
In a softer rental market like we seem to be in now, it becomes much more important to focus on the boring fundamentals like controlling expenses. One of the ways we have been doing that in our multifamily properties ...
Joseph Konney
Do I need a common electric meter for Multifamily Chicago Homes?
Hello all- I recently acquired a 2-flat in Chicago (Cook County, Illinois) and there are only two electric meters/panels. Is a 3rd required for common areas and exterior lights? Less the inside wiring, what is an appr...