All Forum Posts by: Amy Ranae

Aaron Abraham you're awesome:)

Hey Alex! I'm in Minneapolis too! Lots of opportunities to invest here. Let me know If I can help or if you want to chat!

I feel like I need more info on taxes. I've been working w a cpa for a few years who I really like but I feel like I'm missing out on some of the tax advantages that should be available to me that I've read about in books recommended on here. Any insights on tax attorney vs cpa? What do they offer differently? Advantages of one over the other? I'm an agent making a high income on commission with one rental property that I made about 15k in improvements on this year. Thanks!!

Thanks @Jonathan Safa

Thanks @Account Closed

Probably whatever you can find and afford!

Hey BP friends! I'm just writing to share my excitement. I closed on my first project house 10/19. I've been diy rehabbing it for the last six weeks and I'm excited to say I just sent off a lease to my first tenant! Here are my numbers. Purchase price: 113k 15% down conv: about 21k Seller paid my closing costs in lieu of paying me a commission Rehab: 15k Mortgage: 647 HOA: 300 Rent: 1575 (1550 + 25 for a pet) ARV: I'd say 160 but there are only 6 of this particular unit in this whole development and none have sold so no good comps, 145k on the low end. Since everything is brand new (literally everything!) I'm not expecting much by way of repairs for the first year. Tenant moves in 12/15. Please let me know if I did my cash on cash correct: 625 cash flow/mo x 12 = 7500 / 36k (my cash in) = almost a 21% return yes? I think I did pretty well for my first one! Hoping to refi in April. And the repeat of course:) BRRRR! Here's the plan. I want to buy more doors now and pay others to do the work. Since I'm a girl, ;), I wanted to diy the first one so I know how much things cost and how long they take but I'll def be hiring contractors going forward. I'm looking for apartments now. 4-20 units in the western and northwestern first and second ring suburbs of Minneapolis. I would like to seller finance if possible but I don't know enough about that yet. I'm doing a bit of driving for dollars, as well as mls and I'm on a list from a commercial broker. Any tips for my next one? I'd like to get it done in 2017! I think a building like I'm looking for will run anywhere from 200k-1M. I would also like to flip condos. We have a ton of outdated condos around here and they are small and would be a nice bit of quick cash:) Thank you!

Also, I'm loving cozy.co for tenant screening and payment collection!

Nice work! Congrats on your first deal. Longfellow is a great part of town so you should of lots of interest from tenants. I love that area.

Lashale at Ultimate Painting Solutions