All Forum Posts by: Simon W.

with a 300K budget, i think you are better off with at least 2-unit property. I wouldn't go for single-family house because even if 1 unit is vacant, you are still getting some money in. 

A SFH will be bad if it's vacant which means no money coming in and you have to burn money just keep keep the property.

One of the best way to invest in real estate is to find a group of investors that pool money together to buy. You might be getting a piece of a pie but you are sharing the risk with other investors. If there are 10 investors, you best believe some of them, if not, all of them will be on top of it to make sure that all the money put together is working for everyone.

Once you do that, you will be open up to more opportunities that you might end up buying the properties yourself.

Approach your family member directly and honestly. 

Clearly state your need for a loan and the details of the real estate deal. Discuss the terms, including interest rate, repayment schedule, and collateral. Be transparent about the risks and potential benefits for both parties. Consider legal and financial implications, such as a loan agreement and tax consequences.

Respect their decision and explore other options if necessary.

 Welcome to BP!

I am in the Lehigh Valley area. It really depends on what goals you are trying to accomplish and the type of housing you are looking.

My partner and I have our own construction companies that we work together and we've been helping clients to renovate to either flip or rentals. Sometimes the client will say they want to flip the property but half way through the project, the client will want to make it a rental. 

For your budget, is that $300K cash or you will be getting a loan? There are a lot of variables.

There are definitely a need for accounting and CAM management. Yardi Voyager offers it and since it is commercial properties, Yardi kind of taken this market. Not many accounting and PM software do this but any accountant who understands PM and CAM will know what to do.

I've done my fair share of CAM recs. 

22% CoC Return

Cash Invested $230K  

You made $50,600 in return

But the sale price is $275K

The math isn't adding up.

If you take $275K less that take home profit of $50600. It comes out $224,400 which is less than your cash invested. This doesn't include closing costs, commissions, taxes, and others.

Maybe I am not doing it correctly, but can you clarify. 

When scouting a property as a real estate investor, these three factors are paramount:

Location, location, location: It's a cliché for a reason. Proximity to amenities, transportation hubs, schools, and job markets can significantly impact property value and future returns.

Condition: A property's current state is a big deal. Look for signs of wear and tear, structural issues, or potential maintenance headaches. While a pristine property is less risky upfront, properties in need of TLC often offer greater upside potential.

Potential: Don't just see the house; envision its future. Consider zoning regulations, nearby development projects, and market trends to gauge its potential for value appreciation or rental income. Could you expand it, renovate it, or capitalize on a growing neighborhood?

 why are you transitioning to sage? are you doing construction? you are better off sticking with QB.

if you plan to go big, go with a PM software that has accounting module. There are literally hundreds of threads asking the same question you are asking. Just do a search.

As much as I love saving money, stick with one of those real PM software if instead of these "banks" offering add-on accounting for free. It's free for a reason. Time and time again, these free ones becomes "we have too many users now and our server can't handle it so we are charging for these features that you used to use" example is Stessa. Lendio shut down it's accounting product "Sunrise". 

sent you a request to connect. I might be able to help.

first thing first, how would you know about the esa?

if they told you, i wouldn't deny it if it's an overnight or two or just plain visiting.

Denying it would make you look like just an ____hole. Then that tenant will end up being a very bad tenant for you.

What are you exactly are you worried about? I highly doubt a day or two will cause that much of a damage.