All Forum Posts by: Choon Yee Dee
Choon Yee Dee has started 7 posts and replied 24 times.
Post: Max Allowable Offer for Fix and Flip
- Posts 24
- Votes 15
Thank you Ko! Are you saying that investor in LA do 80%-90% of ARV? I'm in the Bay Area
Post: Max Allowable Offer for Fix and Flip
- Posts 24
- Votes 15
Thank you Andrew! That makes more sense now! Appreciate the clarification
Post: Max Allowable Offer for Fix and Flip
- Posts 24
- Votes 15
What’s up everyone!? I have a question regarding max allowable offer.
(ARV x 0.70) - rehab cost = max allowable offer
Example: ($900,000 x 0.70) - $100,000 = $530,000.
My question is, why do I have to subtract the rehab cost? It seems like the spread is large enough to still profit without subtracting the rehab cost.
Maybe I’m misunderstanding this. Thank you!!
Post: Creative Financing Attorneys for Contracts
- Posts 24
- Votes 15
I see, thank you. I am doing it in California.
Post: Creative Financing Attorneys for Contracts
- Posts 24
- Votes 15
Hey Jacob,
Yea seller finance contracts, Subto, executory contracts, etc. Thank you for your time.
Post: Creative Financing Attorneys for Contracts
- Posts 24
- Votes 15
Hey Chris,
Thank you for reaching out. My partner and I going to begin acquiring properties via Seller Finance, Subject-To, Wrap, etc. and we are looking for a Real Estate Attorney who has experience in this field to draft/draw-up the appropriate contracts.
Post: Creative Financing Attorneys for Contracts
- Posts 24
- Votes 15
Hello everyone!
My partner and I are beginning to acquire properties via creative financing and we were curious if anyone knows or can refer us to a Real Estate Attorney who specializes in this field do draft/draw-up appropriate contracts?
Thank you in advance!!
Post: Looking for a CPA for tax filing and tax strategies throughout the year
- Posts 24
- Votes 15
Quote from @Nate Meeker:
@Choon Yee Dee In what state are your properties located? Regardless, the location of your CPA is not as imperative as their knowledge in REI. since you are looking to grow your real estate portfolio, I would talk to a few CPAs (that specialize in REI), and, specifically, those that offer packages for tax planning. Talk to a few and select the one that best aligns with your goals. Best of luck to you during this tax season!
Post: Looking for a CPA for tax filing and tax strategies throughout the year
- Posts 24
- Votes 15
Quote from @Basit Siddiqi:
One of the questions that will be asked is
How did you acquire the property?
are you and your partner both listed on the deed - this is tenants in common where each person would report his / her share on his / her return(assumed unmarried partner)
If the property was purchased through an LLC, there may be a separate partnership filing obligation(assuming unmarried partner)
Also be mindful, that normally only one person can take advantage of treating the STR as an active property on their return.
Thank you Basit for reaching out on this forum! We really appreciate your input and will be prepared for those questions.
Post: Looking for a CPA for tax filing and tax strategies throughout the year
- Posts 24
- Votes 15
Quote from @Katie Balatbat:
Not sure where you're located, but I know a handful of CPAs in the San Diego area. Send me a message if you're interested. As others have mentioned, if you search through the forums, you'll find several well-qualified CPAs often post and comment on BP.
I am located in the Bay Area. Thank you for reaching out Katie! Greatly appreciate it.