All Forum Posts by: Clarence Gong

Hope it’s a good one and thanks a lot Bruce!

Hi guys,

I am paying my new CPA in US for about $4500 to register the series LLCs and a $49 monthly fee to be able to reach them for minor questions and updating as I was told. Anything else regarding tax issues was asked for $350 per hour at a 5 hours block rate of 350*5.

New to the business and hoping for serious advice about the issue as I understand how important the CPA means for us as rental property investor!

Thanks in advance and HELP!

Clarence 

Agree with Bruce. The area is bit over priced for c/c return, especially with SFH. Might consider Multiplex if you focus significantly on cash flow.

Where are you buying? Brandon

Hi BP family,

I have recently got turned down with the first step of Location Approval by a lender. 

The properties were old Multiplex build in 1900 and been renovated recently. They were all fully occupied with decent rental income and close to downtown, away from the war zone.

Of course, it’s a warning sign that I shall be careful with these kind of properties if the banks did not like them.

I would appreciate if you guys out there can provide some different perspective or share some experience no matter as an investor or a lender. So I could learn more about choosing properties with lenders favor or say what kind of properties I shall avoid when it comes to lending?

Thanks very much everyone and valuable comments and I am mainly looking at Detroit Shoreway, Tremont, Ohio City, pretty much the revitalization area and very close to downtown. 

Hi BP family,

I am looking at these old houses converted into Multiplex build over 100 years ago in Cleveland area. They have been rehabbed and renovated, and you know what, they looked pretty nice and not cheap either.

I am pretty green in rental property investment and wondering is it ok to invest in these sort of old buildings and would I be able to hold them for long term cash flow purpose? If I was doing an inspection, with the 40 pages of papers, how could I tell if the property had good BONE? Worth it or not?

Btw, anyone got referral for a investor friendly realtor in Cleveland downtown area or say inner area?

Pretty basic preliminary questions and hope to get educated! And thanks in advance for all of you!

Clarence 

Thanks a lot! I will look into it!

I was preparing for visit to IRS office already! Sounds like a bad idea! Any professional help or referral is appreciated! Thanks guys!

Thanks very much for the info. Appreciate it!