All Forum Posts by: Account Closed
Account Closed has started 23 posts and replied 927 times.
Post: How Real Estate Has Changed My Life? How about you?
- Rental Property Investor
- Central, fl
- Posts 950
- Votes 821
Originally posted by @Johnoson Crutchfield:
I used to be a full time teacher and school principal. That meant giving every bit of my days to my job. Before real estate, I got paid on the 1st and 15th of each month. I was even lucky enough to have a wife who works who also got paid on the 1st and 15th of each month. This went on for about 10 years. Then I got my first rental, and I more money on the 1st of the month each month. Then I got another rental.... and I got more money on the first of the month. Then I added more rentals, and sometimes people paid late, but I got money on the first of the month. Now I've got a portfolio of rentals, and rent literally comes in every business day of the month... it's the most life changing thing I've ever experienced. Here's how real estate has changed my life.
1) I receive checks at all different times of the month.
2) I have more income coming in than ever before.
3) I pay less of a tax rate than I ever have
4) My net worth goes up literally everyday.
5) I spend more time with my kids than I ever have...
6) I get to give to things that I'm passionate about
7) I love what I do everyday.
This is not a post to brag, It is a post to motivate..... How has real estate changed your life?
Great story, and no your post isn’t bragging at all. It’s the result of years of work and saving it however else you bought the rentals.
I am still in the building phase of my portfolio. But I can’t wait to see the results of my hard work. Rental properties are typically (in my opinion) the fast way to get rich. But the end result is wealth. My goal at the end for me is to own as many rentals as I can purchase in a 10 year period.
Post: Rent collection challenges in COVID-19 times !
- Rental Property Investor
- Central, fl
- Posts 950
- Votes 821
Originally posted by @Joyce Williams:
Every time I make a deposit I get the receipt back with the balance on it..
Is that a account with your name on it or a third party account?
Post: Rent collection challenges in COVID-19 times !
- Rental Property Investor
- Central, fl
- Posts 950
- Votes 821
@Marita Jojo all the above works. I’m not a fan of cozy though due to them being able to reverse the charges. Zelle is a one way path so I like that option better. Also snail mail works fine too.
I used to collect rent from my tenants and I wasted so much time and just overall annoyance by trying to track it down. I don’t do that anymore. I lay out in the lease options to pay and they are forced to pay it that way.
I do the pay at Walmart option, they can mail it, or they can drop it off in person at the office. (The office is 45 minutes away so obviously they don’t do that). But rent is pod and it works for me.
Post: $1200 for a CPA a reasonable amount for W2 and small LLC?
- Rental Property Investor
- Central, fl
- Posts 950
- Votes 821
Originally posted by @Natalie Kolodij:
Originally posted by @Account Closed:
It is ok however, you can maximize that by doing a Cost Segregation. A CPA is not an authorized by IRS to do a Segregation Study. You might pay a little at first for the study, however, it will shure help you get more money back in a short-term. Hope this information helps.
There is nothing in the IRS guidelines that disallows a CPA to do a cost segregation, many firms provide this service.
Many CPAs provide at minimum a partial segregation separating out acceptable 5,7 or 15 year assets.
A Full cost segregation used to require an engineer- but in more recent years software and more streamlined cost segregation have becoming available that are allowable which has brought the cost down from around $10k to closer to $1,500 for smaller properties.
Also worth noting a cost segregation study only helps people get money back if they are in a tax position to use rental losses.
Do you provide cost segregation study as a part of your service?
Post: $1200 for a CPA a reasonable amount for W2 and small LLC?
- Rental Property Investor
- Central, fl
- Posts 950
- Votes 821
Originally posted by @Justine Scheuher:
I used a CPA for the first time and just got my bill $1200. I am a W2 and have LLC with 2 properties that I've kept good records for. My return was only for $1,200...
If your service is on par with @natalie K is providing then your CPA cost is in the range of normal.
I think there’s a difference better punching numbers into TurboTax and creating a plan to maximize the benefits when needed. That’s the reason for the 10x cost of a box store versus a personalized CPA.
Post: Other ways to pay a realtor
- Rental Property Investor
- Central, fl
- Posts 950
- Votes 821
Originally posted by @Wayne Brooks:
Ask your agent....but look for other alternatives.
Yes this is just one of many options I am currently pursing.
Post: Other ways to pay a realtor
- Rental Property Investor
- Central, fl
- Posts 950
- Votes 821
Originally posted by @Cameron Tope:
Most agents don't want to wait to get paid.
"A bird in the hand is worth two in the bush."
If you have an agent that trusts you (who also works at a discount broker) I'm sure you could work something out, but remember their broker has to be okay with it as well. The selling agent's broker receives the funds at closing and disperses the funds to the buying agents broker and their sales person.
The broker wants to make sure they get paid too.
It can be done but it might be tricky.
Best of luck!
Yes the realtor is also her own broker. So that isn’t a issue. And yes we’ve done deals before and have deals in the works after this.
I’m just trying to be creative without making it insanely complex.
Post: Other ways to pay a realtor
- Rental Property Investor
- Central, fl
- Posts 950
- Votes 821
Originally posted by @Russell Brazil:
So this is a $5 million property? Seems like if you can afford a $5 million property, Im not sure why this question is even being asked.
It’s a 1.5m dollar property and Fannie Mae just changed the liquidity and reserve requirements yesterday. I’m had not anticipated putting the additional over 100,000 into the deal and don’t have the cash for another 5 paychecks which doesn’t help me today. So that’s why I’m trying to be creative.
Post: Other ways to pay a realtor
- Rental Property Investor
- Central, fl
- Posts 950
- Votes 821
Ok so I am about to close on a property, once the lender finishes their loan committee, and my realtor is being paid of course via the seller at closing.
However, is they a way to legally ask for a credit of those funds and pay the realtor via another method? Via rent profits or just a monthly amount until paid back. The deal was and is amazing however the lender needs me to bring another 125,000 to the closing table. I have almost all of it but roughly the amount that my realtor is being paid. Not trying to take from them at all and I’d be willing to add 500-1,000 to make it worthwhile. Just wondering if that is a legal way to accomplish i?
Thanks
Post: MORTGAGE /CHILD SUPPORT
- Rental Property Investor
- Central, fl
- Posts 950
- Votes 821
Originally posted by @Rio Pryor:
THE CLERK OFFICE ONLY GIVE PAID I WAS QUALFIED FOR 260,000 HAD BUILDING UNDER CONTRACT, PAID FOR APPRAISAL, LENDER SAID RECEIPT WILL NOT DO NEED LETTER FROM JUDGE, BANK OF AMERICA , THE DEAL WAS CANCLE. SO I CALLED GURANTEED RATE THEY SAID SAME THING I WILL NEED LETTER SAYING THAT I AM CURRENT , SO THATS Y I POSTED TO BIGGER POCKETS, TO SEE IF ANY ONE KNEW ANY LENDERS WHO CAN HELP ME .
No need to yell.
If you listed what state you lived in or paid child support to people would help.
In Florida you can call the Florida department of revenue and get a letter stating I am current. But again no one is going to go digging up for 50 states.
If you are asking for a lender then you need to post in the marketplace not here. I’m sure that it’s against BP policy to post requesting what you are requesting outside of the marketplace.