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All Forum Posts by: Jeyo Punnakottil

Jeyo Punnakottil has started 37 posts and replied 140 times.

Post: Investor friendly Tax person/CPA recomendations in Houston

Jeyo Punnakottil
Posted
  • Rental Property Investor
  • Houston, TX
  • Posts 141
  • Votes 48
Originally posted by @Basit Siddiqi:

@Jeyo Punnakottil

If you forget to file the Texas Franchise Tax Return, Texas will assume that your business had income and base taxes/penalties on that figure.

Figuring out the tax year in question, filing a past due return, requesting abatement will likely remove the taxes due.

Reach out to @Michael Plaks to help you with your issue.

Thank you

Post: Investor friendly Tax person/CPA recomendations in Houston

Jeyo Punnakottil
Posted
  • Rental Property Investor
  • Houston, TX
  • Posts 141
  • Votes 48

@Kristyn Grimes Thank you Kristyn

Post: Investor friendly Tax person/CPA recomendations in Houston

Jeyo Punnakottil
Posted
  • Rental Property Investor
  • Houston, TX
  • Posts 141
  • Votes 48

@Aaron Zimmerman Thank you ,will reach out to Michael

Post: Busines with wholesaler-demands ernest money 5k in his LLC name

Jeyo Punnakottil
Posted
  • Rental Property Investor
  • Houston, TX
  • Posts 141
  • Votes 48

Thankyou all for your comments and help.I just walked away from the wholesaler because she was adamant about giving the 5k deposit to lock in the deal to her LLC.I was not comfortable with that .I offered her the full asking price but wanted the 5k nonrefundable deposit to be held in title untile i get a clear title to close ,which she refused.She said she will not show the house to me until i lock in the deal with the 5k deposit issued to her LLC name(AGAIN NOT IN TITLE COMPANY'S NAME BUT HER LLC NAME). All i wanted to know was figure out where to add the 1bath as this ppty is a 3/1 .She wasnot willing to show.My gut feeling told me to walk away.

Appreciate all your comment .Thankyou all.

Post: Busines with wholesaler-demands ernest money 5k in his LLC name

Jeyo Punnakottil
Posted
  • Rental Property Investor
  • Houston, TX
  • Posts 141
  • Votes 48

@Josh Caldwell

I donot understand how the deal is bad.Here are the numbers

Arv 275-280k

Rehab 40

Front closing cost 7k

Holding cost 1600/month for 4 months

Back closing including 6% commision 21k

Purchase @165k

Where is the flaw ??

Post: Busines with wholesaler-demands ernest money 5k in his LLC name

Jeyo Punnakottil
Posted
  • Rental Property Investor
  • Houston, TX
  • Posts 141
  • Votes 48



@Jerry Puckett

But still shouldn'tthe non refundable money be handled through a title .I understand it is non refundable .Here is the catch in my situation ,hopefully you read the red flags i saw on the wholesalers side .I am ok with the 5k non refundable money .What if i gave it to her and she cannot give me a clear title .First time doing business with her what if she vanishes after getting the 5k.Even if the 5k non refundable money is held in the title and if i donot perform the wholesaler obviously gets the nonrefundable money for nonperformance from my side .Correct me if i am wrong

Post: Busines with wholesaler-demands ernest money 5k in his LLC name

Jeyo Punnakottil
Posted
  • Rental Property Investor
  • Houston, TX
  • Posts 141
  • Votes 48
Originally posted by @Jerry Puckett:

When I wholesale to someone I've never worked with before and have no idea whether or not they will flake out, I ask for a portion of the assignment fee as a non refundable deposit.

Not to be confused with the earnest money deposit  which I have already paid to the title company when the contract I have with the seller was executed.

It's a common practice meant to keep tire kickers at bay.

Most serious investors are fine with this arrangement, most who aren't usually turn out to wannabes....which is fine, everyone has to start somewhere, right?

Intresting. But still shouldn'tthe non refundable money be handled through a title .I understand it is non refundable .Here is the catch in my situation ,hopefully you read the red flags i saw on the wholesalers side .I am ok with the 5k non refundable money .What if i gave it to her and she cannot give me a clear title .First time doing business with her what if she vanishes after getting the 5k.Even if the 5k non refundable money is held in the title and if i donot perform the wholesaler obviously gets the nonrefundable money for nonperformance from my side .Correct me if i am wrong  

Post: Buying in with the current market

Jeyo Punnakottil
Posted
  • Rental Property Investor
  • Houston, TX
  • Posts 141
  • Votes 48

@Michelle Garcia

I am going through the same situation in Houston market.Once a ppty comes on MLS it is not a deal anymore ,doesnt matter the amount of repairs it needs it will have a ton of offers on it and it will sell for above asking price ( so ridiculous that the purchase doesnot make any sense with rehab) .Wholesalers are promoting bidding wars .They get a deal under contract and there is no First come First serve anymore .They schedule an open showing on a fixed date and you get at least 20-30 investors showing up and it becomes a bidding war.I am currently getting to a point of marketing for my deals myself or wait it out till it becomes the buyers market.Personally i will donot know what to pick.Marketing for deals is expensive (i have tried i when i started out) but waiting for the market to flip into a buyers market is even expensive because of the rate at which money is loosing purchasing power .Confused alltogether.

Post: Under Contract and Basement Flooded. Now what?

Jeyo Punnakottil
Posted
  • Rental Property Investor
  • Houston, TX
  • Posts 141
  • Votes 48

@Amanda Schneider

i am positive after reading the clause ,the seller got all privilege to terminate the contract and you as buyer donot have any loophole to force them not to terminate.I am not an attorney and this is not legal advice .But this is what i feel after reading the above mentioned paragraph

Post: Investor friendly Tax person/CPA recomendations in Houston

Jeyo Punnakottil
Posted
  • Rental Property Investor
  • Houston, TX
  • Posts 141
  • Votes 48

Any recommendations for an investor friendly CPA/ Tax professional in Houston Texas please.