All Forum Posts by: Jason Smith

My first question would be how was this confirmed.  If the brick is installed correctly their should not be any open areas large enough to see into to denote the presence or lack of a house wrap.   

If the OSB has begun to wick water into it that is a problem.  The more it is exposed to water the more it acts like a sponge and will accelerate the decay process.  

That will not be a cheap fix.  You would basically need to remove the veneer and install the house wrap then re-brick.   

IMO there are always better deals to be had.

Over the last few years I have been using flipping as a primary way of raising capital for my buy and holds.  Using this strategy I have built my holdings to over 200 k in equity.   I would like to start leveraging that and putting it to work.  The issue I keep running into is that lenders want to be in 1st position. Meaning they will not allow me to use my equity to obtain a line of credit.   

I would rather not do a HELOC on each property due to the associated closing costs with each loan.

What can I do in order to tap into this equity and put it to work for me?  Are there any lenders that will take a 2nd position?  Who are they?

Thank guys much appreciate and I will check out the FB investors group @Michael Plaks

@Basit Siddiqi he unfortunately had zero communication from his office over months of trying to reach him.  When I finally stopped by his office he offered multiple excuses as to why my returns weren’t done including “we lost it”.  It was filed late after having all the paperwork he need to preform they prep in mid February, so now I have penilities that I’m responsible for.  Then upon reviewing the return he filed before sending it to me I found that he left off an entire rental property that was purchased and not depreciated. I could keep going but I think you see where I’m coming from.  

If you still have this property shoot me the details 

thanks

jason

If this unit is still available or if you have similar properties please let me know

throw a rock around here and its a good area.  The market being forced up so property values are driving up fast.  The last 2 flips I did sold for much more than what my original estimates were solely because the market drove prices up before I was ready to go to market.  

I would always recommend steering clear of high crime areas as those properties tend to be problematic.  I had a stove stolen out of my last flip and if renting they tend to attract problematic tenants.  You can always virtually drive the area via google maps to check out the area too.

Something that I just started doing is using cash transfer apps like zelle and venmo.  They transfer money directly from the renters account and instantly shows up in yours.  It can be set up to offer a text and email notification if you want to stay on top of who pays.  One thing I like is that anytime someone pays via credit card on payment sites they can always go back and contest the charge.  That cant be done via these apps as far as I can tell.  And the best part is its FREE to use.   

@Steven Hamilton II  I am currently in search of a CPA or similar to help to formulate tax strategies and review tax my past couple tax returns.   Come to find out the guy I was using was not doing things correctly or in some cases AT ALL.   I would greatly appreciate a referral in the Fort Worth area.

Thanks

any luck on a CPA? Im currently searching