All Forum Posts by: Karina Busch

 Thank you, I will!

Hello BP community. I am a newer investor with a few properties now, started my LLC in Jan 2024. I have a Bookkeeper for my farm expenses/income but I am not sure if she has any RE experience and has not gotten back to me if she will do it or not as she has suffered a health crisis this year and has cut back some.

Basically, I get very overwhelmed by the bookkeeping side of things. IDK why, I am an intelligent professional but as soon as I get behind I just kind of give up and get more behind. What is the best strategy for me to look into? I am small still so don't want to spend a fortune but am happy to pay for this service. BUT I feel like I still have to have a ton of involvement especially with multiple rehabs etc, to dictate what expense is from what property and what the purchase was for etc. to be sure deductions and depreciation are correct. Am I overcomplicating this? Any advice is appreciated. I enjoy looking for deals and figuring out how to rehab the properties etc, but I hate the accounting side. Any advice is appreciated. PS: I have an excellent CPA, not looking to change, just looking to figure out a better process to streamline expense/income tracking and allocation to different properties. Thanks!

 Thank you, that makes sense. I figured that was the case but just curious!

Getting ready to buy a very distressed property through a wholesaler. I have family in construction who have looked at it and feel it has fairly solid bones and I like the location and think it's on the way up. This is not my first huge rehab so I am ok with that and the price. But is there no requirement for a seller's disclosure in this case? He has a contract with the seller which will then be assigned to me for a fee. There is no other paperwork. Obviously I will have a title search and get title insurance but I assumed they would still be required to fill out a SD but maybe not. Obviously the place is totally derelict so not much to disclose (basically check yes to everything being wrong lol) but I was just curious for the future. Thanks!

I'm in a similar boat, also 50 with good paying W-2 looking to build a portfolio to help replace that sooner than later. Appreciating everyone's advice and wish you the best moving forward Doug!

Thanks for all the replies everyone. I had a heart to heart with my agent after looking at some properties yesterday and I think she has a better idea of what I am looking for and how to help me better moving forward. We put in an offer yesterday that was accepted so hopefully this is a good step in the right direction. 

Hello,

I'm trying to figure out what I should be expecting/getting from my agent? I am a newer investor and starting late (50). We have purchased a few properties over the last couple years paying cash but now trying to have a more concise plan moving forward since finding BP. Everyone on here says get a RE agent to work for you and help find/facilitate deals. 

Long story short I signed a Buyer's Agent agreement with an agent who we had purchased through (they were listing agent on one we bought) and liked. The first week they sent me a few properties on the MLS but since then it has just been me sending them properties I'd like to see and them arranging the showings. Largely that is ok but honestly I want someone who can tell what is a good investment and will steer me in that direction not just me saying hey I like this one. Or also telling me hey even though you like it this is not a good deal, or location, or whatever. 2w ago I messaged to see a property but they were out of town for two days and then I was. 10d ago I asked about seeing another property which wasn't available to look at until this week. It's been crickets. No follow up on either one.

I know everyone is very busy so I haven't been pushy but I feel like I am not really getting any value from this relationship. The contract is for 6m! It has been about 2m and we have looked at 3 homes now. Two were not good investments, one I liked ok but needed a ton of work and I thought was overpriced. They dropped the price and went under contract before I could make an offer. Maybe they think I'm not a serious buyer? Or they are just too busy? I am a high NW professional with excellent credit, pre-approved and can also make cash offers, and own 6 properties currently.  

Is this normal? Just not a good fit for me? Is it appropriate to request to be released from the contract so I can look for someone else or just go it alone like I have in the past? I don't want to be a needy, unreasonable client but I would like to work with someone who I feel like is in my corner and trying to help me move forward. Would love people's thoughts on this and experiences. Thanks!

PS: Looking to stay local. Not ready to be investing in faraway lands and I feel like there are good opportunities near me for growth. Thanks!

 Great, thanks! That's who I've had the best quotes from so far too. :) 

 Congrats of being under contract and finding a better loan. I am in KY and have been quoted 6.5-8% on investment properties. Can I ask what bank you found for the 6.125%? That's great!

This was my thought. I am a newer investor, so take it with a grain of salt, but I am curious why you would take the $500k from sale of your primary and pay off the rental mortgage and end up with all that money tied up in the 1031? Is that the actual capital gains on the primary home or just the equity in it, and are you married filing jointly? You likely won't even have to pay taxes on that if your gains are under 500k. I would keep that money separate and just 1031 the other money from the sale of your rental property if you choose to. I don't see how you would benefit from paying down that mortgage before selling it. 

Best of luck with whatever you decide to do with your proceeds! :)