All Forum Posts by: Ken Quella

Ok thank you.  Sounds good to me.  Looks like I'll be getting a return this year!  Yay!   :)

Hello Everyone,

Having trouble locating some answers on this. Answers on google seem to be a bit spotty. My business partner and myself purchased a property in 2015 and its going to market in a few weeks. We have set up an LLC for our flipping ventures. I just want to make sure all of what im researching is correct (yes I will still be sitting down with a CPA anyway). All our write-offs (HML interest, prop tax, utilities, materials, labor and ect) will carry forward to the year the property actually closes? So we will basically do our taxes this year like any other year as this is our first flip? Then next year 2017 we will report the house sold in 2016 and start the fun task of adding another income stream to our tax reporting?

Thanks

Ken

Looking build a connection base of fellow investors in this area. Please let me know. Ken

Student pilot on hiatus :). Was about to solo and started getting into skydiving. Id like to finish some day. Anyone have a 152/172 i can borrow? Lol. Also was thinking of starting a gofundme so i can buy a King Air incase anyone has some spare loot. Take care. Ken

Cubicle Guy here. My home offices roof is made of gold. Guess my company. Lol.

Haha "ohioan" cant wait till I become a "floridian" some day.

Ed. Just curious what the advantages for the lender would be in the 90% deal? This way theres some equity in the deal?

Also sounds strange that they would pay 90% of the purchase but then add in construction.. Why not just adjust your LTV percentage?? A lot of HMLs do 70% but they are stingy on their idea if an ARV others are 60% but more realistic on an ARV in your favor. Both equate to about the same thing in the end.

Doesnt sound likely. Maybe with a LTV of 60% of the ARV and 18% back interest compounded monthly? Would be cool though. How many points do they charge for origination?

Originally posted by @Account Closed:

Hi Ken, 

I live and invest in Cleveland Heights. I'm finding that it's a tough market to find a deal because of the high purchase price of multi-families, high property taxes, and strict point of sale inspections. However, it's a great rental market with the universities and hospitals nearby.

What particularly would you like to know?

Hi Ray,

I don't have the ability to send you a private message.  Would you be able to contact me?  I want to run a property by you and just get an opinion.  Thanks in advance.

Ken