All Forum Posts by: Matt Anderson

What would I do? For me, in my market, I'd take my $30k and go buy a $15k SFR, then use the rest for immediate improvements to tenant proof the home and unexpected expenses.

Originally posted by @Johann Jells:

I've only used an accountant for taxes since setting up the LLC a couple for years ago, and I was looking for any feedback on what is considered market rate for preparing the state and federal returns for an LLC filing as a S-corp holding 3 properties. 2017 cost $770 just for that return, which seems like a lot to me. Probably I'm only interested in high cost states similar to NJ, no doubt TX or AR would be cheaper.

I would guess it's harder to compare our personal return, we have 2 form C's. That cost $250.

I actually file my taxes in AR and it cost me $620 this year to file for my LLC. I send my accountant all my spreadsheets at the end of the year and she figures everything out. There is usually some communication through the year but not much. Maybe I'm paying too much, maybe I'm not, I don't really know but it seems fair to me. It did cost me an extra $150 this year for her to create a 10-99 for me since I manage my own properties and then pay myself each month. This hasn't happened in past years and I have since started looking for alternative options.

Give Jason Adams a call at Angell & Adams Roofing, they're based out of LR. They put a roof on one of my rentals last summer at a reasonable price.

I've read a lot of the threads on coin operated car washes, but was wondering if anyone had any experience locally. I'm looking at a few in the central Arkansas area, North Little Rock particularly, and can't decide if I want to pull the trigger.

Kat Wyninger No I haven't purchased any tax properties. First I honestly just don't know enough about the process, or anything about cleaning up liens. Second, there haven't been any properties I'd be interested in. However, I know there are people in my area making LOTS of money with these properties so it can be done.

I can't speak for those properties around Ft. Smith, however from my experience the lots without structures that get auctioned off in Pulaski County and usually worthless. They're in neighborhoods that don't make sense to build in and the tax lien is more than the property's value.

Can anyone recommend a wholesaler friendly title company in Central Arkansas? Long story short, over the past year I've patched together a few deals that loosely resemble wholesale deals.  Mid-summer I was trying to do things the "proper" way and had a property under contract, and then assigned the contract and everything was looking good.... until the end buyer's title company talked her out of purchasing on a contract assignment.  At the time I was unable to purchase the house first myself, so the deal fell through.  Right now I've got a couple strong prospects and need a title company in the Little Rock area that is familiar with the wholesaling process before I go further and blow another deal.

Nicole Lybrand I manage my own properties and have managed for others in the past.

There is no way any property in one of NLR's "war zones" would be worth $40,000. Those areas are more of a $10,000 kind of neighborhood, at best. That's not to say those areas aren't worth investing in, I've got a few properties there myself, just be sure of what you're getting yourself into.

It doesn't seem to be getting any worse, and isn't really a bad area. Just not SOMA. If I found a property in that neighborhood that worked for me I'd go for it, most of my rentals are in much worse areas. But that's just my non expert opinion.