All Forum Posts by: Mathew Gunkel

Hey Everyone,

Any recommendations as to who some good REI minded CPAs are in the South Jersey area? Not to muddy the waters, but I would also love to hear who some good REI minded attorneys are as well. I have a guy who does inexpensive evictions, but it would be great to get in contact with an attorney who has been through some of the more mundane aspects of the business.

Thanks!

Mat

Great question!  I am about to close on my first rental, and it has a vacancy.  I have accounted for property management, but initially I would like to learn as much as I can by doing the work myself.  That way down the road I will know what to expect from a good PM, and if the unit finds its way on the sweet side of the 80/20 rule, I may keep managing it.

I plan to use a yard sign and craigslist to garner interested parties, phone interview to cut out people who are not a good fit or are not qualified, and show the unit by doing an open house or two per week with applications on the counter.

Good luck with the tactics you end up using, and please update the post on how they work out for you!!

Mat

@yoann mamy randriamihaja Any time! Please link my name if you move forward with any 203k action, and you happen to post any details on BP.  I hope to use the 203k loans to leave my current home and house hack into 3-4 multi-family homes over the next 5 years, and I'd love to hear other people's stories.

I almost forgot...if it is non-streamline (>$35,000 in repairs) you will likely need to pay for a 203k "facilitator" as well to help manage the process due to increased complexity.

@yoann mamy randriamihaja The FHA inspector is approximately $1,000 versus the normal $300-400, permit costs will be out of pocket, and closing costs can run $1,000-$2,500 over standard closing. All of which will be out of pocket. Hope that helps a little.

Mat 

Great post and responses!! Thanks everyone!

@aaron Mazzrillo I completely understand I am the "over the mountain" scenario, but I figure if I get in touch with my local wholesalers and have a plan to make it work, I am okay with being their option #10 of 10.  By the way, thanks for more creative ways to make this type of deal happen.  I am so happy I found BP.  Such a great community.

@tim g.  Thank you for mapping it out for me.  That is exactly what I needed.  The fact that you've done this yourself is very cool too.  You guys are the best! Thanks!!

@k. Marie poe Thank you for the clarification. I can see why this isn't commonplace. HUD and MLS have been slim pickings for what/where I'm looking, so my options are drive for dollars and seek wholesalers. It's sounding like I might spend just as much time finding a wholesaler who can help as doing the prospecting myself haha.

@Wayne brooks Thanks for the reply.  I'm looking to 203k, and I am trying to get an idea if talking to a wholesaler is even an option, and if the process was worth it for both parties.  I understand the two niches may just be generally incompatible.  Paying a cash fee, depending on what it was, in order to find the right deal could make sense for me.