All Forum Posts by: Mike Stahlman

Thank you that sounds good. It is about what we paid last year so just want to be sure we are shopping in the right store.  I really appreciate the input. Any recommendations for someone who is good to work with?  Thanks again.  @Lance Lvovsky maybe we can discuss if you can work with us. 

We are looking for a CPA and have 4 rentals - 2 active and 2 in the pipe and try to keep one flip running all the time (4 completed so far).  We have a property management company and my wife is using Quickbooks online and does most of the work entering all the receipts and tracking the accounts.  Sometimes we have tax and accounting questions and need our taxes done for the business.  What should I expect for pricing?  I know that is an open question but what is normal?  One company says 400-700 a month and that seems very high.  We paid around a thousand for all of last year but our accountant moved to another company and we do not get along with the others there so we want to move on.  We are not cheap but like any other service we do not want to over pay.  Thanks in advance.

Mike   

Eaton Properties, in St. Charles, MO Call Carol tell her I referred you. Great to work with. ‭

One big issue we found with most of those companies, is they go out of business frequently. So it’s hard to get the warranty to really be good in a few years down the road. So check the life history too of the company. We have done a couple extensive crack repairs and carbon fiber with warranties. But even then it’s hard to  sell the house to some people. Others don’t mind so stick with it and you can find the buyer if the house is good and you know it. The more extensive is better to get the repair done correctly then finish the room. It’s easier to sell if the potential isn’t looking directly at the great repair job. Some people still just walk. Know what you have and that it is really repairable first. If it’s too bad just walk. Cracks can be fixed but shifted or leaning walls are harder and very expensive.  Take that in to account in the purchase price.  

Investment Info:

Single-family residence fix & flip investment.

Purchase price: $90,000

Cash invested: $25,000

Sale price: $149,000

Single Family Florissant, MO

What made you interested in investing in this type of deal?

Purchased from Wholesaler

How did you find this deal and how did you negotiate it?

Wholesale property email, negotiated down 5k

How did you finance this deal?

Local Interest only loan

How did you add value to the deal?

Good, however this area property values are not great

What was the outcome?

We will make some money on this, it is under contract

Lessons learned? Challenges?

Buy a little lower, Contractor Challenges. To many corners cut that cost time and money. To much redo. Quality is important to us.

Investment Info:

Single-family residence buy & hold investment.

Rental home in St. Peters, MO

What made you interested in investing in this type of deal?

House looked great for rental

How did you find this deal and how did you negotiate it?

MLS

How did you finance this deal?

Local Bank

How did you add value to the deal?

Drive, Porch, Tub and Surround, touch up paint, Deck Maintenance

What was the outcome?

Added about 20000 to value of house

Lessons learned? Challenges?

This went really smoothly - House number 8

Did you work with any real estate professionals (agents, lenders, etc.) that you'd recommend to others?

Melissa Stacks - Brookshire Hathaway

Thank you Wayne,

I agree.  I think we will just let the deal die.  May be better in the long run for both of us.

We have a house that is supposed to close next week and the buyer is asking us to do a Lease Option for 3-6 months instead of them purchasing the house as planned.  We are under negotiations and the ball is in their court with an addendum.  

The buyer went around the realtors and I do not think that would be ethical.  If she has a legitimate reason to do this, should we just refuse, bring it to our agent for discussion to see if there is another option?

Kind of confused on what is legal and ethical.  

If we work out a lease option, should / can we do that through the RE Agents?

Would they get paid then if / wen the buyer executes the lease or would we owe the agents at the time we lease it?

My sister owns that will be empty April 1 (Renter).  She said I can purchase from a her and she wants the loan paid off plus to hold a note for ~60k for the equity.  The ARV (similar homes are selling for) is around 330-340,000. They do not want to go through the hassle of listing and selling the house because they do not live near it and they are tired of renting it (past several years). 

I can actually purchase it for the loan value of 225k with them holding a note the rest of the equity for 1% for the first year, 2% for the second, etc. 

I probably could have them refinance it for a lower payment (30 year) and Quit Claim on to the title, and sell the house in the future or rent it out.  That would bring the payment down from $2000 a month.  Similar homes rent for 17-2100.  So if it will cash flow well I would keep it otherwise I would sell it. 

Or... I could use an option contract?  I could write an option contract to purchase the house with in 6 months and if I can sell it quickly or find a buyer it would be good for us both.  This is a good time to sell and the house needs little to no repair. 

I could do subject to, but currently the rent rate matches the payment so there is no upside for long term hold even though the loan is 3.2%.  I would have to sell it in just a few months to keep from loosing money. That's scary. 

They do not want the equity all up front because of taxes and she owns another house already.  That is one reason they want to hold a note for the equity.  So when I sell it I could pay them the rest, or keep the note in place and use the cash to invest in another property.  Just trying to figure it out.

I know there is a deal there for both of us.  Any Ideas I have not thought of?

I need to write an offer this week or pass on the deal if it is no good or too high risk. 

Thanks,

Mike