All Forum Posts by: Mehran K.

This is great and it's becoming harder and harder to find!

http://centristnetblog.com/daily/banned-snl-video/

@Joshua Dorkin , you might like this one!

My apologies @William Robison! I often get the two mixed up :)

After 2 years of rental income on your tax returns, conventional lenders will use rental income in your DTI ratio calculation.

Keeping it short as I'm on my phone! 

I know you're looking for someone in OKC, you may be the type of person that rather meet up with your CPA in person. My CPA @Steven Hamilton II does everything online, he lives in Chicago and I live in Los Angeles. Just some food for thought (I didn't know I could have a non-local CPA til last year).

You might also try using the Find Members feature to locate some local investors near you. You can ask some of the active investors who they are currently using. Local REIA's will also surely have a good CPA recommendation, if not few members who are are investors/CPA's themselves.

Hope that helps!

I'd say this depends on what kind of debt you currently have. If you have ~20% credit card debt looming around around, I'd say pay that off first. If it's long term, low interest rate date, I would definitely invest those funds into some healthy real assets (real estate!).

I'm assuming you mean seller leads when wholesaling and not just collecting the e-mails of every seller (investor) you've bought a buy & hold property from. 

I don't do any wholesaling, but maybe you can leave a note in your mailings with your email address. If they send you an email, you have their address now.

Either your fee or the repairs are too high, making the deal not make sense? I don't think you're supposed to include your fee in the MAO formula, right?

You can try J Scott's Flip Formula: (I like this more)

MPP = Sales Price – Fixed Costs – Desired Profit – Rehab Costs, where

• Sales Price equals the conservative estimate of what I can sell the property for (not necessarily the price I’ll list it for!).
• Fixed Costs equal all the costs, fees, and commissions that I can expect to pay during the project.
• Desired Profit is the minimum amount of money I want to make off the project when it’s complete.
• Rehab Costs are the material and labor costs required to rehab the property into resale condition.

Real numbers would make it easier to break down and figure out. A lot of people reduce their "fee" in more competitive markets where the margins are slimmer.

20% down required on non-owner-occupied investment property is correct. I find this across the board from conventional lenders to even portfolio lenders these days.

If you can refinance out of the PMI to save money, that'd be great. You "could" try to tap the extra equity via a HELOC to put that 20% down on another property to purchase as a rental

You could also just sell the house all together as well. If you've lived in the property for 2 years or more, you can sell it for up to a $250k capital gain without paying tax (since you're not married). You'll still have to drop about 6-10% of the sales price for agent's fees etc though. You can buy another property with a low down payment. 

You could also convert the property you live in now to a rental after you refinance, then make another owner-occupied purchase and move into a new home with a low down payment.

IMO, the professional opinion/analysis by a foundation expert is the only way to truly know if this is going to be an issue or not. They'll be able to tell you whether the actions taken have really addressed the problem or are just "bandaids" over an infection. 

I know those are nicer areas of Indy (I own a duplex in Center Township which is not-so nice). That foundation issue "could" be catastrophic to your investment. I think you can find other deals in that price range with similar returns that won't leave you constantly worrying about the foundation. Do you have any other potential deals to consider?

Post moved to the proper sub-forum! Glad to see that you've gotten a recommendation already though. You may want to reach out to @William Robison , I know he operates in that area and probably has quite a few reco's.