All Forum Posts by: Michael Koncaba

Hey BP, 

What are some things one can do to find private lenders for potential deals? So one could avoid hard money? Any help appreciated!

Thanks

Hey BP,

I was wondering your opinions on this property that has sat listed as a foreclosure for quite some time in my hometown of Alvin, Texas. It needs a good chunk of work, but I do not know the extent and after analysis I wouldn't offer if I didn't find it a profitable venture. My questions really lies with the fact that is 2 bed 1 bath. Assuming I got it at the price that would work, would that rent? 

In my area there aren't many 2 bedroom homes so I'm not optimistic about it, but I'm curious of anyone's experience with 2 bedroom homes in their area.

Thanks!

Hello BP,

I'm currently analyzing a potential property to flip that has a converted garage. These conversions are somewhat common in the area, but they are on older homes that aren't selling right now in this market.  Anything in particular I should look out for? Would there be opportunity to do something unique? Maybe convert it back? Any thought would be appreciated. Thanks!

Sure thing man! I will contact you soon.

Hey BP!

I'm a CPA and investor from the Houston, TX area and I want to help people with my area of expertise. I love running numbers and helping people out with their complicated tax questions and issues. Depreciation, 1031 exchanges, capital gains, you name it I can give you advice. Any and all questions are welcome!

Happy Investing.

Michael Koncaba

Hello all,

I have a family member that has held a plot of land in Texas for about 20 years. Has ready to sell because he may need the funds soon. Its undeveloped and any and all buildings that were on it in the past have been removed. He currently has an agricultural exemption on it as well which makes his real property taxes very low. He wants to know the best and lowest tax route to sell at market or transfer to a family member for cash.

What I know is he holds it at a pretty large Long term capital gain, which would generate a 15% tax liability upon a sale at market. That is option number one.  

What I know very little about is the tax effects of a trust on this situation. I've done very little research on this topic and need some help. 

Thanks in advance for any help. 

Michael Koncaba

I see a lot about how you should secure your method of financing prior to looking for a property. But many lenders want to see the property and the ARV before its even considered such as Hard Money Lenders and private lenders. What processes have you created, or techniques you have used to get your deals financed with private lending?

Thanks!

Michael Koncaba

We have mediocre experience between the two of us, but immediately available very experienced help. I was planning to spent much time finding good contractors to help out where needed though, because our potential help isn't reliable.

Hello BP,

I am evaluating all of my options to find my first flip, and the toughest part for me is deciding where to focus my search efforts. I understand its all relative and could depend on the local market, but in general what is the best option in your opinion to either find the best value or most leads? Keep in mind I have a full time job and my would be partner (My mother in law) has a part time job.

Thanks!

Michael Koncaba

IT takes at least 10 offers just to find one house. Don't get discouraged. I too am in an extremely similar situation and am hesitant to begin investing and risk the reserves I have that could be paying my debt down. I am determined to flip a house this year though. AS long as enough offers or made and you do your homework, you will find a good deal and its a win-win.