All Forum Posts by: J Acosta

Thanks all.  That takes the pressure off of getting this done by year end.  

I assume this is a simple enough question that experienced real estate investors could answer so I put it in this forum vs. tax.

I have my first buy and hold rental under contract scheduled to close before Christmas Dec 2020. I might be able to push closing until Jan 2021 but not sure if seller would agree.  Either way,  I won't be able to put the unit in to rental service until after Jan 1, 2021.  

I need to install new flooring (~$5000) before putting it in service.  Is there any benefit of incurring that flooring expense / capex in 2020 vs. 2021?  From what I've read, 100% bonus depreciation extends to units placed in service until 2023.  If there is a large benefit, I could get it done in 2020, but would change my Christmas plans.  

I'm not able to use passive losses to offset any of my active income.  

@Bob B.   please share the form.  Thank you.  I'll DM you if I can figure out how to do it.  

Thank you for the advice.  I was pretty sure someone was going to recommend getting an agent and paying.  I'm OK with that. 

The reason I asked the question I'm 0 for 3 on agents. 1 didn't return my calls, 2nd one acted like she was mad at me because I didn't make an offer on a home that she was a listing agent on! She was snotty when we asked to see another house she was the listing agent on. 3rd may have cost me a deal because she failed to submit my offer to the bank on an REO property by the deadline and she ghosted after that. I need to keep looking for one that actually wants to perform the duties of their chosen profession.

Good advice on the craigslist scammers.  

Hi.  I found a property on Craigslist (seller has no agent) that I am interested in making on offer on.  This is my first property offer on investment property (sort of).  This is an existing rental with a current tenant.  The property is in Georgia if it matters.

I plan to make a cash offer and I am looking for a purchase and sale agreement to submit the offer on.  I do want the purchase contingent on an inspection and seller's ability to providing a clear, unencumbered, marketable title.  I've found several very simple ones here on BP that look more like AS-IS, no contingency offers like a wholesaler or total rehab flipper may use and other very complex multipage lawyer written versions from sites like rocketlawyer and edocs, etc...  These include who pays what part of title research, title insurance, lead paint disclosures, and way more than I've seen on some examples on this site.

I assumed the closing attorneys would handle all of the heavy lifting but after a little digging, it looks like all of that should be on the actual purchase contract.   

Any advice, on the proper form to make the initial offer on and what to include?  If the offer is accepted, is that when we get pull out the multipage document covering all of the the finer details?

I'm brand new to this and heard this on a podcast or something, so not trying to take credit for it. If you plan to sell the property in the future, one option would be to replace the carpet and save the hardwood refinishing for when you are ready to sell the property.   Carpet is cheap and refinishing hardwood is messy and has a lingering odor for a while. 

Hi. I'm Jason from central Georgia. My main interests are BRRR properties, single and multifamily, or at least I think they are based on what I've learned from this site and podcasts. I have a full time job and will invest in real estate to grow net worth, provide a little cash flow to retire in 10-12 years, provide a little tax deferment on investments, and some diversification outside of the stock market. I don't have a lot of time, and probably not a lot of hustle. Fortunately, I have a little money, great credit, and lots of equity in my primary residence. I could probably buy a first rehab property in cash, but don't necessarily want to do that. I'm very handy in all things construction and home repair, but not trying to buy another "after hours" job.

I usually lurk on a site before joining, but BP provided value right out of the gate.  I want to treat this as a business and the Pro membership seemed like a reasonable business expense.  The value of the calculators and access to past webinars alone is worth the $$. I'm sure the relationships will come.   

My goal is to have the first property under contract first quarter of 2020.

• Progress on Goal
  -I've read several of the books on this site on REI and Rehab Estimating.
  -I have evaluated 2 properties on BRRR and 3 on Straight rental.
  -I've site visited one property with an agent.
• -I've contacted a second agent in a nearby market.  
• -I met with a loan officer of a community bank to understand how they would handle the BRRR and get some closing cost estimates.

My biggest challenge is evaluating the numbers on properties. I understand the financials, but I have no idea about estimating ARV and Rehab costs quickly. On so many podcasts, I hear folks say they evaluate a property in a few minutes. Some don't site visit a property until after an offer. Since I'm starting from scratch, this is my biggest gap. Still looking for the easy button, I guess. Any guidance is appreciated.