All Forum Posts by: Darshan Patel

Hoping someone had this issue, and can shed some light.  I have a iron sump pit, with a pump that spits out rusty water to the outside.  where there is a concrete driveway, and it gets stained easily.  I tried flushing the whole system with Rust out and lots of water, but i still have rusty water coming out.  Temporary i extended the pipe with a extension so it lands on grass, but it then blocks parking to side of house.  Someone mention it could be iron bacteria, and to try lemon or chlorine.  Before i do any of that, if anyone has any suggestions please let me know.  

Hey Robert I would stick with your numbers. Don’t go higher then 41k. In my first flip, I missed lot of small details and that took chunk of profit. Having a 20 k profit margin is also a good buffer for the u expected. If they reject, I’d move to next one. And follow up in another few months if it’s still there. I’m Not to experience flipper yet, but I’d suggest you keep ur final sale price conservative, if you got a market with new homes being built similar size to urs, that would make it harder to sell/compete with(assuming ur house old). Hope that helps

Hey Ben If the refinance u getting from lender is “cash out refi” then yes, you’ll get difference once ur original lender is paid off. Some restrictions apply though for cash refi, for me it was seasoning and up to 75% of arv. Other type of refinance simply replaces original lender with new terms. Hope that helps

Hey @Justin Eaton

Thanks for responding.  For this property i was told by my partner it involves the sill plate.   Thought i didn't find much issues when looking at it (ex. bending/broken, etc).  There is also crawl space, which may be where the issue lies.   I'll send pm regarding checking out property. 

Thanks @Yashar E. too.

Hey everyone,

Currently looking for experienced GC, that can handle this project. House needs major gut job along with fixing its structural issue. I'll provide link below to get idea of the project. Current financing is with HML, so we have significant draws remaining to finish the project. If anyone either knows of GC or even a structural engineer they recommend please pm me.

166 Franklin St, Woodbury nj 08096

Makes sense, thank you again everyone.

@Account Closed

Thanks Charles, i'll ask around.  I saw thru your website link, you do auctions.  Does your company do auctions in south Jersey?  Or know of anyone that does?

@Nicholas Aiola, @Jon Holdman  @Michael Plaks

Thank you, it gives better idea on how profit will be taxed. One last theoretical questions, if it was transferred to another LLC (single member, me), and later sold (say within 2 months), would profit or loss that is calculated, be similar or same? Reason for question is to find a way to protect my current asset/interest in llc, if it cant sell fast or smell trouble i'd like to make sure my investment safe. Thanks again for taking time to give your inputs, i really appreciate it.

Currently in a flip that is not gonna work. As in, we would need to put in lot more, and far beyond reasonable return (has structural issues that may be more costly/severe then anticipated. Currently we owe about 43k to HML (33k for property, and 10k for draws we used); i put in 14k at closing.  How would you approach this situation?  My thought was to give hml the deed in lieu, plus 15k we have in account, and if need be pay off difference.  I know they would prefer money over property, so i am currently looking for buyers for property and we'll cover any  differences.  Any suggestions or options i can try to deal with this situation if no buyers come forth?  I'd like to keep good relations with the lender as possible given the situation.

So I currently have flip that is almost done but past profit point, I wanted to refinance to my name, to sell or rent. My question is , would I get taxed just for difference of loan and sale price, or would the money I put at closing cost and holding cost be accountable and lower amount taxed , or be able to show loss? Not sure if this helps but, I loaned money to llc (two member) to pay closing cost, and pay directly from my bank to hml mo interest and holding cost. If any cpa in south jersey please pm me too, looking for cpa too.