All Forum Posts by: Steven Clarke
Steven Clarke has started 1 posts and replied 3 times.
Post: Owner Occ Duplex: Accounting
- Homeowner
- Passaic County, NJ
- Posts 3
- Votes 0
Originally posted by @Don Ireland:
Sorry for the delayed response -- I just now saw your post. Thanks for the advice. I had always intended to have a separate account for business purposes.
I just wasn't sure if I should:
* "pay rent" to the business and then pay thr mortgage from the business account;
* collect the tenant's rent into the business account and pay half the mortgage from the business account (the other half from my personal account);
* collect the tenant't rent into the business account and transfer enough to my personal account so that I can pay the mortgage from my personal account.
I was just looking for "best practices" advice.
What did you end up doing? Or does anyone have any best practice advice on the above question? This is the exact question I'm deliberating now.
Post: What are you other than a real estate investor?
- Homeowner
- Passaic County, NJ
- Posts 3
- Votes 0
College student - last semester for BA.
Co-Owner of IT Support & Outsourcing Company.
Post: Contacting Those In Pre-Foreclosure
- Homeowner
- Passaic County, NJ
- Posts 3
- Votes 0
Hey There,
New here. I have been reading for quite some time here, as well of stacks and stacks of books. Would like to interact with some people before I try to get my feet wet and jump in. Don't want to make any costly mistakes from the start.
I'm a student. I'm also self-employed, running an IT company that does alright for itself. Income for me at the moment is not a problem, although is tough to prove as I've been very sloppy (or lazy) with the books and have yet to really properly pay myself on the books - working with accountant on fixing this now. Credit is also shaky from poor decisions four years ago, but is slowly improving.
Have an S-Corp formed that I'll be using to transfer properties to and hold, ultimately when I feel I have enough background information and ready enough to get started.
So thats a lil about me. :)
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I have notes on quite a few very interesting deals. Preforeclosures, with judgements (394k) significantly lower than estimated market value (503k).
I'm interesting in pursuing subject to deals to start off with until I have some more cash on hand. I have about $10k, but I'd like to save that for a rainy day.
Thinking of contacting the owners via certified snail mail, with a nice but straight to the point letter. Letting them know that I'm aware of the foreclosure proceedings and interested in buying the properties should they consider selling.
My only thing is, I guess. I'm young - a bit concerned about the steps thereafter. Any recommendations, pros / cons with starting with houses in this price range?
(Looking into ways of trying to make sure the lending doesn't call in loan after the sale.. That would really suck for a first time deal.)
Great site. Hope to learn a lot.
Thanks,
-S.C.