All Forum Posts by: Shmuel Waldman

Originally posted by @Johann Jells:

Originally posted by @Shmuel Waldman:

@Johann Jells I am no accountant by any means However I see no reason why a 1099 would raise flags

My .02

 It would raise the question of where are the 1099s previously.

If there are no 1099 then there are no 1099

I am not understanding your concern

@KC Conti

That is one of the big mistakes new investors have

If i put in a $100k  tub in a house. it DOES NOT bring up the value of the house by $100k

A house is only work what it can sell for.

When i was new I made the following mistake

The area i was looking to buy a house had average comps of $100 per SF

Most houses are 1000 SF

Which makes the average house worth $150k

The house I was looking at was the largest on the block at 2500 SF

The asking price was $137k

I was like wow. 

I will fix up and sell for $250k

Little did I know that no one who has $250k will be willing to live in that area.

My point is 

A house is only worth what others are willing to pay for it.

It makes no difference how much money was put into the house

BEST OF LUCK

P.S. NEVER LOVE A HOUSE MORE THEN YOUR MONEY.

@Eric Franzen I am not a expert. My limited experience would tell me that a land with debt more the assessed value will have a difficulty getting a construction loan. You are not leaving anhinga to leverage loan against.

@Lena S. Hey you can charge as you like the question is what people will be willing to pay. If they come across like tenants hat will take care of the property then you might not want to up rent. You got yo feel you cards available

@Mohamed Ahmed Your COC is low

@Harley Tigreros You can quickly search online to get the SF and amount of rooms. Try to ask questions that are not available online.

@KC Conti It’s hard to understand why you would agree to pay $164K for a property worth $50k

@KC Conti One of the hardest thing to learn in RE is “you need to lov your money more then a particular property” You seem to emotional attached with this deal No deal is better then a bad deal

@Tandi H. great artical https://www.biggerpockets.com/renewsblog/dont-base-your-buying-decisions-on-coc

@Johann Jells I am no accountant by any means However I see no reason why a 1099 would raise flags My .02