All Forum Posts by: Shawn S.

@Anthony Holloway sorry for the late reply, I'm still getting used to the platform.  I refinanced the condo last month but didn't take cash out. I refinanced because I wasn't sure if it would sell at the price we wanted.  I'm in the process of selling the condo now, it's been on the market for a week and we received one solid offer today.  The goal is to use the proceeds to invest in real estate that has better cash flow.

@Clarence Johnson thank you Clarence! We are still looking for a painter, found a few from yelp that want to see the property before giving a quote. Refinishing the tub and bathroom tiles tomorrow, paint is next. Will send you pm. Thanks again.

@Anthony Holloway That is exactly what I did. Before finding BP I bought a 1bd 1bath condo in "the valley" in 2017 with 5% down, fixed it up and then appraised out of PMI two years later. I just refinanced it last month, but the cash out didn't seem worth the increased interest rate.

We put 5% down on our new single family that we just closed on.

The numbers aren't that great for running the condo as a rental so I'm probably going to sell the condo while the market is hot and look for something without an HOA (most likely out of state).

Looking back I should've done FHA on the biggest single family or multi family that the bank would've allowed me to buy (instead of buying a condo). It still seems like everything is going to workout ok but I definitely could've done better. But I was being cautious and conservative- I'm trying to take more calculated investment risks going forward. Good luck!

@Jon Schwartz that’s pretty slick. I’ll post ours once we get through it. Hopefully within the next week!

@Jon Schwartz Thank you Jon!

@Evan Polaski Thank you Evan! That is not something that I considered but you might be right and I’m going to look into that. I’m hoping for a magic formula and it just might not exist :)

I have 1bd/1bath condo in Los Angeles that I purchased before I discovered BP. This was my former primary residence and the numbers don’t pencil out that favorably to make it a rental. So I plan to take my equity elsewhere. My question is what color should I paint the interior before selling it.

1. I’m planning on keeping the ceilings white and the baseboards white.

2. There are custom interior doors that are dark green and I plan to keep those as is or should I paint them?

3. Should I just paint the entire interior white to keep things simple and cheap or will a two tone be better? If so which colors?

4. Any recommendations for a painter in Los Angeles?

Thank you!!

@Justin Gottuso Important note in my opinion is that California LLC's have a minimum tax of $800 annually regardless if you do business or not.

@Sahil C. In my opinion I typically don’t think it matters where your CPA is located (others may disagree). As a client it’s important that you are filing a return in every state that you have a filing requirement in (even if you have losses after depreciation). I would focus on finding a CPA that is located in the state that you earn most of your income (typically your home state). They are most likely most familiar with the tax laws in the state that they live in and can help you reduce the tax in the state where you pay the most taxes.

@Mike Dymski I agree Mike, thank you. To clarify, I plan to use the proceeds for a real estate investment. Keeping eyes peeled! Thank you again