All Forum Posts by: Dan S.

I'm looking for an accountant in the Springfield, Mo area that either specializes in or is very familiar with real estate investing. I appreciate any recommendations.  Thanks in advance for your help!

I'm an investor and real estate agent in the Springfield area and if the duplex in on the MLS, I may know which duplex you're referring to. Multifamily is going pretty high compared to rents in our area and has been high for the last year or so. We've considered a few and mainly look at cash flow to calculate a cash on cash return after accounting for all expenses. Cap rates really don't mean anything to us other than a starting comparison tool among properties. In today's world we've had to consider debt reduction, possible 2% appreciation & cash flow to get a decent return. Looking through the MLS again this morning as I do each morning, there's just nothing on the market right now that we feel is worth considering. Sometimes not getting into a bad deal is as good or better then getting a decent deal.

Right now you have to look constantly for a property that the numbers work on, whether it's multifamily or single family.

If it's a duplex on the MLS reach out to me before you pull the trigger.

I agree with @Kim Tucker and I would add to start listening to the bigger pockets podcasts.  There's a lot of information and good ideas.  

@Annette Lee, our market in Springfield, Mo is like many markets right now.  Properties are moving quickly, especially if they're priced right in good condition.   Are you looking for something to rehab and hold or would properties that already have tenants and are cash flowing be of interest to you?

@Brent Davis, sorry to be so late getting back to you. I have time later this week if you'd like to do lunch. You pick the time and place.

Brent, Welcome to Bigger Pockets. It's always fun to find a name I know coming into real estate investing.  Call me sometime and we'll go to lunch and we can talk real estate all you want to. I'd be glad to share or help in any way I can.

Be sure to listen to the bigger Pockets podcasts.  There's a lot of information there.

Dan Stomboly

Zach

Welcome to Springfield, great town and great people.  Let me know if I can help with anything.

Does anyone have access to a true lease purchase contract. As I look around there is an over abundance of lease with option to purchase contracts, but I haven't found a true lease purchase contract. A lease purchase is a commitment made at the beginning of the lease on the tenant/buyers part to purchase the property at the end of the lease instead having to exercise an option to purchase it.

@Ned Carey, Thanks for the input. I'll look into NoloPress. It's a good idea to get more familiar with entities.

It seems the consensus is if it's for myself, go ahead, if it's more than a member I better get a lawyer. Of course there are those with a good thought that I should let the people who know how to do it, to do it. I'm guessing you never know til you end up in court or worse, in front of the IRS. That's when the real test comes. Has anyone that formed their own LLC ever get tested in court or with the IRS?