All Forum Posts by: Lisa Winklepleck
Lisa Winklepleck has started 4 posts and replied 7 times.
Post: Hard Money Lending Gains
- New to Real Estate
- Wichita, Ks
- Posts 7
- Votes 2
Hi All -
I'm about to pay back a hard-money lender that will be earning interest off the money they lent our LLC for the purchase of a rental property. My question is on the interest that they're gaining. Do I need to report anything to the IRS or anyone for this? I just want to make sure I'm doing all my due diligence in reporting it for tax purposes if necessary.
Thank you!
Post: International Tenant Screening
- New to Real Estate
- Wichita, Ks
- Posts 7
- Votes 2
I currently invest in rental properties in a small Midwest college town. I'm close friends with the local college women's soccer coach and am looking to rent to a few of his players soon. Several of them, however, are international students. Typically I'd require social security numbers, background checks, etc. but with them being international, what can I do to make sure they're quality tenants? I typically have parents co-sign on a lease too, but if they're not located in the US, does it still make sense to do this? Has anyone else had experience with this and what other due diligence do I need to do to protect myself?
Post: Construction material purchasing
- New to Real Estate
- Wichita, Ks
- Posts 7
- Votes 2
Thank you everyone for the helpful insight! We have a guy redoing a bathroom for us and after his list of supplies, we picked out the tile and got it all ourselves. Seems to be working out well this time but was time consuming.
Once we get a little practice under our belts I think we'll be able to do this more hands off as several of you mentioned. We did have the plumber get the supplies he needed though as that seemed to be best for both of us. Appreciate all the perspectives!
Post: Construction material purchasing
- New to Real Estate
- Wichita, Ks
- Posts 7
- Votes 2
Looking for advice: Do any other property owners buy the construction materials for the contractor/handyman to save money? Or is this not worth the hassle?
Post: ARV Estimations Help
- New to Real Estate
- Wichita, Ks
- Posts 7
- Votes 2
Quote from @Matthew Crivelli:
For most areas you can look at the Zillow map, you just need to refine the search. (some states have non disclosure laws and this doesn't work)
Type in the zip code and find your house on the map. Change For Sale to Sold. Look for houses with similar bed bath counts, same unit type and square footage that have sold within 3 miles of the subject property. Also refine the search to show only properties sold within the last 6-12 months. This is what an appraiser is going to look for when they give an as-is or ARV valuation. This will give you a decent idea of what your property could be worth.
Thank you for the help!
Post: ARV Estimations Help
- New to Real Estate
- Wichita, Ks
- Posts 7
- Votes 2
Quote from @Jim Pellerin:
Quote from @Lisa Winklepleck:
Hi everyone, I'm in the process of analyzing my very first purchase and am struggling figuring out the ARV of a prospective house. I understand that the ARV is the value of the house the bank/lender appraises your house at after rehab. My confusion though is how do I estimate this? I've read to pull comps but aren't comps based on selling/listing price? Is there a way to calculate an ARV off the listing price or is there even a difference? What am I missing in this logic? Any help is appreciated!
Thank you for leading me to this new site! I've already found it very helpful!
Post: ARV Estimations Help
- New to Real Estate
- Wichita, Ks
- Posts 7
- Votes 2
Hi everyone, I'm in the process of analyzing my very first purchase and am struggling figuring out the ARV of a prospective house. I understand that the ARV is the value of the house the bank/lender appraises your house at after rehab. My confusion though is how do I estimate this? I've read to pull comps but aren't comps based on selling/listing price? Is there a way to calculate an ARV off the listing price or is there even a difference? What am I missing in this logic? Any help is appreciated!