All Forum Posts by: Tony Davis
Tony Davis has started 8 posts and replied 23 times.
Well I only have one property currently. The accountant fee makes sense. You all had great points to make. Thanks!
Quote from @Max Emory:
Hi, @Tony Davis! This all depends on what your business looks like. Different business activities, number of accounts, number of transactions, number of entities, number of properties, partnerships, just bookkeeping or add-on advisory services, etc etc.
95%+ of the transactions that flow through a real estate investor's bank and credit card accounts have to be coded to a specific property within a specific entity. Flip property transactions are coded differently than rental property transactions. Every HUD statement and property management statement has to be manually "translated" onto your books. Every loan payment has to be split between principal, interest, and escrow (if applicable). There's a ton of manual journal entries involved on a monthly basis.
That being said, $100/mo to maintain a REI's books is too good to be true. You get what you pay for in the financial industry just like most other industries.
I would go with a reputable, real estate investing-savvy service from the get-go to avoid a large clean-up job in the future.
Hope this helps!
I found an accountant I like in my area. After reviewing previous years taxes he gave me a quote. It’s 1,675.00 up front plus another 100.00 a month maintenance. Is this a normal type of fee for this service?
Post: What is the amount you pay a Realtor?
- Posts 23
- Votes 3
So look for recently divorced, death, etc.
Post: What is the amount you pay a Realtor?
- Posts 23
- Votes 3
Ok, I will check that site out. Thank you.
Post: What is the amount you pay a Realtor?
- Posts 23
- Votes 3
Not sure where you are getting I would be paying less as you say. I never said that.
Post: What is the amount you pay a Realtor?
- Posts 23
- Votes 3
Just trying to learn here. I did not realize how big a deal it was to find properties that had fallen off the MLS. I just assumed I would be sent an email with some properties. I close on one and give the Realtor a set fee. I'm doing all the paperwork. All the legwork. It seems it's not as simple as I thought.?
Post: What is the amount you pay a Realtor?
- Posts 23
- Votes 3
Quote from @Eliott Elias:
What ver you two negotiate. Depends on who found the deal and how much work each party put into it. I pay 1%
Post: What is the amount you pay a Realtor?
- Posts 23
- Votes 3
When you have a Realtor find you off market properties. What is a reasonable amount to pay them? Is it the same as when you buy the property when its active on the market? Is it a flat rate?
Almost no deals already listed on the market are going to be open to creative financing. I can't really tell if you have experience, but my guess would be you do not and are using things people told you to do in order to get a deal for low or no money down. If I had a first-time investor ask me to check on an MLS property for creative financing just because it was 4 months old, I wouldn't work with them because I would think they don't have the money for a traditional down payment and would be a lot of work for very little opportunity. That's more likely what is happening. A realtor has no obligation to present verbal "offers" when not backed by consideration and verbal offers are tantamount to nothing anyway.
Wow.