All Forum Posts by: Wei Jie Yang

Hi Everyone,

This is a more general question but what exactly should I look for in a Tax Advisor/Attorney? I am a complete newbie in terms of real estate investing. I own a Duplex in NYC that acts as my primary, own one property OOS, and have another one under contract. I am also a middle income W-2 worker. 

I don't feel I need a tax advisor or attorney yet, but I probably will two to three years down the line. How do I find a good tax advisor/attorney? What do I even look for? How do i know what sounds good vs what's actually good for my situation?

@Axel Meierhoefer I've actually been holding off on that as long as humanly possible since I only get 5 shots on it and I'm still a penny pinching cheapskate (working on it though).

@Account Closed That does work. I just use Memphis Invest's pro forma's as a quick look and I have one of my own to compare investments. 

That  being said though, I am trying to figure out why that is happening, and why it's happening with every single Memphis Invest proforma that I got.

@Eric Chase I do have a version of my own, that's why I'm so weirded out that ever MI proforma that I've got had the gross cashflow number go up rather than down when I increased maintenance % and I can't figure out why. The MI proforma that you gave me didn't have this problem, but the formula's are the same.  This is more for me to figure out why the set of spreadsheets I got are like this more than anything.

@Chris Clothier Thanks for getting back to me! I'm just looking at various new properties you guys sent over. Knocking the vacancy and maintenance to 0% actually made my Monthly cash flow (the gross number) go down rather than stay the same, which is what I assumed it should do. 

I will send you a few proforma I received and show you what I mean. Please forgive me if I miss something or what I'm seeing is a result of a brain fart. 

@Axel Meierhoefer meant as a jest. Mostly positive, but I think I'm going crazy looking at my Memphis invest Profroma.  

Can someone else who has a Memphis Invest Proforma confirm it's just not me? turn your maintenance and vacancy from 4% to 0%. Their Monthly Cash flow numbers decreases right?  I'm not crazy to think it shouldn't right? Since that number is suppose to be the income - Expenses without reserves.

Well, just got under contract with @Nathan Brooks Bridge Turnkey for another property. Now that I have experienced the Cadillac of Turnkey companies, I'll keep everyone up to date with a group that has a completely different property management style. Let's see how this goes!

Hi Guys,

I am analyzing properties that are offered at Bridge. The trouble I am having is that the PM is not managed by Bridge but by Voepel. I've heard positive things about them but they are all rather vague. Has anyone used Voepel for their Kansas City Property Management? How are their communications? How are their maintenance fees? Has turnover been high? Has their communication during a turnover been good and suffice?  What happens when theirs an issue? Are their arguments between Bridge and Voepel about who's responsible for what?

Also, for those that bought Bridge, how accurate are their insurance numbers? They seem to be using a standard rate from the two proformas I've seen and I want to know if they are realistic numbers or not.

Thanks everyone.

@Account Closed  Well that was said half in jest but when I wrote that I still haven't gotten completely used to the idea of good debt. That being said, I actively trade futures and sell option contracts too. So, I guess I shouldn't care either way as that's waaaaay more leverage than any mortgage I can get.

@Matt Moylan It does! Thank you for the information.