What will your investor, lender or purchaser need on a Cash Flow Property?
If any of the above partial list of terms are confusing or even seem like a foreign language to you, then you will need help acquiring a property, a lender or obtaining a buyer. Although you can spend money to take courses, ask your realtor or lender, or do an Internet search, you still may be missing a few aspects. Most of this information needs to be available to you prior to even purchasing a cash flow, passive income property. This does not matter if it is a residential or commercial property.
It is amazing how many Mom & Pop businesses are not keeping record of their income, expenses, and profits on rental properties. I will be one to admit my first property acquisition was a duplex. I lost a ton of money simply by owning the property in my own name, doing my taxes myself based on education from family members, and not hiring either a CPA or a tax attorney. I purchased the property for around $30,000, held and paid off the mortgage in a timely fashion (12 years), went through a divorce during this period, and eventually sold the property for over $60,000 during the peak real estate sales in 2006. Sounds like a nearly $30K profit on this paper, but in all reality, it should have been break even or even a loss.
If you want to learn how NOT TO MAKE my mistakes, you have a couple of options:
All of these options will work, but only if you know what to ask and who to ask. Additionally, you can pay a lot of money for this asset protection if you go directly to an attorney out of the yellow pages for each and every city in which you are investing! Trust me. retainer fees add up in a hurry, and many attorneys will either ask you "what do you want to do" or simply say "I recommend you follow my direction" and will charge you for asking additional questions.
Waitlist Me Please and Find Proof of Funds can help minimize your cost as well as prevent your loss. Feel free to schedule a consultation to determine if your cash flow property is lender friendly and your assets are protected by visiting <ENTER SITE LINK HERE>. Also consider the CAP RATE Calculator as a freebie.
It is amazing how many Mom & Pop businesses are not keeping record of their income, expenses, and profits on rental properties. I will be one to admit my first property acquisition was a duplex. I lost a ton of money simply by owning the property in my own name, doing my taxes myself based on education from family members, and not hiring either a CPA or a tax attorney. I purchased the property for around $30,000, held and paid off the mortgage in a timely fashion (12 years), went through a divorce during this period, and eventually sold the property for over $60,000 during the peak real estate sales in 2006. Sounds like a nearly $30K profit on this paper, but in all reality, it should have been break even or even a loss.
If you want to learn how NOT TO MAKE my mistakes, you have a couple of options:
- You can hire an attorney
- You can hire a CPA
- You can hire a Property Management Company
- You can hire a Consultant
All of these options will work, but only if you know what to ask and who to ask. Additionally, you can pay a lot of money for this asset protection if you go directly to an attorney out of the yellow pages for each and every city in which you are investing! Trust me. retainer fees add up in a hurry, and many attorneys will either ask you "what do you want to do" or simply say "I recommend you follow my direction" and will charge you for asking additional questions.
Waitlist Me Please and Find Proof of Funds can help minimize your cost as well as prevent your loss. Feel free to schedule a consultation to determine if your cash flow property is lender friendly and your assets are protected by visiting <ENTER SITE LINK HERE>. Also consider the CAP RATE Calculator as a freebie.