CPA
I haven't had much time this week to breathe, but I managed to get more information on the CPA I cancelled on last week. According to her web site, she seems to do the general CPA-type stuff: accounting, entity creation, taxes. My only concern is that she may be a jack-of-all-trades and a master of none (or should I say 'master of not I what I need'). Maybe I'm just being unrealistic trying to find the perfect CPA, and wasting time doing it. So, I'll give the lady another call today and set up a time to meet next week.
Refi
This just keeps getting better. I half expected my broker's office to call me late yesterday afternoon with a closing time, but I didn't get anything. This morning, my wife (whom you recall has less patience than I) gave them a call. Seems the lender is holding things up as the lady said they received a call late yesterday that they were wanting still more info (just like you said, Scott). Now they are anticipating a Monday close, but that all depends on them getting word from the title company. I will really need to evaluate my optoins next time. I may plan a visit to my credit union to talk to the VP in charge of loans the next time.
New Development
I have been seriously contemplating going down the path of new multi-family development. Call me crazy, but I just feel this is a HUGE need for such a thing in my farm area. I mentioned before that a good portion of my farm area is seeing business growth with big retailers such as Home Depot and Walmart setting up shop down the road. SFR house builders are slowly coming on board, but I have yet to see any multi-family development catch on - and I see this as a BIG opportunity. My problem is I have absolutely no experience in this arena. There is land galore in the area, so my first steps (I assume) would be to research land opportunities and, at the same time, pay a visit to the county zoning office. After that, though, I'm clueless how to begin development. Maybe I can just find out about the land first before I take the next step?
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2 comments:
Favorable news. I sent an email to one of the people the CPA has listed on her web site as a client. He is a Realtor® in the Austin area. He sent back a quick reply saying he highly recommends this CPA and she has other RE investor clients, who also speak highly of her professional abilities. Whoo-hoo! Maybe I done good. I sent him a reply, thanking him for his prompt reply as well as giving him my "Hi - I'm a REI and would like to find out more about gow your services can help me" pitch.
I've said it 100x and I'll say it again, the biggest word in this industry is NETWORKING. You find one person to help, and you almost always get other referrals.
Regarding the multi-family idea: Do it! Jump on the opportunity if you're sure this is one! Don't let a little thing such as lack of experience stop you from proceeding. Pray (if you believe in that), and then network like crazy. What you need is people in your life to make this sort of thing happen for you. Don't be afraid to ask stupid questions. I would recommend you start calling local banks at a pace of at least one per day and find out what kind of loan programs they offer developers, and what the qualifications are. Spend a little of your free time scouting out locations and land prices. Best of luck!
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