All Forum Posts by: Aaron Zimmerman

@Victor So would be a great resource to answer this question. 

On the personal finance side, I would continue building up your reserves for this property and personally. If you can't withstand 2 months without renters, you're putting yourself in a tough spot to withstand any weakness. Congrats on the property purchase and hope you find great renters

@Joshua D. - I'll speak to the real estate cpa side and what you'll want done ASAP. 

1. you'll want to get the basis right for all the properties. 
2. figure out if this is going into an LLC or not and what the tax ramifications could be.
3. determine if you'll be a real estate professional or not. 
4. Determine if cost seg is worth it (100% bonus depreciation certainly helps for sure) 

This seems fairly inexpensive to me. I would definitely be charging more than that for seven properties. Are you getting any strategy with this or just the prep? 

In today's market, you need to work for cash flow and deals a little harder. It's absolutely true that it's harder to make deals pencil when interest rates are in the 6-7% range. You have to be more creative. The way to get better deals in todays market are by buying deeper and expanding opportunities for cash flow such as STR and MTR.

@Gabe Arnaud - you're asking the right questions. I would first figure out what your overarching long term goals with real estate. How many properties do you want to have? What is your freedom number? Why real estate? 

then, identify what a good deal for you is. What kind of returns are you looking for? What kind of commitment are you trying to put into the property? 

@Henry Lazerow thanks for bringing this to our attention. Is there a call to action on this? Another ridiculous policy. Just ask them how the preservation ordinance went. Well intended policy but not well executed 

Welcome! 

For lender, I'd recommend Mike Facchini with fairway mortgage!

I'd encourage you to go to some local meetups and add more people to your network to get great contractors, handymen, etc. 

happy to help in any way that I can. I'm a real estate investor and also a real estate CPA. 

Good luck with your investing journey!

I would recommend house hacking as much as you can for as long as you can. With the low down payment options, this allows you to get into more assets which will benefit from appreciation, cash flow, taxes, and loan paydown. Congratulations on your early success! 

@Zeni Kharel it seems like itemized deductions might be in play for you in 2025 and 2026, especially with the new tax bill awaiting to be signed. Since it's not a rental property, you will get taxes and mortgage interest as deductions. 

What is the reason why you're not considering investing in your local market? What are you looking for that ND does not provide?