All Forum Posts by: Aaron Zimmerman

Ryan- welcome to BP. I did my house hack a little west (Irving Park). Still a great neighborhood and fairly close to the action. Let me know if you'd like to talk sometime and I'd be happy to share my experience!

I agree with John. House hacking is the best first step because you need somewhere to live. The biggest thing is to make sure it cash flows when you leave and enjoy the neighborhood you live in. 

There are quite a few FB groups that put on free events and good networking (currently remote). Feel free to PM and I can send you some links. I don't know if I can post them in the forums. 

Depending on the complexity of the returns and how organized you are for your accountant, that seems to be a very reasonable price to pay assuming the work is quality. In fact, the fee could probably be upped especially given the potential complexity of the sale for 2020. 

Drew- I'd recommend figuring out where you'd like to live first and then explore there. Chicago has a rich culture and a variety of neighborhoods that appeal to all types of people. Let me know if I can be of any assistance in your house hacking journey. 

I would probably say to look west and see what is out there in terms of multi-unit properties. Areas such as Avondale, Irving Park, Logan Square, which are a little outside the city center but are still close to the action. You could even buy a fixer-upper with that amount of money, refinance and do it all again. 

1. Detail oriented

2. Knows the tax code for real estate/other business deductions

3. Educates you on the process 

4. Understands your goals with real estate so you can acquire more loans (if that's what you desire)

What is your business plan with the property? Perhaps the 4% cap rate may be higher in the future. 

One of my friends has a condo where he rents by the room. Feel free to PM and I'd be more than happy to connect you two. 

I agree with what has already been said. In terms of action steps, you need to know where you're going and then your CPA should be able to help advise you, not the other way around. I'd take a hard look at where you're at currently and where you'd like to be at in 1, 3, 5 and perhaps 10 years. I think it's also important to think about where your tax rate is going (likely up given your increase in income and individual tax cuts set to expire in 2025). Therefore, is it worth it to take extra depreciation now or later when you're in a higher tax bracket? There's certainly a lot of things to consider with tax planning!