All Forum Posts by: Adam Jaggers

Hey BP. 

I'm looking for a Nashville local tax professional to help me would with tax strategy,  planning and filing. I've got a lot of different income sources and I want someone I can sit down with. I'm not looking for a massive firm where I'm just another line item on their checklist. Any suggestions?

Thanks

Ahhh... that makes sense Scott. Luckily this is a cash deal so no worries on the financing side but I think you may be right.  I might just have a 4plex 😏

Hey BP,

Wanted to share a huge win. I've been investing for a while now but I've been very hesitant to do any out of state deals. I liked the comfort of having my units close (even though I don't actually do the management myself). But after a couple years of really struggling to grow my portfolio in a meaningful way I pulled the trigger on an out of state deal. It is a 4plex 10 hours from my home.

I was extremely nervous when I got off the plane last night for today's closing. I was still weary about this deal despite having already identified a local team and run the numbers at least 1000 times. This was a good deal, it was going to work.

Then the inspection came this morning.... I was immediately disappointed to find out the building was in DESPERATE need of a roof. I had actually factored this into the deal as it was an older building but it's never fun to find out you're going to be spending another 25k on a deal even IF you had penciled it in.

Then the fun began as I started walking the inside of the building... Its not currently occupied so I strolled through all the units to get a sense of the layout before doing a detailed walk... I got a little turned around and walked it again... and again... Finally, I realized THERE WERE 5 APARTMENTS NOT 4! I was shocked.. How could the be? I immediately called the my agent and asked "Hey this is supposed to be a 4 unit building right?" His response was "Yeah man, 4 units and a bonus room" I called him and we got the listing agent on the line... "No no, it's only listed as 4 because the 5h unit needs some work". WHAT?!?!?! I had a great deal, all the numbers run, all the ducks in a row and it turns out there is an EXTRA APARTMENT?!

TLDR , Today I bought a 4plex that was actually a 5-plex. GO ME!

Hey BP!

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I've been investing for a few years now but have been in tech even longer. Early on in my investing journey I experienced a ton of water damage because of water leaks in places that often goes unnoticed under sinks, in utility closets etc.

I was curious if anyone else here has considered any remote monitoring water leak systems?

Thanks

Adam

HEY BP Crew!

I've been investing for a few years now but have been in tech even longer. I've recently made the jump to working full time on real estate. I've officially launched a new tech company dedicated to providing a remote monitoring system for property managers. We're launching primarily focused on detecting water leaks in order to prevent costly damage that often goes unnoticed under sinks, in utility closets etc.

I was curious if anyone else here has considered any remote monitoring systems and if anyone would be interested in a system like this? Any and All feedback is welcome!

If you are curious about the product you can find out more here:

https://www.rental-guard.com/

Grantham,

Remote cameras would be tough without power. Would you want simple motion sensors? Would that be valuable? How often would someone be onsite to change batteries?

Adam

Hey BP,

Just wanted to get thoughts from the community. I've been investing for a couple years now and have about 15 doors (various types).

I've been hit with pretty bad water damage basically twice a year from various sources. Im averaging basically $1k a year per door in water damage. 

Does this seem typical ?  What things are you property managers doing to prevent this kind of thing?

thanks in advance

Thanks to all the responses so far. A couple clarifications

- I was assuming 1031 wouldn't work, hence the tax acrobatics 

- I'm not a real estate professional but this income isn't from real estate, although the write off would be.

I've also looked into investing into opportunity zones but I'd rather not do that as it might be hard to find a large enough deal in my market that happens to land in the right location.

Hello BP!

I'm in a somewhat interesting tax situation this year and I thought I'd get some feedback on my strategy (having never done it before). I'll be selling a non-real estate asset (portion of a business) for a significant sum. This is going to be considered short term capital gains. 

My plan is to invest the ENTIRE sale amount into a big deal. Then do a depreciation study (with acceleration) to claim as large of a loss as possible on the first year. I'm hoping to claim as much as the entire down payment (my entire profit), thus avoiding any tax on the money that would have otherwise been considered regular income and taxed at that gross 38% mark.

Does this seem crazy? I'd much rather invest that 38% than give it to uncle sam :)