All Forum Posts by: Alex Sanfilippo

Thank you for the help @Carrianne Mucho!

I just finished reading this blog post here on BP:
https://www.biggerpockets.com/renewsblog/2014/04/2...

Point number 3 really caught my eye:
Challenge Your Property Tax Assessment

Here is what it says:
"I do this on just about every property I purchase. I have found that the local property assessor’s values are often tilted towards the high end. After all, their unstated goal is revenue. If you buy properties at a discount like I do, you can use your purchase prices to significantly reduce those assessed values, thus reducing your property tax bill and increasing cashflow. Be forewarned, this is a time consuming, bureaucratic process, but it can be very rewarding, as the new value will likely be in place for several years."

This is an interesting concept. I have not heard this one before. The blog post was great, I am not trying to take that away from it. But I am wondering HOW to even begin this process...

Does anyone have any links to other blog posts about this or feedback?

@Stephen Dee - Very cool! Thanks for this lead. Do you know if it allows you to set up a co-sign in a lease? My renters are students, and their parents often co-sign but wan the students to develop credit.

@Stephen Dee - I am interested in doing this as well. Do you use QuickBooks Online? Or is it QuickBooks Pro?

@Steve Vaughan, the 12 rental properties will be student housing for a local college in my city. The price for each (condominium) unit will average at $100,000.00.

Thanks again everyone for all of the feedback on this! Very helpful.

Sorry, I should have clarified, this is for rental properties.

Thank you for the feedback. @Soh Tanaka, I would like to see that spreadsheet that you are referring to. Thank you!

@Janette Nason - Thanks for the insight! I appreciate that, this is also something that I will be looking into.

As I am getting started in real estate investing, I want to make sure not to be trying to play "catch-up" starting on day one with keeping my books up-to-date. Quickbooks Pro is used in just about every industry; I am wondering if it is also recommended in REI, or if there are other programs that are recommended...

I am just looking for some quick feedback from individuals that are keeping their books updated that may have some wisdom in this area.

This is exactly what I need to read! Thank you @Daniel Hyman - I appreciate the help.

For my REI business, I am planning on bringing them to my home office as the primary work-space. I know very little about properly writing off a home office, but I am interested in learning. I would love to hear some input from some professionals or links to some helpful references.

Thanks,
Alex