All Forum Posts by: Camden Smith

@Daniel Hyman can I speak with you to see if you’d be a good fit for my needs.

Can you message me contact info or message me on LinkedIn?

Specifics:

I have my day job, own 3 investment properties (all duplexes), own the property management company that oversees the success of these properties, and have 1 side gig.

I’m looking for an accountant either in Utah or really anybody who would recommend an accountant anywhere who is able to help me get organized and save taxes.

Accountant will need to know real estate accounting and tax benefits, obviously. Would like to briefly chat each quarter and end of year before filing.

Thanks for any help here and any recommendations!

Russell, I guess to add more to the story... I'm not planning on becoming a "Real Estate Agent" as my job. I'm getting my license so I can sell my own properties and collect the commissions. 
I hear you though... Don't want to make any mistakes... But didn't hear an answer on how to do this most effectively while maximizing profits.

If I was going to be doing dozens of transactions... I would worry about getting in with a good brokerage... but this simply isn't the case.

Here is the scenario:

I will get my real estate license before my dad sells his 2 duplexes. He has agreed that I can sell his duplexes for him.

However, I am unexperienced and will need some help.

I want to make the most money possible on these transactions without giving too much away in fees to either a broker or coaches.

What would you do to save the most money for yourself?
Also, how do I get a piece of the entire 6% instead of just 3%?

Thank you all for your responses! I guess I hadn't viewed alternate methods of pooling money on a deal.
end case: we would come up with 100k+ for the downpayment and leverage the rest. Sounds like the end answer is an attorney

I want to syndicate a deal that will be around $600,000 (2 duplexes). Must my investors be accredited investors? What are the rules regarding this.
I plan to pool the money with a few friends of mine. Can we do this without them being accredited investors?

Any light on this topic will be very helpful.

@Dave Foster Thanks for some input here. There would be no discount... I would pay market price for them... and yes I have heard about that 2 year rule... which wouldn't be a problem. (planing on holding them for 5-10 years or indefinitely). So you're saying an accountant would be okay to sign off on this... not necessary a lawyer?

My dad has 4 duplexes. I want to buy 2 or maybe all of them. He wants to role the sale proceeds into a 1031 exchange. Is this legal to have a family member buy your properties.
Also... my Dad would also be "the bank" for the purchase of 2 duplexes-- let's say. So he would fund the total amount minus my down payment.
What are the legal ways to do this so that I can buy 2 properties from him, he can sell them, and still use those sale proceeds (along with the sale of the other two duplexes) into a 1031 exchange into a commercial retail property?