All Forum Posts by: Candi Kham

Thank you for sharing your experience and insights. It helps me a lot.

I am seeking advice on how to proceed with a prospective tenant who has a section 8 voucher. As a first-time landlord, I'm unfamiliar with the process and would appreciate any insights or tips you can share regarding renting to tenants with vouchers.

Thanks 

Candi

I wanted to reach out and share some exciting news—I've just finalized the purchase of my first rental property, and the closing is scheduled for next week.

As I embark on this journey, I'm eager to kickstart the process with some guidance from seasoned investors like yourselves. My plan is to self-manage the property and rent it out by the room, and I believe your expertise could provide invaluable insights to help me navigate this venture successfully.

Specifically, I'm seeking advice on the following areas:

1. Property Management Software: I'd appreciate recommendations for property management software that would streamline my operations and help me stay organized.
2. Bookkeeping: Could you provide guidance on best practices for bookkeeping in rental property management? Any tips or resources would be greatly appreciated.
3. Tax Professionals: I'm in search of a strategic tax professional who specializes in real estate investments. Any recommendations or insights on how to find the right fit would be incredibly helpful.
4. Tenant Screening: Lastly, I'm curious about effective strategies for finding high-quality tenants, especially when renting out rooms individually. Any advice on this front would be invaluable.
5. I truly value the insights and expertise shared within the BiggerPockets community, and I'm grateful for any guidance or recommendations you can offer as I embark on this new venture.
6. Thank you in advance for your time and support. I look forward to hearing from you soon. 

Thanks for sharing your insights. I've recently secured my first deal, and it's set to close next week. While this property may not immediately generate cash flow, its location near me and easy freeway access make it appealing to young professionals as potential tenants. My question is: What steps should I take next to ensure success, and how should I initiate the rental process? 

Thank you for the insightful recommendations! Finding an accountant specializing in real estate taxation and financial planning sounds like a solid plan. Working with someone remotely could definitely broaden my options, especially considering the dynamic nature of real estate investments.

I appreciate the advice on seeking a tax strategist who remains engaged throughout the year. It's crucial to have someone who can provide proactive guidance and help navigate the tax implications of decisions as they arise. I'll keep this in mind as I search for the right professional to support my endeavors.

Hi Matthew,

Thank you for your input. I've just secured my first deal, and it's set to close next week. Could you please introduce me to your CPA who can assist with tax-saving strategies?

I'm thrilled to be joining this community of real estate investors! My name is Candi Kham, and I'm relatively new to the investing scene. I'm here to soak up as much knowledge and wisdom as I can from experienced individuals like yourselves.

On the personal side, I'm a proud mama to an adorable one-year-old who brings immense joy and laughter into my life every day. Balancing parenthood with my investment journey is a new adventure for me, but one I'm eager to embrace.

In my free time, I love immersing myself in different cultures and exploring new corners of the globe. Traveling has always been a passion of mine, and I'm constantly seeking out opportunities to broaden my horizons.

I'm looking forward to connecting with each of you, sharing experiences, and embarking on this exciting journey. 

Thank you so much for the warm welcome! I'm thrilled to embark on this exciting journey into real estate investing. It's truly encouraging to hear your kind words about my approach to tax optimization. I'm looking forward to learning and growing in this dynamic field alongside such supportive peers! 

Hi everyone,

I'm seeking guidance on navigating the world of real estate investing, particularly in the context of tax optimization. Currently, I find myself in the 37% tax bracket due to W2 income and I'm eager to explore avenues to shelter taxes through real estate investments. I'm specifically interested in acquiring a rental property within the $800k to $1.2M price range in Washington state.

However, upon evaluating rental properties in the current market, I've noticed a concerning trend of negative cash flow. This raises the question: what type of property should I be targeting? Should I consider house hacking to mitigate the negative cash flow, or opt for an older home in a sought-after neighborhood, even if it means breaching cash reserves every month?

I welcome any insights, suggestions, and tax strategies from experienced investors in this forum. Your expertise and advice would be immensely valuable as I embark on this journey into real estate investing. Thank you in advance for your assistance!