All Forum Posts by: Changseok Kim

@Drew Sygit Thank you!

@Wayne Brooks Thank you!

Hello Biggerpocket members, 

I have a question regarding foreclosure sale in Michigan. I understand that the redemption period is usually 6 months (depending on the status of house). 

(1) Can the buyer renovate or flip the house during the redemption period? If the house is flipped during redemption period and the previous owner wants to redeem the house, can the buyer have the reimbursement of the expenses incurred including the flip cost?

(2) The redemption period can be shortened (to 30 days) if the property is abandoned. How can the buyer establish that the property is abandoned? Are there any official ways to do so?

(3) Do you have any recommendation for quick title search? What is the cost? How long does it usually take to get the result?

Thank you!

@Henry Clark
Well, the S-Corp business is going to be 100% active income. It is not for real estate or investment business. But thank you for your advice. 

@John Duston 

I agree, and I do not like monthly contracts either. But I do feel that I need CPA’s help in terms of tax planning in investments as it can save me from a lot of potential headaches. Most of CPAs are not readily available during the time in need unless it is for existing clients. Maybe I have not been lucky. 

Thank you so much for the advice! 

@Michael Plaks

Thank you so much! But the link does not seem to work. 

@Henry Clark

Thank you so much for advice. He usually responds promptly by email, it is a bit difficult to make a phone call appointment due to my work schedule, but so far he was able to help when his help was needed. Since I do not know much about S-corp, I may need guidance quite a bit at least for the first year. 

Thank you for your reply. No, it is for my other business. 

Hello Biggerpocket members,

I am living in Portage, MI. I have been working with a CPA for tax report. I have two LLCs, but based on the CPA suggestion, I am thinking to change one LLC to S-corp in an attempt to reduce tax.

Question came in when he discussed about charges. He wanted to make a contract to charge me $250 per month for unlimited consultation and quarterly accounting. And he will charge separate $750 per business and individual tax filing. I feel like this is a lot. But I do not know a out average charge from CPA. Is it a reasonable charge?

I will appreciate your input.

Thank you,

Chang