All Forum Posts by: Chris Rizzo

Anyone know of a good tax planner or CPA that I can best figure out my plan going forward. Our AGI is very important as it not only affects our tax hit, it also determines our student loan payments. I have a business where I own the space with a different LLC. I also have a house that will be turning into a rental property as well as a primary household that has a detached 1 bedroom next to it that is included and turning into an AirBNB after current tenant leaves. I also would like to figure out how to best use a Simple, SEP, or 401K IRA to maximize our savings. Need to figure out at plan as my current accountant for my regular business seems not too specific on the rental property world.

Thanks for the recommendations!

- Chris

Ok, i was partly doing it for tax purposes to keep everything clean in one area, but could i just count part of the house as an investment and depreciate that portion?  It is a detached addition.

Thanks @Dave Van Horn.  So, I can deed over "part of the house"?  Its one deed now.  

We just closed on a primary household. The house is technically 2 lots and has a detached garage with apartment above it. We are planning on renting that out (either long term since it even has its only address and mailbox or AirBNB). We formed a real estate LLC that owns our office space... so how/can you transfer the garage apt to that LLC? And with that in mind, im curious on the tax advantages/disadvantages to renting out the garage apartment.

Thanks for any advice you can offer as we are very new to this :)

Thanks Joe!  I just sent him a request through his site.

Thanks guys!  I will call both and chat with them.  I'm looking for someone crazy thorough.  

So, we just went under contract on a primary household, but it does have a separate income property attached :)

Looking for a very thorough and extensive house inspector to use as its an older home (1941) and we definitely went a little higher than what we wanted on pricing so we don't want surprises later on.  

Would appreciate any suggestions of awesome thorough inspectors in the area!  

Thanks!!!

- Chris 

Haha (Holiday inn express).  Thanks for the info.  Maybe I am over complicating the whole situation.  I'll get an additional opinion.

Maybe I'm confused here.  This was my thought process...

My chiro biz pays roughly $3K rent (reducing AGI on chiro biz side) to my Real Estate Investing LLC. Use that to my mortgage and expenses. My accountant was saying we wanted to figure it so we would get net zero on LLC side (with that rent and applying additional principle with overflow, property would be paid off in 9 years)... I am planning on investing in more rental properties (buy and hold residential rentals as well as short term vacation rentals) with the LLC as well.

I was unclear what you were saying as I am VERY new to all this. Are you saying to just not pay rent to my LLC? I thought I had to create an LLC for this.

Hey all,

So, I am hopefully closing on my first rental property at the end of this month.  Happens to be my own office (commercial condo in a Medical building), so I've got a pain in the *** tenant :)

Anyway, I created an LLC to pay rent to myself with and want to start off on the right foot with my record keeping. Since my student loans are tied to my income, I'm getting hit on both sides so having as many legal expenses/deductions as possible is very important.

Thanks for any insight!

- Chris