All Forum Posts by: Christopher Fraze

@Terry Fox They told me the cost for filing taxes varies based on complexity. For a simple one, about $1000. 

@David Dachtera

I will do that. I am in learn mode. Last two months reading books and consults. This site has also been great. Thanks for the recommendation David. 

@David Dachtera

That is a funny coincidence. I did a consult with them and hired them to do a personal trust and to create an LLC. My only concern was that this recommendation seemed too simple for what I want to accomplish in the next year (one LLC in CA that foreign files in Michigan where my 2 new properties are located and pass through tax status). I am actively buying more and looking to have 10 by June 2020. At some point, it seems like it makes sense to have a c corp receiving the income from these to mitigate the tax issues. Thank you for the recommendation though..... such a great helpful community here.

@David Dachtera

Hello. I am also in the process of setting up entities and would love some advice. If you have a recommendation for a good business attorney I would greatly appreciate it. Thanks so much.

@Jason Howell

Thanks for the response. I am strongly considering it for the peace of mind. One of the biggest questions I have been pondering in this is whether to pass through the income to my 1040 (I also have a full time salaried job) or to elect the LLC as a C-corp. If you don't mind my asking, did they encourage you in one direction or another?

Bringing this thread back from the dead.

I just did a consult with them that sounded very similar to everyone else except for the price tag. An hour long consultation with 45 minutes of it being a description of the service.... namely: Entity creation, then tax planning, then wealth planning. Lots of marketing about how with passive rental real estate that generating 20k/month was realistic in 3 to 4 years and how the average client saw a 20 to 40 percent reduction in taxes. Currently I have a W2 high wage job and just bought my first 2 rental properties. They seem to offer what I am looking for but am a bit skeptical about their claims. Based on what I've seen from others, it seems like how they get to the 40% reduction in taxes is to get you to file as a "Real Estate Professional" to get the depreciation deduction against your w2 income. That is great, but you cannot do that with a full time job. If you are married, you can have your spouse fulfill that requirement of course but the situation would have to be right. So, as to price, they quoted me $5,000. That is quite a swing from the up to $30,000 some others were quoted.

Does anyone else have any more information on their personal experiences recently? @Alonna Johnson

@Jason Howell

Hi Jason. I grew up in Petaluma off Meecham Road but moved up to Santa Rosa then Windsor. I just had a consultation with Wealthability and was considering their services. Do you have anything to add to your earlier posts? Is it still going well? More importantly, do you think that you saved/made more money than it cost? Thank.

@Yonah Weiss

I love the term “magical”. I guess I don’t know for certain, but don’t you think it would be surprising for a firm with Tom’s name behind it to make a plainly indefensible recommendation? Seems like that would come out publicly fairly fast.

@Eamonn McElroy

I was just curious because I had this same recommendation from a CPA. I am a brand new rental real estate investor (2 rental properties) with a lot of W2 income to manage and try to mitigate. I cannot qualify for the Real Estate Investor status because of my full time job but my wife could potentially do it. The upside of that deduction seems unbelievable as it scales ad infinitum. Need to shelter more passive rental income..... buy another house and depreciate then repeat.

@Harjot Khangura @Eamonn McElroy

If he files jointly with his wife and his wife does the 750 hours/year required for the Real Estate Professional tax status that would be legal and the unlimited depreciation defensible, right?