All Forum Posts by: Colin Spivey

I am 18 years old, becoming a real estate agent once I graduate high school in May, will be attending college, and am looking at buying my first rental property within the next 6 months. My last post asked about using your car as a tax deduction as a real estate agent, and most everyone had their own view on it but then ended their comment with “talk to your CPA.” I know CPA’s can get fairly expensive and with only around $10,000 to my name, I do not think spending a large chunk of that on a CPA would be wise. My question is, at what point should I seek out a CPA? Is there a certain number of properties I should own before seeking a CPA’s advice? A certain income amount? A certain age? Just would like to hear everyone’s thoughts on this. Thanks

@Ashish Acharya

Thank you. I wasn’t looking for an exact amount or definite answer. I just wanted to know what possibilities I had, which you explained well.

@Anthony Dooley

Thank you

@Andrew B.

Thank you for your advice! So you’re saying that if I bought the car outright, I couldn’t deduct the full payment but if I financed the car and made payments, I could deduct the full payment on it?

I am planning to get my real estate license this summer. I also will have to purchase a vehicle around the same time. If I waited to purchase a vehicle until after I got my license, could I use it as a deduction by saying it is a business expense due to needing a car to drive clients around? If so, what would I need to have/do in order to provide evidence and prove this?

@Andrew Postell

Okay, thank you for the advice

@Grace Ann Pulliam

Thank you for the advice. Happy Inspect seems a little out of my price range right now for not owning any property currently and only looking to get into this one property at the moment. I would gladly accept your assistance and guidance through the process.

@Larkin Adey

As of right now, I have it estimated to be around $60 a sq ft, but I definitely need to dig deeper and find out a little more about the true interior of the property. Thanks!

@Jason Butts

Thank you very much for your advice. I will be doing a lot of the work myself, other than the hvac system and possibly a few other things. My grandfather has an extensive history of being a handyman and knows how to do a little bit of everything. The stuff he doesn’t know how to do, he has someone to call to come do it for a discounted price. I’ve worked with him for years so I know how to do quite a bit myself. Overall we will be doing most of the work ourselves, but we may have to hire out a small portion of the work.

@Fred Cannon

Alright, thank you