All Forum Posts by: Curt Riffel

Not a recommendation per se, but the law firm whom I see do nearly all of the multi-family syndications I run across is Kelley Clarke PLLC in Prosper, TX. I'm not sure how much availability they have but probably worth reaching out. 

I'm a CPA with experience in multi-family syndications, but I deal with more accounting tasks than legal. Filing 1065 partnership returns mostly and the cleanup of books. 

@Kurt Granroth meet Curt. me. 

I'll bite. Send me a DM I'll chat with you or scan over your 1040 and let you know what I think. I have extensive knowledge with syndications, LP vs GP investors, passive vs active income, etc. I'd be happy to give you a 2nd opinion. 

City of Cleveland -Central Collection Agency - do not forget local taxes also. 

Look into this and if you qualify. 

Qualified Small Business Stock (QSBS) sale.

I am a CPA also and I'm on the fence for a property at this price point. I think a Cost Seg makes more sense when the property value is greater than a certain amount. But what is that amount?

You wouldn't do a Cost Seg on a SFH that was purchased for $45,000 that you plan to hold 2 years. I would anticipate you would do one for a property that costs greater than $1,000,000. Somewhere in between those I would do some back of the envelope calculations to determine if it makes sense. You also need to figure in the holding period of the properties and how quickly you plan to exit, those should weigh in the calculation as well. Also what is the price of doing a Cost Segregation? Over what time frame will you recapture the cost of doing a Cost Seg study? What amount of depreciation recapture do you anticipate paying at ordinary rates?

Pandora's box - I think you can throw a rock and hit a couple of syndicators. 

There are good operators and not so good operators. This is hard to tell in a market that has gone straight up the past ten years. Everyone will appear to have a good track record. I have a unique position of seeing year end financials for multiple syndicators. 

My perspective isn't necessarily financial performance -but rather how clean the financials are, how many revisions there have to be for partner data, and how early we receive the books from year end close. If the books are in good shape with few adjusting journal entries, the partner data isn't changed and reuploaded 5+ times, and we receive the financials in early February as opposed to early April then they get a positive score in my mind. 

I've heard of two operators in the past year that walked away from the responsibility of lead investor. They were running the deal and I guess decided it wasn't worth the hassle any longer and quit. Another GP member had to step up and takeover and as you can imagine it was likely a mess. 

In DFW there is an active Facebook group for real estate, I would seek something similar for Austin and just drop this thread there. If you post it in the DFW one you would have 6 lenders in a day jumping to give you a HELOC.

@Olga Daisel

I am located in Frisco, TX. I have an MS in Accounting, a CPA license, and prepare tax returns for real estate investors. Also I'm friendly and easy to work with.

We specialize in multifamily real estate syndications, but help a broad range of clients from SFH rentals, commercial, business owners, and general high net worth individuals.

I agree with Chris above to run some projections to see if it makes sense to complete a 1031 exchange or not or if you are eligible.

@Franklin Navarro

I am located in Frisco, TX. I have an MS in Accounting, a CPA license, and prepare tax returns for real estate investors. Also I'm friendly and easy to work with.

We specialize in multifamily real estate syndications, but help a broad range of clients from SFH rentals, commercial, business owners, and general high net worth individuals.

The formation of LLCs/partnerships is typically completed with an attorney and not a tax professional. There are often legal documents and agreements that accompany setting up an LLC.

Why did you set up an S-Corp for your properties? Are you aware you will need to take payroll each year via a W-2?