All Forum Posts by: Eric Gabriel

@Lance Lvovsky, @Steven Hamilton II, @Adam Rasmussen

Is it cheap to pay $1300 to file personal taxes and $1600 for business taxes in 6 states?  

My CPA mentioned that he isn't set up for multi-state returns, so it takes more time and effort to set those up.

To clarify, before the multi-state fund was invested in and put onto my return, I was paying $300 and $500 or maybe $400 and $600 to my CPA to file.  I'm not sure of the exact amount.  It has gone up a little bit over the years.  This was to pay for filing in Oregon.  In relation to that, this years filing added these states because of the fund added to the business return ...(Arizona, Colorado, Florida, Maryland, North Dakota, Ohio, and Virginia).

Adding those states costs me an additional $2000?  Is that cheap?  The CPA mentioned that he is small and not set up for multi-state and it might be cheaper to go somewhere else.  I talked to the people at the fund and they said the same thing.  You 3 are saying it's cheap.  I'm between opposing sides and I'm not sure who is right.

Is it cheap to pay $1300 to file personal taxes and $1600 for business taxes in 6 states?

My CPA mentioned that he isn't set up for it, so it takes more time and effort to set those up.

I invested in a fund that invested in several states.  As a result, I got a tax bill from my CPA for my business at $1600 (last year $500) and personal $1300 (last year $300).  

I have...

-1 rental property in Portland, OR. in my personal taxes.

-1 rental property in Portland, OR. in my partnership GPM LLC (two K-1s - one for me, one for my mom/partner)

-1 fund in MULTIPLE-STATES, maybe 6 in my partnership GPM LLC.

-1 ATM Business with 6 ATMs in Charlotte, NC called AMKOR LLC.

-1 Real Estate Holding LLC that doesn't have real estate yet but has expenses.

I provide all of the income and expenses via spreadsheet and the CPA puts it together in the way it needs to be.  

I've been told my accountant is charging too much but he seems to not be set up for multiple state filings.  Please contact me if you can save my taxes and leave my kidneys intact.

I haven't had any issues until now.

My Best, 

Eric

Try credit unions. I was able to get a HELOC on an investment property in Oregon. It was full-doc

I'm assuming if you own the property you are talking about hard money would be the best option. If you have equity collateral, there are lots of hard money people that will lend to you. Try the REIA facebook group.

ADVICE - CONTRACT NOT SIGNED

I got a contract from a buyer who wants to buy my duplex.  Here is the deal in a nutshell.  Let me know if it is a good deal for a row house development in Portland, Oregon.

1. I will carry a note for 9-12 months while the developer goes to the city of Portland to get permits and subdivide the duplex off of the main house.  The buyer will pay $5000/mo during the permit process.  I also get to continue collecting rent during that process which is $2500/mo.

2. Once the permits have been gotten, the buyer will exercise their write to buy the property for $500,000.  (earnest money is $5000) so they will pay $495,000.  Once the money is in my pocket, they will demolish the duplex since it can't be as close to the house as it is AND be on its own tax lot.  

3. The buyer will develop 3 luxury townhouses.  The townhouses across the street are selling for $750,000 each.  There are 8 of them.  

My question is, does the contract have anything missing that will hinder this process or put me at risk?

One question about selling is, should I sell the triplex all together, or is it better to sell just the duplex, or should I just keep the rental income?

The house by itself, if divided from the duplex, as-is, would be worth at least $350K, fixed up $500K.

Credit Unions!  Select a co-op credit union if you will have properties in various states.  The co-op is larger than the largest bank (BofA).

Co-opcreditunions.org

I returned a cashiers check mistakenly written to me for $1,000,000 by BofA.  They returned the favor by shutting down my business account.  I seriously love credit unions and the co-op network.

Is that one here 8045 South Blvd, Charlotte, NC 28273 starting at 7:30am to 9:00am?  @Harry Marsh set me up with a schedule of events where all of the cool kids go.  Haha!

I hope to see you there.

@Harry Marsh , I've looked at that strategy a long time ago but had trouble building my systems.  Do you know anyone that uses an effective system already that needs a partner to grow their business?  

Are there any REIAs that meet around Charlotte that you can recommend?  I just don't have time to reinvent the wheel when it has been done by so many others.

My Best,

Eric

I'm new to Charlotte and looking for partners/ideas.

If you had $100,000 to invest in the Carolinas passively and wanted to multiply it as quickly as possible, where would you invest it?  If you had $300,000 to invest, would that change your answer?

Partner with Lonnie Dealer?

Buy a Mobile Home Park?

Fix and Flip Singles?

2-4 Unit BRRRR?

Other?

I have good credit, tax returns, and investment property equity.

As long as she has 2 years of tax returns, she is all set.  My wife and I are both working in Korea.  She got her US citizenship many years ago.  All they care is that you file US tax returns and make enough income to service the loan. 

We are preparing to do exactly what you are doing.