All Forum Posts by: Bill Hampton

@Jenniffer Nosenko

You could wait until you have your first property or you can start working with a financial advisor before you get a property. 

If you start working with one now, they could put you in a better financial position before you get a property. 

I recommend finding a financial advisor who specializes in real estate taxation and financial planning and tax planning.

You may want to consider working with your advisor remotely to expand your options.

I would also recommend looking for a advisor willing to work with you throughout the year. You want an accountant who can help you strategize and who is responsive when you want to know the consequences of the financial decisions you are making throughout the year.

Make sure your financial advisor is a fiduciary. Many stockbrokers and insurance salesmen are not fiduciaries. 

Good luck. 

@Christine Aledam

If you create a California LLC, the $800 cost is a tax deductible expense.

Once you have the LLC and IRS Employer Identification Number you can open a business bank account to track rental income and expenses.

If you don't create an LLC, you should open a separate personal checking account to track rental income and expenses. This is helpful for monthly bookkeeping and tax return preparation.

Good luck. 

@Kenneth Lee

Welcome to Bigger Pockets. Bigger Pockets is a great place for education and networking. 

Good luck. 

@Chad Verde

Join your local real estate investors association and network. 

Good luck. 

@Marie Paul

Welcome to Bigger Pockets. Bigger Pockets is a great place for education and networking. 

You should also consider joining your local real estate investors association for additional education and networking opportunities. 

Good luck. 

@Greg Seivert

Most lenders that work with real estate investors understand that you may show a paper loss and they won't hold it against you. If one lender says no, find one that will say yes. 

A second option is getting a DSCR loan.

Lastly, knowingly leaving deductions off of your tax return to qualify for a loan is mortgage fraud. 

Good luck. 

@Nathan M kiefer

I recommend that you get professional financial/tax advice. The best strategies will be tailored to your specific situation. 

Here are a few options: max out 401k contributions for you and your spouse, max out HSA contributions, make charitable donations, harvest tax losses, etc.

I recommend finding a tax strategist who specializes in real estate taxation, financial planning and tax planning.

You may want to consider working with your accountant remotely to expand your options.

I would also recommend looking for a accountant willing to work with you throughout the year. You want an accountant who can help you strategize and who is responsive when you want to know the consequences of the financial decisions you are making throughout the year.

Good luck.

@Edward Segaar

Bigger Pockets is a great place to find a real estate accountant. 

Every accountant is going quote you a different price. Don't just look at their prices, also look at their services and compare them to the competition. 

I recommend finding a tax strategist who specializes in real estate taxation and tax planning.

You may want to consider working with your accountant remotely to expand your options.

I would also recommend looking for a accountant willing to work with you throughout the year. You want an accountant who can help you strategize and who is responsive when you want to know the consequences of the financial decisions you are making throughout the year.

Good luck.

@Andrew Labban

Welcome to Bigger Pockets. Bigger Pockets is a great place for education and networking. I'm in the Atlanta area. Let me know if I can be of assistance. 

@Tzvi Keisar

Bigger Pockets is a great place to find a real estate tax strategist. 

I recommend finding a tax strategist who specializes in real estate taxation, financial planning and tax planning.

You may want to consider working with your accountant remotely to expand your options.

I would also recommend looking for a accountant willing to work with you throughout the year. You want an accountant who can help you strategize and who is responsive when you want to know the consequences of the financial decisions you are making throughout the year.

Good luck.