All Forum Posts by: Federico Morales

Hello guys,

My parents own several properties in San Jose and have been using the same tax guy for 20 years or so. However, I don't think he is very good. Basically, they use him because he is cheap and they have used him for very long, so it is hard for them to go out and find a new tax guy. They are both retired, so not so easy for them to use Yelp and such. 

I am dealing with a specific tax issue: I need to find someone trustworthy who can perform a tax correction for my parents. These incorrect taxes are impacting our ability to get loans to do renovations on our existing properties (although the properties have plenty of equity). 

For several years of tax returns, my parents' tax guy has listed one of their properties as a loss, but without reporting the income for that property. That needed to be corrected and we were aware of it beginning in about 2015, but I get the sense this guy is giving us the run around. He says he has submitted paperwork to IRS and is awaiting a response, but that response is 3 years coming? Since it is a bit complicated, I am not even sure how to go about checking if there is some sort of confirmation number or something like that. 

Anyone who knows about making tax corrections, any advice is very much appreciated. 

As far as I know, you can "draw" on the HELOC and then pay it back as often as you want. The HELOC will eventually close at the ten year mark: at that point the "draw period" comes to an end and converts into a regular 20 year loan. At least that's the way mine works. I do it with US Bank.

Cool guys I'll definitely check it out. 

What is the time and date of the next Meetup? Should I sign up directly on Meetup app? 

Hello guys, 

My family owns 5 properties in San Jose, CA. Three of these are half acre plots all side by side, comprising a relatively large plot. I'd like to figure out how we might develop these. 

In the mean time, two of those half acre plots currently have two SFRs each. They are in pretty rough shape and my dad is a terrible manager. I'm looking to put some money into them and start actively managing them myself until it's the right time to develop. 

Finally, my own house (soon to be gifted by my folks) is in a pretty choice location in San Jose and I may move out of it to take a posting internationally. My plan is to bring this house up to date and rent it out. 

As far as my earnings, I'm starting my career right now. My first year on the job my salary is $72,500. My wife makes about $42,000 working about 3/4 time and we are having a baby in February, so her schedule will likely continue. So, together, we do alright for the Bay Area. She's on board with the investing philosophy! 

Thanks in advance  for your advice!