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All Forum Posts by: Gina Smith

Gina Smith has started 2 posts and replied 24 times.

Post: Buying first Property. having 2nd thoughts... educated myself

Gina SmithPosted
  • Rental Property Investor
  • Posts 24
  • Votes 8

Depending on how you came to your "loss" number (I couldn't see the attachment) it may be worth it to stay with it. I have a rental in Chicago that doesn't cash flow (was a prior residence I didn't buy it as such) but I keep it because I put in about $100/month roughly and my mortgage is being paid down essentially by someone else, I know it will appreciate and if my income were lower I could take the loss against my W-2 income. Eventually I'll be able to take that loss plus that's what got me in the game! Not saying you should do a bad deal just to do a deal but as someone said that small loss might not end up so in the end. You may also be able to eventually refinance to get the cash out to do other deals. I don't know your market but I have seen many people make nice appreciation when they have bought pre-construction (not sure if that's your case). Also, you might be surprised who will AirBNB it to be in the sun and near a beach,. 

Post: Advice in finding a Sponsoring Broker in Chicago

Gina SmithPosted
  • Rental Property Investor
  • Posts 24
  • Votes 8

Hi. I am looking for a sponsoring broker as well and have just passed my real estate exam. I am looking to be/work with real estate investors as I am one myself and already have knowledge in this area. Anyone have any recommendations of brokerages to check out in the northwest suburbs?

Thanks,

Gina

Post: Self-directed IRA custodian recommendations

Gina SmithPosted
  • Rental Property Investor
  • Posts 24
  • Votes 8

Thanks Brian, I have read up on all that. I was looking for current personal experience from people on what advisors they'd had great experiences with. Some sound good on paper and then lack customer service, etc. 

Post: Self-directed IRA custodian recommendations

Gina SmithPosted
  • Rental Property Investor
  • Posts 24
  • Votes 8

Hi. I know this was asked before but no posts about this since 2015 or so. In the past I saw Quest & IRA Services Trust Co. recommended. Are there any others that I should be looking into now?

Thanks!

Gina

Post: Finding a CPA for REI

Gina SmithPosted
  • Rental Property Investor
  • Posts 24
  • Votes 8

I'm a CPA and I have a few investment properties. I agree with most of the responses that for your portfolio you probably don't need to pay any crazy amount for a consultation, but you should talk to someone. There are many things that they could tell you that could help you save money and just help you make better decisions in terms of your rentals. 

I'm actually on here for my own investing not to be a CPA but I'd be willing to talk to you to explore possibilities of a consultation. 

Post: Funding a fourplex without ruining the deal

Gina SmithPosted
  • Rental Property Investor
  • Posts 24
  • Votes 8

@Salvatore Lentini do you mind me asking what lender you use to finance your rental portfolio don't require W2s or tax returns. Just a 650+ credit score.

Thanks,

Gina

Post: Very first flip - COMPLETE!

Gina SmithPosted
  • Rental Property Investor
  • Posts 24
  • Votes 8

Congrats!! I love the pictures. Thanks for inspiring a potential 1st time flipper!

Post: Looking for Sponsoring Broker in Near North/West Chicago

Gina SmithPosted
  • Rental Property Investor
  • Posts 24
  • Votes 8

@Bob Floss II can you please send me recommendations as well? I'm in the Chicago area and in the same situation. I'm getting my license for my own personal investing and I'm not sure where to go to get sponsored. 

Thanks!

Gina

Post: FIRE Strategy for High Income Earners

Gina SmithPosted
  • Rental Property Investor
  • Posts 24
  • Votes 8

I'm in a similar situation. I have a decent amount of passive losses that I can't offset against ordinary income due to my income. Don't you have enough rentals though for the income to be offset by some of your losses? I keep thinking "when will I ever get to take these losses". I guess the more properties I acquire if they show income I'll get to offset it. Or maybe one year I'll take a sabatical so my income drops just to get to claims the losses! Sounds ridiculous I know, but think how much you'd actually make in tax savings. 

A good tax strategy is definitely maxing out Roth IRA. Another strategy is putting a good chunk in HSAs so that you can eventually use that to pay medicare or healthcare premiums, etc once you're retired. It also reduces your taxable income now which is great. You'll never pay tax on that money and we'll all likely need it in retirement.

Post: Self Directed IRA Partnering with Myself and Getting A Loan

Gina SmithPosted
  • Rental Property Investor
  • Posts 24
  • Votes 8

So could I partner with a solo 401k for down payment and then the 401k gets a  nonrecourse loan?