All Forum Posts by: James Palassis
James Palassis has started 23 posts and replied 72 times.
Hello all - I am in the process of building my "team" to hit the ground running in my investing career. Along those lines, I am meeting with a potential tax strategist on Friday. Right now I don't know what I don't know. Any suggestions on what questions I should be asking would be greatly appreciated?
Background: I recently purchased a lot with boatslip in a lakefront community that eventually I would like to build on and AirBNB/VRBO it. Before I proceed with that project, I am wanting to explore student rental investing in a nearby college town. The game plan being to get some cash flow going before tackling a larger expense of the lake house.
By meeting with a tax planner, I want to explore the following topics. Is this comprehensive enough? Any further suggestions? (These are questions I plan on asking the tax planner, I am not expecting answers to these specific tax questions on this forum):
Can I open an LLC to deduct expenses while searching for the right student rentals? (Wife and I are straight w2 and no mortgage interest, so we are getting crushed).
If I choose not to build on the lake property, can I 1031 it? If I do, do I have to purchase raw land?
Have you ever worked with real estate investors in the past?
Are you or anyone at this practice a real estate investor?
If there are other topics/questions to cover, I am all ears. Thanks everyone!
Post: New member - Greenville/Easley/Clemson, SC area
- Easley, SC
- Posts 74
- Votes 64
I've been listening to the podcasts for a while, and just joined. No previous real estate experience other than my primary residence. Looking forward to learning from the people who have been in the trenches.
Real estate objectives: I am about a year out from purchasing my first buy/hold rental property. I am looking for suggestions for a local team consisting of a tax advisor, real estate lawyer, local mentor, property management (I also work full time w2). I am leaning toward student rental in Clemson, SC (20 minutes away). Ultimate goal is 10-20 buy/hold rentals for passive income in retirement.
Looking forward to getting involved here in the forums. Thanks!