All Forum Posts by: Jamey Meints

I close on my first rental 4-3 in a college town and I want to set it up right.

Can anyone provide a good reference for a real estate savvy CPA. I live in the Northern Virginia area and the property is in Virginia

Had a conversation with a CPA with 40 years experience, but when I asked leading questions (deprecation, self-employment tax, etc.) his answers conflicted with my research.

The big question I have is if I can be classified as a Real Estate Professional. I have a W2 job with a top 20 general contractor as a Development Manager. My duties focus on development of commercial and large multifamily properties from land acquisition thru operation.  Over the last 5 years I have been the manager of three 400+ unit apartment complexes in the DC Metro area.

Thank you for your help,
Jamey

I included PMC costs in my pro forma and given that I didn't get to select the tenants I was leaning toward hiring.
My next steps are to set up the bank accounts and get insurance in place.

I'm closing on a 4 Bed/3 Bath rental. It is currently occupied, but will be vacant when we close as the current leases expire. There are leases in place that will start in July. 

This is my first rental and I want to set up my accounts and systems to support future properties in the same market. I would welcome any advice or guidance that people a little father along the path. 

Thanks!


 

@Erik Martin

Hey, any update on your MF and the Cheyenne market?

I'm looking to break from my W2 and want to move to WY, SD, CO as a home base and build a portfolio.

Hope all is well with you and yours,

Jamey