All Forum Posts by: Joanna Highet

The LLC was created for our rental properties - I just happen to manage them. Our CPA recommended it be a property management company so losses could offset our W2 income. I quit my W2 job this year to do real estate full time and qualify for REPS so that is new for 2024. These types of questions are exactly what I don't have answers to, don't have time to research, and why I just want/need someone who can best advise me and my husband on what we should do with respect to our personal and business goals. Will DM you. Thx!

 That would be wonderful - thanks.

 Hi Basit, it is set up to manage our own rentals.

Thank you, Everyone! 

All comments have been helpful and very much appreciated - I will take the advice of browsing prior posts and reaching out directly to people to get a feel for style and compatibility.  I do have one additional question for the CPA's out there - do you have a bookkeeping team that you refer out to?  Is this the exception or the norm?  My current CPA does this and the teamwork aspect of things is a nice feature.  I'd prefer this be the case when we hand things over so I'm not the go-between.  

Looking to change CPA's to someone with more of a real estate background that can provide tax planning advice and strategies. We have a high W2 income to offset, started a LLC in property management and will close on our 3rd rental in a few weeks. Planning to add 1-2 properties per year. Current CPA and bookkeeper provide little guidance and do not appear to have the vision or knowledge we are looking for. Would love any recommendations. Thanks!

I think you're over-thinking it!  If you have rental(s) or plan to get one and want to decide between long/mid and short-term rental strategies taxes do play a roll if you have high W2 income you want to try and reduce you tax burden.  But this comes with additional requirements you must achieve (look up REPS).  More broadly - AirBnb is more lucrative if you furnish and manage it well, versus a long term tenant.  I also find that depending on the tenant, my one Airbnb property has less wear and tear because it's constantly cleaned and maintained versus my other rentals where the families living there settle in and accumulate stuff - which makes it hard to deep clean regularly (to my liking) as well as just the constant daily wear and tear from kids etc.  As for AirBnb itself - they are far easier to work with and get the hang up than VRBO.  They do everything for you (payments, taxes, insurance coverage) - the website and app are easy and functional and you can vet your guests! With VRBO you there is no damage coverage or insurance unless you pay for it separately, the website and app are very clunky and you can't vet any guests - it's a crap shoot!  Hope this helps and happy to answer any additional questions about AirBnb if you decide to dive in.  I have another property I'm getting ready to close on that will be an Airbnb so it's a direction I'm going in as well!

I've used Privy and Propwire.  Paid the annual price for Privy and Propwire is free.  Overall I prefer Propwire - info is more accurate, tabs at the top are very user friendly - it's easy to find owner info etc.  Website overall is smooth and intuitive.  I've found Privy to be extremely cumbersome and clunky to use.  Site runs very slow, information is not current and search functions are set in such a way that you have to constantly clear search terms, or change criteria to have it pull what you want - this is especially frustrating in the comps section where - for no reason - you have to open the settings and select "all" for it to pull in comps.  No idea why this happens.  Some days it runs faster than others but overall it feels like it's still in beta phase or not ready for widespread use. Propstream was too expensive for me, but for my needs and for any new investors I would say Propwire is excellent - and FREE.