All Forum Posts by: John Duston

@Joey Budka I'm a CPA and know a good attorney for real estate though he is highly specialized

@Lillian Lakes Hi Lillian, I'm also in Santa barbara. Just sent you a connection request

@Robert Timm Attorneys deal lawsuits literally every day and their focus is on protecting from lawsuits not completing a deal

Does anyone know if there's a website that you can put in an address and it'll calculate how much it will rent for, estimate cap exp, mortgage, taxes, vacancy, etc.

Could save me quite a bit of time to have rough estimate rather than figuring the numbers every time.

@Kyle Shankin so here's a common pitfall with my fellow CPAs, they're book and number smart but not business savvy.

Yes you have to "trade" but this means you just pay an intermediary to satisfy the condition.

@Irina Belkofer

A professional should be able to answer a question with a fairly accurate response or disclose that they are not an expert on that area. (Hopefully giving a referral.) 

I don't believe that telling a client that a rental is cash flow positive off of a gross misinterpretation of how taxes work without disclosing that they are not competent in that field can mean they're a good realtor for investments.

In my industry this is really important. I am a good tax prepare but if someone asks me about nonprofit, government accounting, or legal, I may give a little advice but also disclose that I'm not strong in those areas. To do else wise as an accountant can lead to loosing your licenses depending on the severity and motive (such as trying to close a big commission). 

@Jeremy Segermeister

I'm a tax professional and you're getting baf advice. The expanses aren't what you deduct, it's the loss.... unless this realer is advocating fraud.

Either way, it's bad advice and I suggest you find a new realtor. I know a few in the area if you'd like a recommendation

I'm looking at buying a property in an estate deal where one of the heirs is willing to carry a mortgage with favorable terms to offset thier high price.

Thier property tax is only 1400 a year but will go up by 14000 once sold. Would a master lease stop them from increasing as a sale current take place until later?

I am interested in buying a complex that the seller is willing to hold the note on or do an installment sale. Is there  a way to get a loan to get my money back out while there is an installment sale of seller's note?

No go. That's two felonys. One was recent. If they don't respect the law why do you think they'll respect your house rules. 

Might have collection issues.