All Forum Posts by: Joseph Rios

As of today we only own one property under the LLC, which we bought last year. We flipped a different property last year. For filing our 2022 tax return we were invoiced $3,750 by our CPA. He filed an extension for us earlier this year and I guess because he filed the return last minute (kinda our fault) we were charged extra. He also works for a large firm so I'm guessing that has something to do with the fee being so high. I wouldn't say he's an expert in Real Estate as we haven't really discussed that many strategies as I'm the one to usually ask questions and bring them up, but he does have experience filing business taxes as he has been doing it for many years.

@Jim K. 35+ 40

@Michael Rutkowski I’m contemplating going that route. The market is so hot and the inventory is so low that I’m starting to wonder if it would be better to build my own rentals rather than buy at these high prices.

@Joe S. I spoke to my tax guy and that’s what it looks like, just have to make them sign a receipt 🙌

Hello BP community,

I will be doing my first cash for keys tomorrow and if everything goes well the tenant will be vacating the promises. This is a tenant that I inherited with the property. They asked for money for their new apartment since apparently they really need it. Like any other person I hate losing money especially during these difficult times. Is there a way this cash for keys amount ($1 200) can count as a donation? It would be nice if I could at least take advantage of this during tax season.

@Paul Welden it was a weird transaction, it was bought as a short sale for a lower price and then sold to me off market. But yes it would be a rare low comp, as most of the houses in the area are selling for way more. I guess my only option is to sell it to a cash buyer 🤔

A week ago I closed on a property with enough equity that I believe it would sell for around $75k more if I were to put it back on the market (without doing any work to it, except for getting rid of the trash which is pretty much everywhere and cleaning it up a bit). This would be an ideal home for a 203k buyer (it's a medium rehab project) definitely not for an investor as there wouldn't be enough profit left for them. Would a 203k buyer be subject to the 90 day FHA flipping rule? If so, does a conventional or VA loan offer a type of rehab style loan that would not be subject to this rule?

@Andrew Postell This is an awesome read, I wish I would’ve come across it sooner. We closed on a 2 family fixer upper last week (cash deal) and I am now just finding out about the 6 month seasoning period for the cash out refi. Your method makes complete sense but I’m afraid I am too late for that, I’ll just have to wait out the 6 months to get all my cash out :(

@Kirbi Campbell

At what point (in terms of rental units) would you consider hiring a property manager? Whatever that number is that is my goal for this year 😬

@Filipe Pereira wouldn’t a new layer of drywall be too heavy for the ceiling?