All Forum Posts by: Joyce Ables

@Jeff Byrne

I had a similar experience where family would tell me horror stories of people they knew getting burned by renters ruining their properties. After a few of those comments, I decided to keep my cards to my chest and became selective of whom I would talk with on the topic of REI. You come to realize that if they aren't living it, then they can't really speak into it with any helpfulness. I promptly hired a mentor and didn't tell anyone about my first flip because if I was going to fail, I wanted to do it quietly. I have kept the same philosophy as I've grown my business. I answer questions, but don't offer up information freely. You get to where you can tell if people are genuinely interested in the topic to learn.

My advice to you: keep your cards close to your chest. You can talk REI with people who are living it or genuinely interested. No matter who it is, keep all of your future plans to yourself. Only talk about what you are currently working on & only if it's necessary. If they want to know more, set up a separate private meeting/coffee date. Never share your playbook (until you've done the play's & someone is paying you for them). Next, get a mentor & get out there. You can do it. Got to REI events to surround yourself with encouragement & opportunities. Best wishes!

Thank you so much for your input in help! It is a complex topic for me. I will keep researching the topic and look into these recommendations.

My CPA was discussing some ways to accelerate cashflow on my properties and mentioned bifurcated deduction/depreciation on some of the improvements (e.g., carpet, appliances, blinds). However, she mentioned that for the deductions to "stand up in court", I'd have to have a study completed by an engineer as a qualified 3rd party. I would then need to supply my CPA with that report come tax time. She could not provide me with what type of engineer I needed nor refer me to any companies that do such studies. I'd appreciate any input you have. My questions are: 

(1) Have you filed for bifurcated deductions? 
(2) If so, how did you do it? Did you use a qualified 3rd party or do it on your own (using your own documentation/receipts)?
(3) If you used a 3rd party, could you please recommend them to me?
(3) Can you think of any other questions I need to be asking or anything else I need to know on the subject?