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All Forum Posts by: Justin Parham

Justin Parham has started 2 posts and replied 12 times.

Post: Seeking a new CPA

Justin ParhamPosted
  • Posts 12
  • Votes 10

"Hello BiggerPockets community,

I'm an Army veteran based in Georgia, and I'm looking for a CPA who can assist with tax planning and filing. I currently own two properties: a single-family home and a duplex, which I'm using as a house hack both operate as Short Term Rentals.

 I’d like a CPA experienced in real estate investments, especially with an understanding of house hacking and rental income. I’m interested in strategies to optimize my tax situation, such as maximizing deductions and planning for future acquisitions as I plan to purchase another multifamily soon. 

Please reach out if you have relevant experience or can recommend someone who specializes in real estate for clients in similar situations. Thanks in advance!" 

Quote from @Michael Baum:

So just an FYI regarding bacteria and viruses on bedding, most don't survive much longer than an hour.

There is a lot of controversy on what bacteria and virus lives on fabrics and for how long. Flu viruses live about 2-4 hours before breaking down on fabric. Bacteria is even quicker for the most part.

SARS and MERS are in the 4 hour range on average.

There is sooooo much that goes into this. I would guess that for the most part, bedrooms aren't completely dark with no windows. That would be against code of course. In that kind of environment, viruses and bacteria would live longer.

For example in our lake house, each bedroom is pretty awash in light from windows. Plenty of UV getting in. No way a virus or bacteria would live long with sunlight on the bedspread.

Now, hard surfaces are a different story. Each virus and bacteria will live quite a bit longer on hard surfaces vs cloth.

We still wipe down each doorknob and cabinet handle in addition to all the hard surfaces used often. Like the dining room table, kitchen counters, living room tables etc. If people put their hands on them, they get wiped down.

The bottom line is both viruses and bacteria are quite fragile outside the body and they don't live long.

One of my personal pet peeves was the "info" released early during the COVID-19 outbreak. It said that SARS-CoV2 could exist on hard surfaces for up to 10 days. It was a ridiculous amount of time and really had no basis in factual studies.

What was really going on was could the virus be sensed on a hard surface. The equipment used is EXTREMELY sensitive. It can sense a tiny strand of virus and it will test positive even though it is long dead and broken up.

The data was changed later (over a year) but still, I thought it was simply to scare the public.

Understood and thanks for providing those details. 

Even with all of that being said maybe it just gives me peace of mind knowing the lines were washed. 

In my mind it seems like most of the extracurricular activities take place on vacation lol. 
Quote from @James R.:

If you're providing an "up-scale" environment and hope to attract more guests of this calibre (I do; they don't quibble about higher nightly rates and rarely cause problems) then I recommend white duvet covers and wash them after each guest.  

Thanks James we plan to go with white or something that matches our theme and decor. 

Call me crazy but we wash every turn we use light weight quilts but soon we will move to Duvet covers when we refresh during slow season. 

With so many airborne illnesses I think I owe it to my guest to ensure everything is clean. 

I hate to stay at a place that didn’t wash all of the lines. 

I try to provide the same experience I’d expect. 

So I set up multiple bank accounts in Relay with my EIN number that way all transactions flow through the same account. 

For bills and other expenses I charge them all to a credit card that has good reward points. 

I pay that card every month so it doesn’t accrue any interest that card is paid from the Relay bank account so the expenses are tracked. 

This makes it really easy at Tax time since all of the transactions for a specific property hit one credit card through the year. 

I use Monarch to keep track of all my expenses. 

You can set filters that allow you to narrow down which accounts you are looking at. 

If the different properties correlate with different account it gives you a really clear simple picture. 

I track everything through Monarch personal stuff include because the filters work really good and it gives me a clear financial picture of all my finances as I work towards FI. 

If you like I’d be happy to jump on a call and help you get things set up. 

Monarch is offering 50% off right now with code Mint50 which in my opinion is a steal. 

Quote from @Mohamed Camara:
Quote from @Justin Parham:

 I wear multiple hats in the dynamic world of Atlanta, Georgia. As an investor and Super Host with three doors in the short-term rental market, I've honed my skills in providing exceptional hospitality. Alongside this venture, I thrive as a Feature Producer for the esteemed sports show, Inside The NBA, bringing stories to life on television. Additionally, I helm Parhamade Productions, a real estate photography and videography company dedicated to showcasing the allure of short-term rentals. Join me as I navigate the intersection of real estate, hospitality, and entertainment, crafting memorable experiences and fostering success in each endeavor.


Let’s connect 


 Welcome to BP! I own and manage several STRs here in Atlanta as well would love to connect!

Sure thing let’s do it 
Quote from @River Sava:

Welcome to BP Justin!

Looks like you are no stranger when it comes to investing. Would love to connect and hear more about your background. 

Hey Sava I’d love to connect. 

Wow I actually played high school football with the guy hosting this. 

Quote from @Kevin Polite:

The hardest part is getting set up in QB. I had an Accountant who specialized in real estate and was a real estate investor himself. If you do turn it over make sure you do this. It's like you wouldn't go to a foot doctor for a heart problem, no offense to foot doctors. After a while I decided to take it on myself and but needed training and there was a local QB trainer. I'm sure there are in San Jose as well. When I run into a problem or don't have time I outsource on Upwork.  


 Currently struggling through quick books 

Quote from @Kevin Polite:

The hardest part is getting set up in QB. I had an Accountant who specialized in real estate and was a real estate investor himself. If you do turn it over make sure you do this. It's like you wouldn't go to a foot doctor for a heart problem, no offense to foot doctors. After a while I decided to take it on myself and but needed training and there was a local QB trainer. I'm sure there are in San Jose as well. When I run into a problem or don't have time I outsource on Upwork.  


 Currently struggling through quick books