All Forum Posts by: Laci J.

@Henry Montgomery III As an investor, homeowner, landlord, driver, human being - I am at risk daily. I try my hardest to lower that risk, but as you know, it's not always possible. We own 5 homes, and have 5 rented units. I choose to protect myself with an umbrella policy. You'll have to decide for yourself what is right for you.  Just know that it's an option that you should research for yourself.

From my understanding, you can't go above what you paid for the property. I had the same question a month or so ago, in we paid a lot less for a property than it's worth. But if you read the IRS pub 946, you'll see it says purchase price. That being said, you can add on a couple other items. Posting the link below, scroll down to pages 11-12.

https://www.irs.gov/pub/irs-pdf/p946.pdf

From my experience, you are going to get about 15 different answers from 10 different people. We have an umbrella policy. Do some research on it and see if it fits your needs.

@Christopher Herrera In my opinion, that isn't any better of an option. I wouldn't spend money to do that. Any other option?

Whoops - I'm also not a fan of the appliances. In my opinion, this house is going to be a starter home for a young family who can't afford to buy them. They want it move-in ready. Personally, I'd probably take the washer out unless you're also supplying a dryer. (and move them out of the kitchen) And then upgrade the appliances to black or lower end stainless, if it's int he budget. It appears the dishwasher is new, but the other appliances are not. If black/stainless isn't in the budget, I'd buy matching appliances to the dishwasher. And a refrigerator. I don't think they need to be super fancy or high-end, but matching and new. White is fine, black is better, stainless is preferred. But again, stainless may be out of reach and not necessary for this market

Ick. El Paso is a tough market. I'm sure you know that. I think in order to sell you have to stand out from the other comps. Unfortunately right now you may stand out in a negative way, instead of positive. I'd suggest moving the washer & dryer, that is a huge turnoff to me. It's a fairly small kitchen anyway, without having them in the way. I can only imagine how loud they would be while running. Also, it's evaporative cooling. Another huge turnoff for buyers. Find yourself a good AC company that wants to make some cash while it's slow and covert to AC. We did this on a rental in February this year and it cost us $6k in cash, for a much bigger home than this. Another couple negatives that you can't do anything about are the neighborhood, and lack of garage. Best of luck to you!

@Tyler Hodgson - thank you for the link

@Fulton Sanchez - I will do some research and be in touch

@Natalie Kolodij - thank you for your reply. And thank goodness I have enough motivation and drive to open my own mail. ;)  

I will check out your profile, and also Brandon's. Thank you for the recommendation.

At this point, I feel our needs are simply in the tax filing realm but also open to some advice. No entities or lawyers should be needed.

Thanks again!

@Lee Greene - glad to hear it was a good meeting. I've had some good discussions with them a few times. I'm more of "self-management" type of person. AKA control freak.  ;)  But I feel learning about that side of things is a huge bonus to most. Eye-opening for sure. Mostly I couldn't be there as I'm playing Mom, Dad, Nanny, Housekeeper ... you name it. It's all on me right now. November is basically a bust for me time.

I look forward to the December meeting, and hope to see you there. Sorry you missed the last couple - they were pretty good! I didn't take notes though, shoot!

Have a great weekend! See you soon!

Good morning from the desert. I am on the hunt for a CPA / EA / firm I can interview (and hire) to take over this tax filing year. So ... basically now. I have interviewed a couple, and have a couple more set up. But I'm keeping my eyes & ears open. I have a budget in mind but more than anything, I want someone who knows the business inside & out and can save me more than I spend. Ha, don't we all! 

If you are that person, or you have someone you recommend, please feel free to post here or send me a PM. I am looking for someone to start ASAP!

I don't care where you are located as long as you can work with me over the phone, internet, etc. Does not need to local. I don't have time to come sit in your office anyway.

I keep great books. I'm basically handing you numbers and you work your magic. No sorting through receipts.

Have a great FRIDAY! 

Cheers!