All Forum Posts by: Matt Gooding

@Paul Rush and Augusta Rental Properties are great, they are who I personally use and have had a great experience. 

@Paul Wachtler for specifically business accounts opened in my LLC's name? I have a Synchrony account for my personal HYSA for the interest rate.

So I have my properties inside of a LLC and all expenses run through their own business bank account (currently at Bank of America). Due to some recent renovations and a turn my account fell below the 3k minimum and they decided to charge me a $15 fee for simply having the account this month. I am looking for alternative solutions that have more flexible terms then this terrible account. Any suggestions? I am in the Augusta, GA area if that matters.

I would second the recommendation for @Paul Rush and Augusta Rental Homes.

Hey Dennis,

I am also fighting the same battle right now. I am from the area originally and my family has used the Cleveland group on Davis Road for some time. My only concern is the ball park figure for a reasonable cost. I personally own 4 rental properties (this upcoming tax season will be my first time filing taxes after owning them) all owned inside a LLC. I met with a CPA who was a super nice fellow who basically said it was going to be $500 to file taxes for my LLC and $300 to file my personally taxes putting my all in bill at $800 but that he legitimately thought I could handle it on my own. So I think this first year I will be giving that a go. Let me know if you have any luck on this front or get any prices that differ greatly from that.

@Tyler Stuart glad to see your enthusiasm and I would love it if there were more things like this in the Augusta area but I just wanted to alert you that there are two (to my knowledge) things like this already. One is REIA and it meets once a month at the library out in Evans at 7pm the second Thursday of every month. The meeting is $20 for non members or you can join and the meeting is very similar to what you described: time in the beginning for networking, a speaker / expert to talk about something real estate investor related, a time for anyone to bring any deals they may have to the table, then more networking. I have been 3 or 4 of these and rather enjoy them when I can make it. There are usually between 50-70 folks at these meetings. They meet for breakfast the following Thursday as well.

The other is AORE and they meet the second Saturday of every month I believe. I have not been able to attend one of these yet so I can't speak to exactly how it is structured but I know a lot of the same people go to both. 

There are all sorts of real estate folks at these things: wholesalers, agents, buy and hold investors, hard money lenders, etc.

I know these are specifically in North Augusta but its just a quick trip across the river and I am sure there are folks who invest in North Augusta as well.

I think it is the second thursday of every month

@Basit Siddiqi

Thanks for the reply.

To clear things up the 4 units are completely identical. So I owe the exact same amount and paid the exact same amount down for each one. From what I understand the depreciation is just what I paid divided by 27.5, so fairly straight-forward. I purchased these through an owner finance deal from a family friend so I wont have a large financial institution providing me with an interest rate form, but we very straight forward 30 year amortization tables so calculating the interest on the year will very straight forward as well (he knows he has to capture interest he made as income, he is a seasoned real estate investor). Taxes and insurance also very simple to track. I use a property management company so they keep track of all repairs, etc. 

Your question 4 has me a little stumped. I am unsure if there will be losses (they do cash flow positive assuming no major repairs need to be done). So I think some year might be slight gains while others will show losses. That being said I would assume i would be entitled to capture the loses on my personal return as i file married joint and the partnership is made up of me and my wife. 

New investor here who recently closed on my first 4 units. The 4 units are owned under a LLC that is set up as a partnership between me and my wife. I recently met with a CPA to discuss my tax filings for next year and learned a lot. My current understanding of the situation is:

• I will need to file 2 tax returns
• 1 for the LLC (this is mainly serves as information for the IRS as a LLC is a pass through tax entity)
• 1 for my personal. 
• The LLC form with be a 1065 and on this I will put my interest paid to my lender and my deprecation recapture. This will output a k-1 which I will then use on my personal tax returns.

The CPA was very straight forward in saying he would love my business but at the end of the day this isn't that complicated and I could probably do it on my own.

My question is: Are there other investors who do their own filings who are in a similar situation to myself?  If so, what software do you use? Is there anything major I am missing? I imagine the free version of turbo tax does not include all of this functionality. 

Just curious, as a resident of Augusta, GA I am dying to know what made you land of Augusta of all places in the US to invest in?