All Forum Posts by: Matt Ward

Originally posted by @Travelle Mason:

@Katie Lepore and @Michael Plaks, thank you for the recommendations. I hope to be following up with them shortly. 

 Thanks Michael Plaks!

Travelle, I'm in Walnut Creek, send me a DM!

Originally posted by @Michael Plaks:

@Chris Tryling

I second @Brian Schmelzlen recommendation. If you're willing to consider SF area, add @Jana Cain and @Matt Ward to your list. 

I'm in Texas, as @Katie L. mentioned, and we work nationwide, but the combination of the services you want and the price you have in mind won't work.

Texas Franchise tax that Katie mentioned is simply an annual formality, not a tax, as long as your gross income is under $1 mil.

Also, even though some TX CPAs do form LLCs, it is also considered illegal ("practicing law without a license") here, just like in CA. Except I have not heard it prosecuted here in Texas, but I'm not an attorney.

 Thanks @Michael Plaks !!!

@chris tryling i'd be happy to speak with you, however as Michael stated, our pricing is not in that "tier" for the services you're requesting.  Feel free to send me a DM.

Hey all, Pleasanton/Pick6 sounds great!  Can we get a little lead time?  Perhaps say December 8th?

I'm happy to run point with sending calendar invites if people want to DM me their emails, or if someone else wants to run point that would be fine too.... either way.

Cheers!

I'm interested still, perhaps we pick something about a month out?  Say first week of December?  Any suggestions?

did anything get scheduled?

@Michael Plaks @Eamonn McElroy As usual I browse BP for tax forums and am staying up later than I should. I think Pubs 527 & 535 are helpful here... When you refi a rental for a higher amount than the initial balance, the amount over the initial balance is not deductible. So in a BRRR strategy where you buy all cash and refi later, that refi interest is not an expense on that property. Now if you use that refi equity to fund another property, then the Interest may be an expense on the property to which it is allocable to. And so on and so on... Love me some interest tracing talk! Disclaimer, it’s late and I may actually be asleep as I write this so please do correct me :)

@Colleen Prescott hi there, late to the thread by thought I'd comment. I started my REI activities earlier this year and initially found the bay area to be too high of an entry point... I went through my research phase (as I suppose many BPers do) and decided against OOS simply because I don't have boots on the ground 1500 miles away and have heard too many horror stories about turnkey deals gone wrong and/or bad property management. I decided to invest in Multi-Family Syndications which provide great returns with risk mitigation that SFH cannot offer. Happy to discuss more if you like - send me a DM. Or if there are enough "East Bay-ers" on here perhaps we could start a REI meetup to share ideas/successes/questions. Best of luck!

@Charles A. Just curious, when you analyze a market what metrics do you focus on, and why is population not important to you? Or do you not think data outside of COC is important? No right or wrong here, as everyone has different strategies, so just curious what yours is?

@Nur Al Sharif you really don’t want rentals in an S Corp for all the reasons already mentioned, plus if you ever needed to pull a property out of the S Corp and back into your personal name, it would be considered a sale and your S Corp would owe taxes on a property you effectively did not sell. S corps are primarily used in RE for flipping or PM businesses. Respectfully, it seems you are trying to “simplify” VERY complicated tax implications without a fundamental knowledge of the Code. I would consult your tax pro for further guidance.

@Shane Craig is the $1k cash flow before or after your debt service? If you want to DM me and perhaps partner up to lessen the blow of taking on the debt by yourself, I’d be interested in learning more.