All Forum Posts by: Melody R.

What are your thoughts about using a virtual CPA? The virtual agency, The Real Estate CPA, was featured on Bigger Pockets and has their own podcast but I have not found any reviews for them. 

I'm curious about...

Have you used The Real Estate CPA? 

Have you used a virtual agency? 

Would you recommend a virtual agency? Why or why not? 

Congratulations!

From reading your questions and comments,  a real estate agent to help guide you through the process would serve you well. Hire a great agent who has the time to hold your hand. Your agent will look out for your best interest, draw up the contract, schedule inspections and make sure you are meeting the contract obligations (for example, completing inspections by the deadline). 

Find an agent to join your team before you finalize the purchase agreement. Best wishes!

@Dennis Maynard  Thank you. Robert Hall & Associates' calendar is too full. The office manager requested I file an extension because I cannot see a CPA until after tax season.  Any other recommendations?

Who is doing your taxes?  I'm in search of a CPA that specializes in RE investments. Bonus if their office is in or near Pasadena.  Any leads would be greatly appreciated!

It is a gamble and smart investors suggest not gambling on appreciation. However, as many have stated above, $300 negative cash flow in California is minimal for our standards. Make sure you are accounting for vacancy, management, and capital expenditures. I manage a condo out of state in a very desirable area and have not needed a manager in the 11 years it's been a rental. I write that to point out that this property too seems like it will stay occupied and need little management.  

Also, check with your CPA asap. There may be many tax benefits for selling due to relocating. Is your employer covering the realtor's commission? My employer did when I had to sell another property due to job relocation.  We were able to pocket a good amount of $ due to this perk. 

Congrats!

I went to a RE meetup session last night and this is what the presenter, Stephan McGee, said: 

Buy and hold when you can buy a property with a fully amortized fixed payment below 75% of market rent. Bonus if you can purchase the house below replacement cost.

Buy and flip if you can buy a property at 75% of the resale price, less any repairs AND the current median income of buyers can afford to buy the current median size home. There needs to be plenty of buyers shopping. 

Best wishes and congrats on your find!