All Forum Posts by: Mohammed W.

I currently have a rental property on mine and my brother-in-laws name that has appreciated about $50,000. I'd like to sell it and roll the proceeds into another rental property which would go on mine and my wife's name.

Would I be able to do this by having the title company1099 the profit to just me? Would my brother-in-law be liable for any taxes or if he didn't report it at all, could it trigger an audit for him? (Some background: I was the one that funded the transaction from the beginning and reported and paid taxes on the rental income all these years. He has never claimed any of it as he did not have any financial obligation or profit from it.)

If there are any accountants out there or anyone that has done this, your opinion would be greatly appreciated.

Hi Oliver, welcome to BP. I would definitely leverage my money as much as possible early on to build your portfolio. Deciding on whether to go with a 4plex or a sfh depends on the level of work you want to invest. In my experience, 4plexes tend to have higher turnover, more tenant vs. tenant issues, higher utility costs on your part etc. SFH, depending on size should attract more families which tend to be more stable - kids in school, higher income, etc. Offcourse, individual results may vary as they say. Good luck.

@Wendell De Guzman let me know if you have anything in Las Vegas. I know the market well and can make quick cash offers.

Hi BP community, I'm hoping someone can recommend a great Investor friendly agent in the Phoenix AZ market. I'm focusing on building a buy and hold portfolio. I also appreciate any insight as to areas to focus on. I'll be heading to Phoenix next week to check out the areas. I have about 3.5 years of buy and hold experience in Vegas and have a plan already for the type of investments I'm looking for - 3/2 sfr, between 30k-120k with a 1% or better rent to price ratio. Any help is very much appreciated. Thanks and I hope everyone out there is doing well with their investments.

I use a combination of rentometer and craigslist. From my experience, rentometer has been fairly accurate, but as @Steven Fowler mentioned, you do have to see what the other listings look like. For that, I'll take the address from rentometer of competing rentals and enter it into google maps for a street view. That will give you an idea of the neighborhood and the age/quality of the competing rental. From there, along with your craigslist data, you can price it accordingly.

@Bil Casimir one more thing, i don't think the purchase price affects those fees I mentioned. But as @Andrew S. mentioned, maybe someone local to TX can clarify a little more.

@Bil Casimir I once bought a house in Vegas for $84k cash. I believe my closing costs were about $800, not including prorated property tax. Without looking at the final hud to make sure, I believe the $800 was composed of title insurance, recording, escrow, etc.

Those pics look great @Dawn Anastasi  Congrats and thanks for sharing. You're inspiring a lot of us on the site. 

@Albert Bui and @Ali Boone Thanks for the tip guys. I do remember Amanda from one of the podcasts. She sounds very knowledgeable and it's worth even more when others  recommend her. I'll look up her contact info. and give her a call. Thanks

@Patrick Parry Thanks for the recommendation Patrick. I am a buy and hold guy myself and an accountant specializing in that area would probably know all the ins and outs. I'll lookup his podcast. Thanks

Hi fellow BP community. I've been a buy and hold investor for the last 3.5 years now and have been in search of a good CPA that understands real estate investing. I've spoken with a few different CPA's but am finding their fees to be pretty high. My last CPA charged me about $250-$300 to file my tax return and gave me free advice. I may have been getting off cheap as I was going to him since the beginning of his practice. The last CPA I contacted was charging $600-$1200 to file tax returns and $250/hr for advice paid in advance as a retainer. I feel this is pretty exhorbent, but I haven't shopped for a CPA in awhile. I wonder if any other investors could give me their opinion on these fees or recommend someone in Southern California around the Los Angeles or Orange County area. Thanks in advance.