All Forum Posts by: Namal Burman

To all my BiggerPockets friends. I have 3 ( 1 condo +2 townhome) rental and one primary home (single family ) all in San Diego and for my rental portfolio of buying with my own money i am done. Next goal for me is to do my first multifamily( 4 unit) deal in San Diego either through 1031 exchange of my condo or  (my cash  + friends cash). What homework i have to do so i be ready in next one year? Real estate i know is all about location/location/loacation . For multifamily i know location will matter/ rent would matter/financing would matter. What else if any one has a nice flow chart and guide me i will appreciate.

Regards,

namal

 Thanks Katie. CPA from San Diego won't be cheap for sure and i am not sure that CPA needs to be local to provide great service even though i have total 4 units(3rental+1primary) i feel its still not complicated and don't want to spend couple of thousand $ to use local CPA service. I cross checked this year return before purchasing my 4th unit with turbo tax and i was not far in my calculation which the CPA did. Now not sure if my current CPA is real estate expert but i am not sure how a real estate CPA expert will defer with my current CPA. i do have a trust done by local attorney who is supposed to be in expert in Trust but i spend around $5K 10 years ago :(

 I am local to san diego and all 3 of my rentals are in Sandiego so i self manage

 Interestingly my current CPA mentioned that i don't get much benefit of depreciation is that in San Diego based on my previous filing based on Turbotax the land value is lesser then the total cost of the building so not getting much depreciation benefit. I have been doing TurboTax for last 20 years and some of my real estate i purchased were in 2009(condo) and 2013(townhome) timeframe

 Thanks. Please provide me your reference for a accountant. I hope his bill is not too high for me to run away :)

 Finally bought a townhome oceanfront property @IB with 30% DP and 7% interest rate. But rent is very low in IB( which i was aware of) but had to go bit more lower then expected to find a decent Navy couple. Will see how IB investment turns out to be now. Will refi at some point in 6 months and hold on to it.

I have 3 rentals(2townhome+1 condo) and a primary residence and i self manage my rentals all in San Diego. For me my accumulation mode of RE is done. I just want to hold on to this rentals and rent it out and hold it hopefully forever. Other then having a decent cash buffer as backup for vacancy+ things that will break and having insurance for each property what should i need to do to keep the engine flowing smoothly . And maybe have a good CPA anything you folks will suggest.

Any suggestion.

Regards,

namal

 Thanks. I am going to do that.

Folks,

For one of my rentals the rent is around $5k per month. Any online method i can ask tenant to use that can deposit the amount to my bank account which is free for tenants and safe method for me to use. i had issue with one of the check send by tenants (not a tenant fault)and i was about to fall into scam as i tried to deposit the check online but now want to stay away from Checks. venmo/zelle doesn't allow bigger amount transfer. What do you folks use as online method (i.e Zillow payments )for rent payment which is free for tenants and no cost to me also. I have not used Zillow payments but looking into it. any other recommendations.

Thanks

namal