All Forum Posts by: Patrick J.

@Michael Plaks

If my tax guy was that conservative, I would never use him. You can lay the options out on the table for the taxpayer and if they want to cross grey areas, then that's on them. They can hire a tax attorney in the event of an audit.

@Alexander Szikla

Exactly. Flipping 1 home and putting on schedule C is stupid. Just report it as short term capital gain and be done with it.

@Olga Zelenko

LLCs are overrated. Get insurance and like you said, throw a certain number of properties into 1 LLC maybe up to 2 million and don't have too much equity in the properties because lawyers are vultures. I would say even having insurance opens up more doors for frivolous claims by lawyers to get money because it's easier through insurance.

@Nick Bastida

Corporate

@Matthew Drouin

People having 50 different retirement vehicles so when they turn 60, they can travel the world in their wheelchair with back pain and arthritis lol. Many wont even live till 60.

People get blinded by the new shiny toy that they forget, REAL ESTATE IS THE RETIREMENT VEHICLE so why put a retirement vehicle into another retirement vehicle which you can't even enjoy until you're dead or crippled with medical issues. There's always a new shiny toy out every year. Mark Kohler pushes this SDIRA crap too for real estate investing.

KISS- Keep It Simple Stupid

@Matthew Drouin

It's stupid for a lot of reasons. The point of real estate investing is to build passive cash flow to quit your main job and have flexibility. You also lose out on depreciation like you stated. The real estate should be cash flowing while showing a loss on paper.

@Michael Plaks

How are you Michael?? Your youtube videos are great and pretty entertaining. Quite the personality compared to many Accountants. The videos and seminars are great for people to connect with you since its difficult to connect virtually without video. You've been on this app forever as well.

@Bruce Lynn

Yeah, buyers agent job is a dead end job in this market under a certain price point. Just way too much competition especially in Arizona.

@Blake Clement

Idk how they would lower anything. If all your retirement accounts are already maxed out, you can't do anything unless you lie and take real estate rental losses as a real estate professional.

@Sean Grady

Buying a house is easy. 90% of the paperwork is for the agents brokerage to cover them and has nothing to do with buyers or sellers. Signing BS forms warning you about "Dont open up emails telling you to wire money" etc.

Its all to protect the brokerage. All you really need is the purchase contract which you give to the title company or I think some states use a real estate attorney. You can have an attorney draft the contract too.