All Forum Posts by: Patrick Wilcox

I'm looking for recommendations for an affordable, real-estate savvy CPA's based in Hollywood or West Los Angeles, CA for tax planning and tax filling work. I searched the forum and didn't see anyone that fit my needs with a posting (lots of recommendations) that met my needs.

I prefer to work face to face, but if there are large cost savings from working with a CPA who is based out of state and is great at Californa and Los Angeles country tax issues, I'd love to hear from them as well.

Bonus points for someone great with both film production and real estate.

Thank you!

It's more complex than I care to explain at the moment, but I assure you this is not me going into or out of a primary residence. So all that aside, thank you for input!

It's not a new primary. I don't live in the house.

Quick update: Without going over all the details: this is all good for 1031 exchange, vetted by an attorney, etc. Thank you for concern though!

I've got up to $1,100,000 in cash from a 1031 exchange to purchase in a home in Los Angeles to live in and run my production company out of. We work with large brands including Adidas and Netflix, so having a functional and professional space with a large open floor plan is important. There will be employees coming and going on some, but not all days. www.colorways.tv

The top contenders right now are:

1. Downtown or Arts Disctict Loft.

2. New construction small Lot Division in Culver City/Mid City/ Hollywood/ETC

I'd love any help/guidance/ideas. Both when it comes to selecting and purchasing a property, as well as how to utilize the over $1,000,000 in equity I'll have after the 1031 is complete.

 In exchange for your time, I can offer is my skills/expertise/know-how on using video as a tool in real estate as an agent or landlord. Cinematic video is drastically under-utilized in real estate and is now affordable for any serious agent/investor. The introduction of the Black Magic Pocket Cinema Camera 4K, sells at an insultingly low $1300 for the camera body. It's a revolutionary moment, to a similar - albeit slightly lower - degree as the introduction of the printing press.

Thank you for your time!

I'm a new real estate investor looking into multifamily or potentially single-family houses in Detroit. I like the numbers in the city and I have both friends and family in the area. I know that location in Detroit goes by the street or house, and not the neighborhood, and that vacancy numbers should be at least doubled. Any other advice, recommendations or guidance? Thank you!

About me:

I own a successful film production business.

I have up to $200,000 in cash allotted to invest.

I ONLY care about cash flow. I have ZERO interest in the appreciation of my future properties. If they do appreciate, great, but it does not factor into my buying decisions in any way. I'm not a speculator.

I've got no doubt that flipping is great right now. I just want to buy and hold a fourplex, ideally in a good neighborhood in LA and live in one unit. That's what is confusing. With rent control, the asking prices are beyond laughable, and into the mind-bogglingly absurd.

I'm also looking to house hack a 2 to 4 unit in LA, but can't come even close to making the numbers work. At current market prices, they would be an unbelievably terrible investment. Anyone had success with this in 2018? There's nothing below 250k/door that I've seen. San Antonio seems much closer to working. I've got up to 175k cash total (down payment, closing costs, rehab). Thanks!

I've analyzed multi-unit properties (mostly fourplexes) from all over the country now that have been sent me by agents on the MLS. I'm a little confused. None of them are close to working. One in Texas cash-flowed $30/a door. What's going on with the US market? Is it purely speculative at this point?

The agents have all told me that the direct mail and driving for dollars approaches of yesterday are no longer effective. Is this market just not supportive of buy and hold? Thanks!