All Forum Posts by: Patrick Q.

Hello All,

Looking to hand off the book keeping for my real estate and small S corp that I have.

I am going to transition to Quickbooks and hoping to find out how others handle this.

Question:

How do others work with book keepers so that the book keeper can handle the data entry with minimal time required on my pat?

Specifically how do you get the information from your head, inbox, a tray of receipts on your desk, credit card statements... into the head of the book keeper ond entered into software so that it can be used for tax time and to review cashflow and P+L when I want to see that?

Note:

This question is direccted to people that are already doing what I am trying to do and not a request for professional assistance or offers for service.

Hello all,

Purchased a house hack duplex this year and am in the process of doing my taxes (with a CPA) for 2021.

We are living on one half and the 2nd half has tenants renting it.

Trying to clarify/get 2nd opinion on a couple of things.

The income on the property was $5.7K for the year (went into service later in the year aside from a small office space with low rent).

There was over $100K spent on the property this year (this includes all kinds of things such as repairs, capital improvements, appliances, materials).

My questions are as follow;

Based on my lower than normal AGI for this year of $111K, I was hoping to pass some of the loss against the property this year to W-2 income. I am told this cannot happen (note the combined AGI of spouse and I is $173K). Are there any other ways to use the loss to increase my tax refund this year?

I would appreciate the feedback of folks on here that actually work with RE tax.

@Rachel Hong

Hi there,

I am an Jersey City RE investor also.

Have you found a good property manager wo work with?

Thanks guys.

@Michael Plaks

@Ashish Acharya

Reevaluating my long-term plan at the moment and trying to figure out what moves could be possible/usefull without changing careers/starting from scratch.

Your information is great and appreciate you guys taking the time to provide good info.

@John Underwood

Thank you.

So I guess W-2 work for another company doesnt count for my REPS status?

For the hours worked to be eligible, I would have to do the those hours in my own business or on my own properties and have it be more hours than any other work that I do right?

Hello guys,

Reaching out for second opinions/advice on my strategy for RE growth.

My family and I are living in a duplex house hack that we bought in April 2021.

We racked up a bit of debt that we are paying down as quickly as possible to get my credit score back up so that we can get good terms on a refinance and/or HELOC to purchase the next property with.

Any thoughts/constructive input on how I could better approach this would be appreciated.

Plan;

1): pay down all revolving/CC debt currently owed using the avalanche approach. And then save the same amount were paying off the credit cards for use in RE.

2): depending on equity position when debt is gone, shop for refinance and/or HELOC to get down payment for the next property (would love to remove FHA PMI off existing loan while I am at it to increase cashflow on property#1). Note: I have done work to imporve the property since aquisition.

3): buy new multi family house hack in area that we plan to live long term.

4): renovate/add value to property#2, stabilize/season 2nd house hack, refinance to remove PMI and move on to either another house hack or to a SFR in the same area that our family would live in long term (this would not be part of the rental portfolio).

5): continue to add properties to the portfolio and eventualy switch to only work on my portfolio and nolonger work a W-2 job.

Goals:

1): to create a RE portfolio that will grow over time and eventually replace my W-2 income. The proceeds/equity of the initial properties (coupled with my W-2 income) will generate the finances to; continue growth of the portfolio and eventually provide a source of income to replace my W-2.

2): to get the ball rolling on my portfolio and then move my family (and I) to a permanent residence so that they are not part of the RE process anymore.

Regards,
P. Quaid.

Hello guys,

Considering making moves to achieve REPS.

I have read the rules quoted from the IRS sites that come up on almost every internet post I have found relating to this subject.

Having trouble figuring out how REPS could be achieved given my specific circumstances.

I have a construction management background.

Question#1:

Does anybody have any have any suggestions of W-2/salary type jobs I could take and have those hours count towards eligibility?

Notes:

I would rather not become a realtor.

Looking for something that I could do where my construction management background could provide value and command a decent/good salary.

Perhaps in the construction division of a property management company or something like that.

Question#2:

Once I find something that would work to achieve the status, can it be a W-2 job for somebody else?

Notes:

The work would not be in my own business. I would be an employee working on stuff that counts towards the desired status.

Separate note: I have one rental property that I self-manage every aspect of and plan to add more over time.

Hi guys,

Are you guys meeting anywhere these days?

If you guys are still interested in a meetup at New Park Tavern let me know.

They have an open area that would be good for 'COVID times'.

Thanks guys,

Will look into those areas.

If anybody has and specific neighborhoods that I could do some research into I would appreciate it.