All Forum Posts by: Pierre E.

Quote from @Kody Thompson:

Yeah its really simple. Ive used Anderson Business Advisors to set up my Wyoming LLC which holds all of my other LLC's. They should be a great resource for you.

Cheers

 any notes on cost? ballpark?

Thanks everyone for the great and insight! This was great!

What are the best ways to leverage your landlord property insurance policy for repairs?  (Either new purchase, or longterm ownership property)

For example, if roof need to be replaced or piping needs to be replaced how are you maximizing its proper usage? I don't want to abuse anything but also don't want to leave money on the table when I shouldn't be. 

Same with Home Warranty - Do you even find it helpful to get one, and when does it tend to help? 

Thanks BP Fam in advance for the insight and feedback. Trying to fine tune my investing!

Quote from @Lisa Wright:

I didn't even consider that rodents might chew it.    A quick google says that it can get chewed through.  I wonder about doing copper under the home and pex inside the walls.  Or doing regular treatments down there with ammonia or moth balls so no one sets up house if there is an issue in the area.  
If there is no issue I'd make sure it's secure and watch for activity.  

hmmm.  I can't wait to see what the pros say. 

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Yea interesting. I am also getting a couple plumbers to give quotes, well see what the price difference is. Every plumber I have asked about replacing pipe seems to hate the idea of putting in copper. Last time I had to beg, and another time a guy automatically used CPVC without asking. 

(I am also curious but probably not all that important...... if anyone has any thoughts on type of PEX PEX-A - "Uponor" - more flexible more expensive, not a strong against high pressure; PEX-B "Viega", more rigid but harder to bend or curve, has higher pressure, oxidation, chlorination tolerance; PEX-C... ? dunno much about this one)

Hey BP Fam!  I need to replace galvanized pipe (within house, in crawlspace, and to the street).   Single story 2 bath house with crawlspace kitchen and laundry room all on one side of the house

1) - Need to decide between what material is best Copper, CPVC, PEX. (Prefer copper, concerned about evidence of rodents in crawlspace and potential for chewing hole causing leak for PEX, but PEX might even be main/only option based on what available plumbers will do, copper might be too difficult/dangerous under crawlspace? and cost? and CPVC might not be allowed in some places I heard?)  Thoughts on type for repiping?

2) If PEX, thoughts on protecting it from rodent damage?  Is it possible/allowable/cost effective to maybe have a "crawlspace bulkhead" to run them through or any other ideas or option some sort of tubing or conduit? Maybe the metal ducts stuff (the solid straight kind used for dryers with some flexible stuff for bends)? (totally unsure of cost)

3) Also if PEX, would that be appropriate to tie to street? Would that need to be copper to the main, or to the PEX Manifold and then start the runs of pex in the house?

What is the best way to go about using multiple CPA's? Why I ask? Lets say you have a W2 job, a non real estate specialized business with your spouse (pass through income), and own a few rentals. You value expertise of a CPA in your business niche, but are limited on real estate related tax situations and vice versa. (check out Amanda and Matts tax book, even regular CPAs use REI CPA's for investing).

Should you use the CPA that applies to the most complex aspect of your taxes and only that one?  How do CPA's feel knowing you use another CPA either one time or continually? Can they work together? Who does the official filing of your taxes?  Does one do one part and then send documents to the other? 

What's the best ... etiquette in creating and managing these CPA relationships but making sure you get the best tax advice and strategy for your situation?  

Would love perspectives of both investors in this kind of situation, and CPA's on this!

Has anyone put profit from a flip straight into a Solo401k? Since it is considered active income? Would this be an acceptable way to not pay taxes on that income?

Just wanted to circle back and say thank you to everyone who shared some thoughts and helped me brainstorm and learn! If anyone has actually claimed REPS tax status I would love to chat! 

I left some article links under my previous comment for anyone also looking for more information - also some video clips below. 

@Sergey A. Petrov  like @JD Martin said you can deduct more losses from real estate. Can be helpful if you want to deduct from earned income especially if you are in a high tax bracket, or at least are over the limit with income. Even if done for a few years, it can help you more efficiently use the money you have now, potentially acquire more property because of that and help accelerate growth. it was mentioned a few places in the BP youtube podcasts:

BP Youtube Video Clip - Paul Moore - How Real Estate Investors Avoid Paying Taxes (Forever!)  -   Apr 30, 2022 at 13:00 mark until the end
BiggerPockets Podcast Episode 625 -How To Avoid Taxes by “Buying” Rental Property Write-Offs  -  Jun 21, 2022  at the 7:50mark to the 19:05 mark
BiggerPockets Podcast Episode 569 - How To Avoid Taxes (Legally) as a Real Estate Investor 93,239 views Feb 10, 2022  -  23:15 Mark to the 37:20 mark
BiggerPockets Podcast Episode 424 - Make More Money and Get Greater Tax Deductions in 2021  -  Dec 10, 2020   at 13:15 mark to the 17:15 mark


All the best to everyone! 

@Asia Butler  no problem. I would also definitely take @Chris Seveney's offer to be his boots on the ground. That will give you insight and teach you things you cant read about. 

when you say people are ok with no cashflow... they are still making sure the rents at least cover PITI correct?