All Forum Posts by: Matt P.

I live in California (with CA W2 income) but BRRRR in Tennessee. I'm looking for a good CPA who is also a real estate investor, that can help me with tax strategies. Multi-state income, 2nd residence in TN, have couple entities to play with. Thoughts?

Not yet but I plan to.  We'll see what he says.

I've been working the BRRrr strategy since December (or at least the first 3 steps of it...LOL...bought 3, remodeled & rented them out.  I have the 4th closing in a few weeks.  All good until now...

I received a referral to an out-of-state landlord with a free & clear property who wants to sell.  the 3/2 has a current tenant and it was remodeled a year ago after an eviction.  all capX items are newer.  I asked my banker for a loan amount so I can make an offer that will have zero down.  I'm willing to pay a little more though.  So I thought I'd make him two offers:  1) Cash equal to the loan less closing cost  2) Cash equal to the loan less closing cost + small seller carry back for another 5%.  So far my experience had been 3 foreclosures & 1 good deal through retail channel with RE agent.  So I'm new to working directly with seller.  Thoughts?  Any other recommended strategies?

Sorry i don't recall how the course was. I'll repost my experience with Kaplan once i take the course.

I first got my license in California in 2003. I don't remember which provider I used. I think I used Kaplan though for my last renewal and it was smooth. Now I'm applying for a Brokers license in the state I invest and I plan to use Kaplan. I'm not married to them by any means. Just like their online option. Cheers

Kaplan has an online program.

Makes perfect sense.  Thank you!

That will make it a lot easier. 

Is it recommended to group building & closing costs in the same account for a particular tax reason or can they be tracked separately?

I really appreciate your help.  Let me know if you ever have any HR, safety or insurance questions.  I'm a partner in a national firm.  Happy to repay the favor. 

Blake, CHICO!  Small world.  Do you know Brian Hood?

Yeah, I know it's unorthodox to track FMV on the balance sheet. just thought I could kill two birds with one system. The intent was to show the bankers that we buy at wholesale so we can get more funding.

Thanks Tim, much appreciated.  I apologize for this being so 101 :/  I've been a non-real estate business owner since 1999 & I used QuickBooks single entry. Now I'm using Appfolio double entry accounting so more complicated.  It seems that I should create the Journal Entry from the HUD1 data.   A couple BP Podcasts recommended updating Fair Market Value quarterly to track net worth.  Sounded wise so I wanted to track with an Asset Account so it lands on my balance sheet.  As I pay the mortgages, I offset the Principal Balance Liability Account per property & we'll have updated net worth for an ongoing basis.  Simple right? Not so much LOL  Getting the JE in balance has me stumped.  I made this little excel sheet since a pic is worth a thousand words...