All Forum Posts by: Ryant Nelson

@Stephen Akindona @Chris Clothier @Bernard Reisz @Nicholas Aiola @Senthilvelrajan Kumaresan 

Thank you all for your responses. I am knee deep in the deal search ( which is why I haven't posted here yet). I look forward to updating you with my progress...when I make any lol. Thank you again!

-Ryant

Originally posted by @Caleb Heimsoth:

Ryant Nelson what exactly would you need to talk to a cpa about before you own anything? Are you flipping this property or just using it as a rental?

You can talk to cpas but that’ll get expensive. You can buy an ebook on this stuff for less then 20 dollars or you can spend a couple hundred for an hour of someone’s time. Your call.

 Hey @Caleb Heimsoth

Thanks for the reply! 

I'm using it as a rental....for now....

I have purchased and read a few books including Tax Strategies for the Savvy Real Estate Investor by Amanda Han (very good book)

This gave me ideas of the routes I want to take, but what if I'm missing something or skipping a step while using turbo tax for fiscal '18?

I currently have 2 separate income sources and this rental will be my 3rd ( but 1st passive income stream), not to mention an addition of a wholesaling gig not far behind. Additionally I have literally a ton of possible strategies to consider that I simply cannot keep up with at the moment. My income stream (besides my day job) can seriously be tweaked to become more efficient and profitable (updating the systems) . Making that business more lean, and reducing my personal expenses already feel like a full time job. I would gladly pay for consultation, and knowledge about what's available and the optimum way to accomplish my goals. Right now I feel that a CPA with investment experience along with the supplemental knowledge gained from BP (including the awesome forums) can offer insight and wisdom that I will use immediately.

Could probably get assistance from someone other than a CPA but their advice would include a disclaimer that tells me to verify with a CPA  lol

Plus I'm more comfortable giving my financial information to a CPA to look over vs a normal human. It is possible I could require an amendment to previous taxes, I don't think so, but it's possible. I want to catch every thing that I can and be sure bout my taxes and finances before I enter this new business that has uncertainties of it's own that will probably occupy my time. :-)

Thanks Brian Eastman

Hello ! I’m new here and looking to invest i. My first property by doing a house hack. I would love to start the right way by having an investor friendly CPA capable of helping me plan and discuss exit strategies on certain properties ahead of time. Feel free to let me know if I’m jumping the gun but I would rather not TurboTax my way into investing. Any thoughts ?

Hey there Derek Tellier . I went to one of those seminars prior to joining BiggerPockets. I’m new here, but I do have some experience going to a seminar. I’d like to share my experience with you. First thing is first, I attended the free seminar where they spent a few hours telling me what I would learn if I attended the paid seminar. When I got to the paid seminar, they spent half of the 1st of 3 days telling me about what I was gonna learn. Just to keep track.... so far we are 7 hours into me learning that they’ll teach me some awesome stuff, but later. This young guy(me) in his twenties gave up his weekend plus $200 for the session. Needless to say at this point I’m anxious, excited, and a bit irritated. Day 2 They teach us about concepts (more thoroughly explained in the BP podcast) that grab my attention. I also notice that he’s managed to get everyone (me included) to say yes about 30 times and it’s not 10am yet. (Scorecard) + Building value (by the way he hasn’t attempted to sell us anything yet but it’s coming ) + conditioning the audience ( at this point we’d probably bow to him if he asked for it ) Day 2 afternoon It’s almost time to go. And so far he has really given some information that I’m ready to go run with. Then he mentions a special course where we have to apply and only a select few are accepted. By this point I AM HOOKED. He casually mentions a $50k price tag and it is all I think about until the next day. Day 3 ( The Pitch ) This is why they really had the free class. I forgot to mention they gave me an application to fill out and have done first thing that morning . Yes there was a deadline. And at least 90% of us applied. The application asked really personal questions like FICA score, available credit and assets. Also social security number . Then they one by one “interviewed” each of us (The interview) I need to start by saying that he did all of the talking. Not your typical interview in the least. He noticed my SSN and a ton of other personal info was missing so the only questions he asked me were if I could fill out everything for him and if I could follow directions. I’ll leave my response to him up to your imagination. I need to pause here and vent about the demeaning posture of this gentleman. He short answered most of my questions for example I was interested in learning about a deal of his that wasn’t so amazing. His response is that he’s always made money and never had a bad deal. Okay, I can’t say that he hasn’t unless he paid $50k for the course-> I’ll expand on that later. After the interview he said a panel would discuss and decide. And he asked me if i were selected would I have $50k today to pay. I said no, guess what the panel decided for my future with their brand.... you guessed it. Conclusion The seminar that I attended was not the rich dad series, however they may be similar programs. The seminar itself is a business. When you invested your precious time and money into a 3 day weekend thats the first step to paying more later. It’s a numbers game in my opinion. I respect the savvy of the ones who incepted this business model. However, I felt some serious deception throughout the entire process and I have to wonder how some of these guys cope internally with the methods of this business model. Before continuing I must add that during the process they continually drove home that fact that you don’t get something for nothing. That may have been them adding value, but regardless it’s a fact of life and a useful thought to keep in mind. The other thing (going back to my interview) is that while they may tell you that the extra courses will pay for themselves via flips and wholesales.... that $50k is buying more than just education and mentor ship. You have to follow their directions to a tee, you have to constantly communicate with them and the group they connect you with ( which is for a limited time), you have to work hard to save money (although you are $50k lighter) and follow scripts and guidelines including using your money how they tell you to in order to build your business within the image of theirs. Again I’m new to the investment world. But I’m willing to wager that with the same amount of effort and cash, you will be able to leverage the experience of professionals, to build something of your own that perfectly fits your financial goals, limits risk to you and your family, and is repeatable if you somehow lost it all just because you chose the “hard” route. I have the feeling that if you mess up with them, you’re back to square one. Now despite the tone of my short story if you asked me if I’d do it again I would say ABSOLUTELY! I knew nothing of the possibilities until attending this course and I squeezed it in terms of information then eventually I found out about BP! (Thank God) Many of the attendees won’t be aware of the possibilities as you are either so if you start to dislike it make sure to keep it positive for those around you. I also encourage you to get out as much of it as you can. There should be some supplemental knowledge there available for you. Good luck and have fun ! -Ryant

Hello ! I’m new here and looking to invest i. My first property by doing a house hack. I would love to start the right way by having an investor friendly CPA capable of helping me plan and discuss exit strategies on certain properties ahead of time. Feel free to let me know if I’m jumping the gun but I would rather not TurboTax my way into investing. Any thoughts ?

Hey Jonathan McGee thanks for the insight ! I’m so pumped right now! I have thought about and been analyzing single family homes however I didn’t think about looking in the Cordova area which could be a great idea. I also wasn’t aware of the way duplexes can be sold here! Thanks for the warm welcome and I’ll be reaching out to you real soon :)

Hello BP, 

I'm relatively new to the party. My name is Ryant friends call me Nel. I am new to investing. I work full time as an engineer in Memphis, TN. I'm actively searching for my first house hacking opportunity. It will free up some serious flow (that I'm currently paying in rent each year). 

Based on my financial situation, I may be able to BRRRR either way, house hacking a multifamily is the most straight forward path for me. I am really excited.

 I've been bingeing on both podcasts and reading every book that I can get my hands on. I've been analyzing potential deals about 5 per day for about 4 weeks. I've gone on home tours and attempted to estimate rehab costs ( got some tips from youtube ).  I am preapproved and I have a RE agent who is going above and beyond to help me. 

I'm committed and highly motivated to building a legacy and financial education for my future children and also provide great returns for family, friends and colleagues. 

Any last words of advice before I take the plunge? Thanks