All Forum Posts by: Shane Woodman

Hello BP folks, 

I'm in search of a financial planner/adviser and tax expert in the Richmond, VA area. I teach personal finance to organizations and we are scaling big enough that I need to add to my team. These two members would be referral only partners, but need them listed as part of my team. Some small co-speaking engagements in the future may happen as well. But for now, we really need a consistent name to send clients.

Thank you and look forward to meeting and growing our businesses together! 

I have some tenants moving out at the end of December and will be remodeling the kitchen. It is over 30 years old and falling apart in there. What are some best practices for remodeling a rental property for around $5000. If anyone knows a good contractor in Richmond, VA that's even better!

Items I’d like to replace

- cabinets

- counter tops

- sink

- stove/range

- floors (500 sqft)

Thank you for the help!

@Stephen Glover thank you for the recommendation!

Hi everyone. I am looking for a Fee-Only CPF in Richmond, VA. Everything I look at shows annual fees of $6,000+. I am looking for someone to meet with once a year and review everything. I listened to episode 41 of the Money Podcast where on the high end is $350 per hour. I am not finding any? Thank you for the help!

@Natalie Kolodij My AGI is not at $150K, but my wife and I together are above that number. We filed jointly and our income property is in both of our names. I asked my CPA if he ran the numbers for us filing separately, but am waiting on a call back. Also, we did try to write off all of those items. I am very detailed in that manor. We submitted everything with receipts so it was all justified. Thank you so much for your help!

Hello BP community. 2018 was my first year investing in real estate. I was hoping to see some tax benefits, but my CPA sent me this note:

"And what I suspected did happen related to the rental. Your income was too high to benefit from any losses so they were suspended and will carry forward to offset future income from the rental property."

Should I challenge him on this or have others had the same experience with your first investment property? 

Thanks for the help!

@Theresa Harris I really like that idea. I’ve already made an agreement on this particular issue, but that’s a nice tactic.

@Elenis C. Thanks for your feedback. They reported it immediately and I advised them to switch to emergency heat so the unit could thaw. After that, it took 2 days to get the technician out there and then another 12 for the part to arrive. They did the right thing by bringing it to my attention. It is my belief this could have cost me much more if not reported properly.

@Ned J. Thank you for your input. Temperatures during that period were not cold. We have had a mild winter. During my rehab period, the electric bill was consistently $100 less and my previous tenant confirmed her bills to me.

I agree about the credit. That is bad practice and will not transfer that to other properties.

Thanks for all the input. I decided to split the bill 60/40 and provided a credit toward their next months rent. The temps were considerably higher during the past month. It is my belief that there was nothing they could do to keep that bill down.