All Forum Posts by: Shan Vincent

I just got off the phone with Wealthability.  I was not happy with the conversation.  I am not interested in paying 15k for their services.  I am looking for a CPA that owns rental properties and understands taxes and being a real estate professional vs. an agent and which way to file the taxes. If anyone has any recommendations please send them my way. 

@Account Closed

I would move if you can manage it. That’s a lot of drama. Take yourself and your kids out of that environment. You are entitled to quiet enjoyment of your property, but fighting an awful neighbor might not be worth it.

We own properties in Newport, San Diego and Delray Beach Florida.  I self manage all of them and have a great system in place.  I'm not afraid of having out of state properties.  I have been trying to choose cash flow or equity.  We don't "need" the cash flow at this time, but I have been excited about the prospect of building our real estate investment portfolio.

We own income properties in Southern CA.  We have a condo that only cash flows about $300 per month.  It has about 500k in equity.  I'm trying to decide if we should sell it and move the money out of state to make a bigger cash flow each month or keep it and watch it appreciate.  It's located in a nice gated community in Newport Beach.  Any input would be greatly appreciated.  

Hi Christine, I have not. I considered Wealthability but they wanted 15k yo advise us not including doing our taxes. I’m still on the hunt.  

Hi Everyone,  Does anyone have a good way of tracking receipts and then attaching them to quicken.  An app perhaps that you've used?

Thanks for your help!

Shan

Hi Jake,

Thank you for your response.  What role has WealthAbility played in your process.  Was it a referral to a CPA and that's it or was there something else? Thanks for your help!

Hi Everyone,  I wanted to see if anyone has used WealthAbility by Tom Wheelwright.  The amount they charge to analyze your information and give you a plan is pretty steep, so I wanted to see if anyone has used them and how happy you are with their services. Thanks in advance for any input.

Does anyone have a good accountant in Southern  California that understand the "Real Estate Professional" designation, property management, and real estate agent interface and how it can all work together? 

I just looked. He has me taking losses on schedule D and is writing off expenses on Schedule E too for our rentals. We never had a conversation about needing income to offset the schedule D losses. As I said I’ve been doing this for 7 years. I did sell real estate for years but stopped to manage our real estate. I have not had a conversation with our accountant about being a “real estate professional.” And don’t know what that entails. Any further insight and help is much appreciated.