All Forum Posts by: Account Closed

 did you got audited because of this small mistake?

Thanks, folks, for the replies! I have reviewed basics like W2 entry and rental income. But I did not know that I am supposed to add additional forms for the sale of stocks. My portfolio is managed by financial advisor and he did over a 100 transactions during the year. All of them are supposed to be filed individually. CPA never mentioned this to me. How would you work out if your CPA does mistakes and you can't check them yourself? Do I need CPA that double check everything?

I never looked at the files that my CPA was submitting for me. Now I started to look for the previous returns and I've noticed that the stock transactions were not reported and several other small things. This presumably can trigger audit... I wonder do you actually check everything you that CPA files for you?

@Beau Fannon I just transfered to Austin, could you send me info as well?

@Jason Bible do you think your multi will appriciate over time? It seems that cap rate are super low now.

@Chris Gawlik first of all, congrats on a large family! 4 kids is great to have. My personal suggestion is to refinance primary and pay off the debt. To get to the point of having cashflow and live from it is a long way. You should not be able to have more than 14k on your 200k per year. If someone promissed you otherwise - run. It is doable in a bad neighborhood, but then you jeopardize your 200k by taking more risk.

@Austin Smither Langley why? Cant you buy stocks on margin?

@Mike Griffin real estate is not passive investment. Doing a flip you contribute your time.

I personally would act irrationally. Assuming that the profit is the same, I will give more if I would be emotionally attached to the house, in other words liked it too much. Many people disagree with me, but I just have a certain esthetic satisfuction when I purchase something say with a view or something that triggers my imagination as a rehubber as opposed to a rabbit hole.

Hi,

I wonder what is a potential average income from investing in spec in Austin area and its subs? Where do people start? I have expierence in renovations but not building from scratch. I guess the question is too general, maybe I am looking for some numeric examples. Also is it worth trying at this time of the financial cycle?