All Forum Posts by: Sean Johnson

Thank you all for the input, I will definitely be looking for a CPA that specializes in real estate to help me with my tax return this year

I bought a small handful of SFH rental properties in 2019 and I am wondering if I should stick with my normal CPA or look around for one who "specializes" in real estate? I'm confident my current CPA understands the basics of owning property but have you guys found there are CPAs out there that have a deeper knowledge of rental properties and therefore help significantly when it come time to file your return?

@Jabari Long @Steven Warner @David Meadows. Thank you all for your responses, looks like 25% is where I’ll start and adjust if necessary.

Steve, right on with the extra insight there, definitely a great way to look at it for the long game.

@Jingru Sui I agree, curious to know at what percentage you have split the profits in the past?

@David Meadows For my clarity, are you saying you brought 100% of the financing and your partner did 100% of the leg work? That makes sense for a 50/50 split to me.

In this case I have about half of the money and plan to do all the leg work, just need someone to float me the rest of the cash needed. Any experience with that?

I found what is shaping up to be a good BRRR house but don't have 100% of the cash needed for the purchase and rehab. I have a few friends that are interested in REI and I plan to reach out to them to see if they are interested but I would like to have rough terms to present to them as well.

If, for instance, a partner puts up 50% of the cash needed but I continue to do all of the leg work, are there widely accepted equity splits so that I am both not ripping the partner or myself off?  75/25, 60/40?  What have you guys done in the past?

I plan to also ask if they would rather just loan me the money as well but my suspicion is they would rather have equity in the deal.

Thanks in advance for the help,

Sean

@Rachel H. Yes that absolutely helps. If I am hearing you correctly, you have found that the wear and tear in a manufactured is similar to that of a standard SFH but I may have to dig a bit to find the right contractor?

The numbers on a couple manufactured homes I am looking at are great.  But they were built in the early 90s.  I worry that if I hold on to them for 10-20 years, they may literally fall apart and then I am just left with a big mess and a pot of land.

Has anyone had experience with buy and hold investing of manufactured homes?  Is the potentially shorter life span worth the good monthly cash flow?  

I am thinking maybe pick a couple up to capitalize on them for a few years then try to sell?

Thanks in advance for your help

@Carli Cummins Great! thank you

Thanks for the tip!