All Forum Posts by: Trevor Reed

@Marc Tuckey thanks for reaching out.  I shot you a PM. 

I use a company called Farmer, Fuque, and Huff. They are located in the North Dallas Area. I wouldn't say they are creative tax specialists, but they are detailed. I would also do a little research on the 1099s, they are very easy to do yourself and you'll save money not paying someone - especially since you use quicken. I use QB and it's a breeze, I assume the same is for Quicken but I don't know for sure. Also, I'd also check on if the 1099 docs/envelopes/stamps would all fall under your LLC as a business expense, whereas paying a CPA to do the 1099 would fall under your itemized deduction - this could have a small impact, but worth looking at nonetheless.

@Stanley Hammerton there is a lot to take in but remember action is one of the most important parts.  Many people will analyze and dream of doing their first deal but never take action.  Find a local investor, ask questions, take notes and learn/see how it's done in person.  That will go a long way in building your confidence in this investment.  Talking to real people with real numbers and properties in your area really turn this "idea" into reality.  Good look, I hope you enjoy it.

My recommendation on the ceiling leak is to get it looked at yourself. More than likely, you have an obligation with the tenant to repair that (check your lease). You can blame the HOA, but the HOA is not the landlord. Also, as someone pointed out above, water leaks (water in general) will be your biggest enemy when it comes to damage on your home. If it is still leaking, it may or may not be the A/C pan (most likely roof - failed flashing perhaps), seeing as the weather is pretty cold as of late, and there shouldn't be much condensation accumulating. Worst case scenario, you can get eyes on it and formulate a game plan, possibly a band-aid until the HOA gets their act together. Another thing to note, almost every insurance policy does not cover slow leaks, e.g. a small leak that continues for a long period of time. This can lead to wood rot and mold and turn into a claim your insurance will not cover. Sounds like a great first experience though, baptism by fire.

I have a lot of experience with housing near military bases.  We have an apartment complex near one and the main thing you will experience, typically, is high turn costs and vacancy.  I would highly recommend going hard flooring in the unit and securing a strong deposit.  Qualifying on rent will not be an issue, the housing allowance is typically more than enough, even enlisted.  The turnover rate can be high, so make sure you have a game plan to keep that vacancy loss down.  Talk with base housing, sometimes they can send soldiers your way.  It can be tricky - especially if you experience deployments or relocation (automatic lease buster), but you will typically have a strong tenant base that makes decent income. 

Welcome!  Should be plenty on this site and on the internet to get a foundation to build on.  Get to know what area you want to invest in.  I recommend investing in places where you travel, e.g. work, daycare, church... that way you can maximize your tax advantages while visiting places you normally go.  

Always good to also send a certified letter when you do a 3 day as well as any other documentation, it doesn't have to be - but it's recommended.  Just pray they don't protest using a pauper affidavit or it can drag on.  Remember to always get any changes agreed to by the tenant in writing - they may (and will) lie about it in court, you need to always be prepared for it just in case. 

@Linda S. thanks for reading.  Good luck with the cash flow; remember breaking even is still a win usually!