All Forum Posts by: Wei Jie Yang

I don't have one @Jay Hinrichs. Part of the reason I'm asking is just to see if I actually need one or if I can just DIY this.

Hi everyone, question about State tax returns. I live in New York, and have bought properties in Arkansas, Alabama, and Missouri this year. Do I have to file something for each state even though My schedule E will show a paper loss and I have no other business in those states?  How much do CPA's typically charge for this? Would they charge for each state, each property or just one for the entire return? 

I got quoted 2k when I had only two properties but it didn't really itemized what would happen during tax season. 

I also might be attempting to do a flip/BRRRR in Indiana before the year is done. How complicated is a return going to be if done this year as opposed to next?

Thanks for the info @Sonny Sach! I was thinking about the exact same question earlier!

Hi @Patricia Steiner My Pm sent me five COMPS he had for that area. It ranged from a low of 975 to a high of 1300. Three were in the 1075-1100 range. Factoring in time of year and how long ago the comps were, 1200 is being generous. The most likely range is in the 1100's. It's currently being rented at ~1500. I don't have access to the lease yet, but I will ask for that.  

When I began, I thought the most properties I was going to get was one a year but WOW has my plans changed completely! I have so far closed on four properties, and put in an offer for another in Huntsville Alabama with  @Jared Garfied's representing me as an agent.  

Biggerpockets and real estate investing is simply amazing and my very modest goals at the beginning of the year has completely been surpassed. Thanks everyone for your help and patience.

Yeah, I also made a purchase recently in Huntsville and used Bobby. It was the least through inspection report I've ever gotten, he claimed the house was HALF the size of the , he didn't even attempt to go to the attic, and he charged exactly the same as other more thorough inspectors. I'm looking for a inspector if anyone else has any recommendations.

Hi Gang,

I have an issue. I am looking to buy a pretty decent property in a B to B+ neighborhood in Hunstville that is currently being rented significantly higher(30%!) than what the market value is according to the PM I currently use.  It's newly renovated and they leased it out in May, which is part of the reason the rent is so high.  

What are some things I should look out for in this case? What are some things I should ask? Should I just count my luck?

Hi Guys,

I am thinking about working with Mainstay Property Group out in Indy. Anybody used them? How on time were they with renovations? How accurate were their ARV, rehab costs, and time management?

Yeah, give us more details. I was just talking to one of the Manship brothers about this. What happened?

Here's my situation. I own 5 pieces of property. One in NYC, which is free and clear, and four rentals in three other states that I bought this year with a mortgage.

Tried signing up for a HELOC on my primary and just got the call from the underwriter of the particular credit union I was using that I was rejected because of the mortgages on my outstanding properties.They will not count the rent of a property until it's been on my tax returns for at least two years.

My question is, is the two year tax return on rental properties standard across all banks and CU's or is it just a particular overlay for that particular credit union? Any strategies to avoid it other than waiting two years?