All Forum Posts by: Salvador G.

Recently found a home on zillow at a great price. The listing had several pictures so I went to check it out to make sure the house was there, but after a week I noticed that the number in the mailbox is not the number of the house I supposedly purchased. After a little digging just a few minutes ago I found out that I have purchased a lot. I even asked the guy of he had a key during closing and he told me to just kick the door. Looks like he took the pictures of this other vacant house then listed the lot an added those pictures. I did purchased title insurance but I don't know if I'm covered or screwed.

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We met the reserve and won the bid. I know no sale is final until seller signs, but we were the highest bidders and met the reserve price. 9 business days had passed and they called me after numerouse requests for an update. I was told that they would be needing 5 more days because they were waiting on investors approval. Well the property is back on the market without telling us. If it's not because I'm always checking I would just be here waiting on their answer. Eventhogh it was going to cost me it felt like I had won the lottery. I have numerouse properties but what made this one special was that I had intentions to make it my primary home. Just want to share my personal experience with hubzu

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Originally posted by @Brandon Hall:

Salvador G. It's difficult to say without knowing anything about you or your investments. 12 properties tells me nothing. Are these SFH? Are these apartment buildings? Are they $100k each or millions each?

The 1120s is at price is at the bottom of the range for CPAs. Most CPAs charge $800-1,200.

I'd look to charge form 8825 like I do schedule E. And without knowing anything about your properties, I can't say whether or not it's fair.

Fork 4562 seems steep, but again without knowing your information, I can say with certainty.

What a lot of people need to understand is that you will pay premium prices when using a CPA, but you should expect premium service all year long. A CPA is not just a tax prep guy but should be your year round trusted advisor. If they aren't a year round advisor, then go with someone else.

Brandon,

Thank you for talking your time to respond to my question. These properties are right around 80k-100k. They are single family homes. If I have a questions I call him and he is always there for me, but I feel that If I don't ask or buy books to learn on my own I really don't get guidance from him. They also do my book keeping for my painting business, but those fees are separate($150 a month) plus filling fees. Every month I send him my bank statements and I meet with him at the end of the year. Then he tells me you fall under this bracket and this is what you owe. I hired him because I think quick books is no help with tax strategies. A few months ago I learned about like exchange and asked my self why didn't my CPA tell me about this. But they don't do book keeping on my properties.

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My CPA is charging me $750 for my 1120s, form 8825 $1500, and form 4562 $3000. A total of $5250 for 12 properties. Is this what most of you guys pay? Right around $500 per property. At the end of the year I send him a spread sheet with the income and expences broken per property. Please advice.

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All Forum Posts by: Salvador G.

Salvador G. has started 3 posts and replied 4 times.

Post: HELP!!!!!!!

Post: Hubzu has ruined my day!

Post: Year end tax preparation cost

Post: Year end tax preparation cost