All Forum Posts by: Aaron Zimmerman

I would look to structure the notes in a tax deferred or tax free way by investing in retirement accounts. That's what I intend to do with my retirement funds!

I would take some time to educate yourself first before jumping in and making big life decisions. 

If you're looking at moving, could you sell the property you already have and use some of it towards A down payment on your next home? Could you rent the current property out on a short term rental? House hacking is the easiest way to get started in a new market, so I'd recommend starting there and ideally try to get a couple properties this way. Even if you can only get one, it's life changing if done right. 

I would first look to change your attitude on the corporate job. It's ultimately a means to an end and you can leverage it to build a nice portfolio. 

as others have said, you're ideally going to get skills on the job that you may have otherwise gotten.

your first step should be to house hack, ideally every year by living in one unit and renting out the others. If you're really looking to juice cash flow, you'll want to rent by the room, short term rental, or medium term rental if you're inclined. Then, repeat the cycle.

In 5 years, you'll likely have a multi million dollar portfolio. Real estate is a get rich slow game, not get rich fast. Focus on the fundamentals and you will get rewarded. 

Here's what I would do after you have an emergency :

1. Max out 401(k) up until the employer match. It's free money

2. Put monies into an HSA

3. save everything else for real estate.

4. Any excess, put in a Roth or through your 401k

@Larry Morris - there's a ton of great CPAs on here. I'd recommend seeing who's active on the forums and reach out to help. Please note that CPAs can't self promote except in this "classifieds" forum. 

Im sure within TurboTax platform, you're able to put the federal in and then the state. Then, I'd let the system calculate and double check. You'd want to match the form 8582 for MA against the k-1.

additionally, with that level of loss, it may Be burdensome to file. If you have gain, then the passive losses will offset but the real potential tax savings is about $100. I would only consider this since you haven't filed in MA before. 

Agreed with@Jason Malabute that this is a tall order. Many accountants are moving to fixed price arrangements, so should be able to find that. As for top 5 or top 10 experience I don't feel like is necessary. You definitely want someone with other public accounting experience. Top 5 or 10 firms don't often do a lot of the returns that you have. 

additionally, I'd look to go with someone that may not be in California. You may find the cost to be more reasonable. 

I would agree that national is better as you open up the pool of people. As others have said, look on the forums to see who's active and has been active for a while. You can also use the tax pros feature as well! Best of luck in your search!

@Rereloluwa Fatunmbi for your first question, I'd ask investors in your local market. I'm not sure.

the leases generally transfer to you at closing. Once the leases expire or within a few months of expiring, I'd look to renew the residents you want to renew.