All Forum Posts by: Aaron Zimmerman

I would just ask what's their process for getting returns filed timely. Getting it filed in April is one thing, but October is generally reserved for late filers, people with missing K-1's etc. 

@Heigo Protten Thank you for the response!

Just as a general note, I'd caution against taking large write-offs against ordinary income if your goal is to obtain bank financing. This may hamper your growth by limiting the properties you can get. If you can get some seller financing deals, then it's a bit of a moot point but my personal preference is to keep my options open. Also, for the large write-offs you could take, you're not getting that much in tax benefit. Since you're at a low marginal rate (and my prediction is that they won't go lower), I'm of the mind that you're stepping over dollars in the form of potentially foregoing buying additional bank financed properties. 

#3 is a good idea so you don't have to pay the capital gains. I would also say it'd be better to contribute to your roth 401(k) if you're going that route because you will probably be in a higher tax bracket later in life and you're not getting that much tax benefit for contributing (except potentially getting the savers credit).  

I hope this helps. 

I'm looking for a free CRM to use in my real estate investing/personal. I'm a buy and hold investor. Ideally, this CRM would have the ability to have up to 500 contacts, at the very least. At this point, I'm not willing to sink the funds for a paid CRM service but may be open to it in the future. Any help would be appreciated!

@Mike Trzaska Yes- this is very common to put an hours cap. This is something my firm does. What it allows is for the client to know they're not going to get nickel and dimed for asking questions but at the same time putting a maximum amount of time so the client knows to be respectful of our time/pay additional monies should they want additional services. I would clarify how much time you get to make sure expectations are set. Hope this helps!

Depends on how much time is alloted for tax advisory. If no tax advisory, this seems to be a bit pricey. 

100% agree with @Ashish Acharya. At that point, you should be able to afford Quickbooks Online. Further, you can attach all receipts for specific expenses. You can also set up bank feeds as well. If you own the properties with no partners, I'd recommend just setting up classes. 

1. What % of their clients are involved in real estate?

2. Do you invest yourself?

3. What experience do you have/what's your expertise?

4. Who will I be dealing with/sending information to?

I hope this helps. There's a lot more if you look in the forums as well. 

100% not true. There is a certain of value that must be allocated for the land. For instance, if there are 100 units in your complex, you own 1% of the building's land. I would recommend going to your county assessor's website and looking to see what is land and what is building. Otherwise, you can look at your appraisal. 

@David Williams I think you could find something cheaper. We do the same thing for our clients but I'd say CPA firms will overcharge for what you're looking for. I have a bookkeeper that I recommend. Please PM me if interested.