All Forum Posts by: Amy Ranae

Hey Jon! I'm in the area and a u of m grad. I know that area well. Coffee?

Hey Matt! Welcome and congrats! I'm in maple grove if you want to coffee and chat!

Hi! I'm an investor friendly agent =) 

Not sure if I'm allowed to post this on here or not but I've got clients looking for a rental in the next few weeks. First one: champlin or surrounding area, 2+ br under 1450. Needs by mid jan at the latest. Second one: somewhere near the airport under $1400, only important factors are a real garage and short commute MSP. Thanks!!

Hey thanks for the invite! I'll try to make it but evenings are tough, I've got two little ones to feed and get to bed =) 

Wow you guys are awesome. and this is a can of worms hahah! 

OK so the 15-20k in repairs is some major and a lot of cosmetic: new furnace/ac plus flooring/paint/fixtures etc. 

So it's sounding like the name of the game is a bit of depreciation coming back at me over several years? 

Someone asked about if I'm doing the work at cost, at this time, probably yes. I'm hiring out the HVAC stuff and a bit of sheetrock, but the rest is me so most of it will be my free labor =) 

I read that certain items get depreciated differently ie. the furnace longer than the flooring. I am WELL-AWARE that my tax lady (and all of you for that matter!) know's more than me about this but it just seemed so different so I thought I'd look into it. 

How do I find an investor friendly CPA in the minneapolis area? Maybe realtor friendly too since most of my income comes from sales of real estate and not investments yet.

Haha yes Shawn Ackerman that's the plan. So her numbers ar crazy, yes??

So I know the answer to my question is "ask your tax person", but I asked my tax lady and the info I got back doesn't jive with what I've heard and what I've read about so I'm asking you all. No need for specifics.

Ok. So I'm a real estate agent usually taxed at the 30% bracket. I am closing on my first investment property TOMORROW! so I asked my tax lady to run a scenario about how this might impact my taxes this year. I'm putting 20k down on a 100k townhouse that needs 15-20k of work. I'll rent it out for 1600/mo hopefully starting in December. When she ran my tax scenario, the 20k worth of work only amount to about $450 in tax savings this year. This seems grossly incorrect. 

I read Tax Free Wealth as recommended by one of the podcast guests and I have 3 LLCs already set up so I'm planning to use one as a management co that will do the repairs and manage the tenants and hold the property in my real estate llc, and have the companies paying each other for their services as mentioned in the book. I feel like this should result in more than $450 in tax savings...

I'm not purchasing this thing for tax perks, but I was hoping they would be a bit better than she has suggested. Also for comparison, I ran a P&L for my biz w/ the accounting software I use (LessAccounting, it's AWESOME!) and it says I will owe about 14k in taxes this year while my tax lady came up w/ 45k in taxes. Obviously I'm shopping for a new tax professional or thinking about doing it myself. Any input, tips, help, referrals, references, etc would be helpful! 

THANKS BP!

Hi! Thank you all for the interest! I think I have messaged you all but if you didn't get a PM and you are interested would you mind just shooting me a PM? 

Property is still available as of now but yes, quite a bit of interest on here. 

Thank you!

Hi! I'm not sure if I'm allowed to post this here so please redirect me if I'm in the wrong spot.

My brother in law has a 5br 2ba house in the como area of minneapolis. It is currently rented until sept of 2017. He is tired of being a landlord and wants to unload it w/o listing it on MLS. I've seen the house, it needs some work, but isn't terrible.

Any one interested?