All Forum Posts by: Basit Siddiqi

$5,850 is less than what I would charge.

Hopefully you got quality service which means evaluating the documents you provided and not just plugging the numbers in.

If you had 80+ properties, I would analyze each property and how they performed this year to last year to help me identify questions on possibily omitting items.

If you didn't get many questions asked by your accountant, I would be concerned.

The next thing is consulting, are you buying or selling any properties this year? Were you provided any feedback / advice?

I had a 2 person LLC back in the day.

We owned 4 properties together.
The 4 properties appreciated signifantly.

I did a refinance on 3 of the properties along with some of my own cash to buy him out.

You should get a discount on your partner's share. He is not going through the 8% costs to sell a home which you will eat when you sell the home.

Furthermore, there is complexities with his sale since he is selling LLC interest and not real estate.

When you buy out his share, you want to make sure you get credited for you buying him out with added depreciation.

Best of luck!

If you just graduated college, I would look for ways to expand your knowledge / skillset which would result in you making more money(Salary or hourly rate).

If you make 50% return on $13,000, that is $6,500. While that is great money, it isin't life changing.

Best of luck!

If you are looking to connect with a hard money lender, you are possibly doing "BRRRR's".

BRRRR's have unique tax implications which you want your CPA to be knowledgable of.

Furthermore, Texas does not have a state income tax which does open you up to having more options available.

best of luck!

$70,000 salary for a 19 year old is amazing!

I would focus on trying to increase your active income for the first handful of years.
That means putting money towards classes / education to help you either move up the ranks of a firefighter or to start your own business.

If you have money after everything is said, I would have your first deal be a 4-unit houes-hack.

Best of luck to you!

Taxes will be a paid since you will be subject to FIRPTA.

You also want to see if there are any tax treaties between Singapore and the United States to determine if you will avoid double taxation.

Best of luck

is the $125,000 rental income net since this is a NNN property?

If this is Net after operating expenses, it is likely good that you got a cost segregation study as it will likely wipe out your income for a few years.

If the $125,000 is gross and does not include your operating expenses, I prolly would not have gotten the cost segregation study as the $125,000 will be wiped out by operating expenses and normal depreciation.

Best of luck!

When you have a conversation with the CPA, you want to have a discussion of which route you will go. The DIY Cost Segregation route or having a engineer stop by the property or have a mix of the two.

I recently created an article on this topic recently.

Investing in real estate instead of a retirement account(in my opinion) accomplishes what you are trying to do and it is more flexible.

Cash flow is shielded by depreciation. 
Appreciation is not-taxable.
Therefore, it almost acts as a retirement account plan.

The benefits is that you have access to rental income before you turn 59.5. Furthermore, if the property appreciates significantly, you can do a cash-out refinance.

Other benefits are
Not subject to RMD
If you pass away, beneficiaries will get a step up in basis

Best of luck to you with the decision you make.

I personally think a place makes a good investment if you have a competitive advantage in the city over others. You have a competitive advantage if you know the area better than someone who might be investing remotely.

Think about a city you grew up in, a city you live in, a city you visit often(Friends / Family), a city you vacation often.

Best of luck!