All Forum Posts by: Basit Siddiqi

@David Krainert

Welcome to Biggerpockets.

You and I share many similarities. 
Raised in Brooklyn - Check
Living in NYC - Check
Graduate Accounting degree - Check
Real Estate Investor - Check

There are many real estate networking events in NYC. You can check the events section of Biggerpockets or on meetup.com for more details. Link to the NYC Events section is below.

https://www.biggerpockets.com/forums/521-events-an...

It would be considered a sale for your mother.

How many conventional mortgages does your mother have?
she is allowed to have up-to 10 conventional mortgages(1-4 are easy to obtain, 5-10 are slightly harder).

buying her out would require you to pay fees to a title company, possible to the county to record the transaction and her accountant for a more complex tax profile for the year.

I am also not sure I follow on the asset protection thing. A single member or multi member LLC should provide equal protection.

Have you looked into your mother gifting her portion of the real estate to you? The downside is that she might not be able to use the cash-out refi as cash available to buy a future home.

There are several options to finding a local CPA.

1) Use the biggerpockets search function to see if someone already is in search of a CPA in New York City. I did a search and provided you links below. I like this choice because you can see who people recommended and who they decided to go with based on their interactions among the many CPA's(depending of if they shopped around). You can also ask if they like their CPA and plan to continue using them.

https://www.biggerpockets.com/forums/796/topics/39...
https://www.biggerpockets.com/forums/51/topics/352...
https://www.biggerpockets.com/forums/51/topics/500...

2) Add the keyword alerts "New York City" and/or "New York". You will notice that there are frequent posters who respond to posts that have these keywords. Network with these individuals and ask who they use for a CPA.

3) Attend local REIA events. These events will normally contain seasoned investors and would be more than happy to refer you to a CPA. You can find local REIA event through the Biggerpockets events section or meetup.com. Below is 10+ events that will happen in and around the New York City Area soon. 

https://www.biggerpockets.com/forums/521-events-an...

4) If you are still unable to find a CPA that matches your needs. You may want to reach out to a CPA that works with clients remotely. There are many CPA's on this site that do so.

In the meantime - Feel free to ask any tax questions you may have. I would be glad to give you my opinion.
Feel free to add me if you think you may have a tax question in the future.

@Ryan Antista

It is usually recommended that you register the LLC in the state the property is in; In this case Missouri.

If you registered the LLC in California, Nevada or Wyoming(states that above posted suggested) you would then have to register as a foreign entity in Missouri because that is the state that you do business in.
If you registered in Nevada and Wyoming - you would also have to pay $$ for a registered agent on a yearly basis.
If you registered in Nevada, Wyoming, California - you may also be required to pay annual fees(if the state requires it).

Now the big issue at play is California is very aggressive in regards to saying that entities do business in their state.
California has indicated that general partners/managing members who live in California and make important decisions in the state are considered to be doing business in California.

You may need to reach out to a CPA/Attorney to see if you are considered to be doing business in CA and having to file a CA LLC tax return(CA 568).

Tax season is approaching - I already had a couple people message me. I would like to see who else is interested.

Hello BP Members - 

I was on Amazon today and I took a look at their deal of the day. 99 cents on select Kindle Books.

"Crushing It - In Apartments and Commercial Real Estate"(Kindle Version) by Brian Murray is on sale for 99 cents.
Brian Murray was a podcast host on episode 126 and 212.

https://www.amazon.com/Crushing-Apartments-Commerc...

I really enjoyed reading the book and I though others would enjoy it for a really nice price.

I in no way shape or form benefit from advertising this book on biggerpockets.

@Cristian Portillo

$550 per week - Is that before or after taxes?
That comes out to $28,600 a year if before taxes.

I would have assume a Bachelor's degree in Accounting should be able to demand a higher salary than that.

To answer your question - I would advise you to go for the master's program with a preference of waiting till you get at least 2-3 years of working experience.
The reason I suggest waiting 2-3 years is a lot of topics discussed in masters programs relate to topics/scenario's that you won't experience until you are 2-5 years in the profession. You would appreciate/learn more from the program after the work experience.

The thing that sucks is that some employers might want you to be "CPA eligible" which means having the 150 credits. 
It's a catch-22.

While real estate can provide a fulfilling career- it's good to have a backup; especially considering the fact that it would provide you a lot of reliability/credentials.

Are you going for Tax, Assurance or General Accounting?

Real estate investors have the option of never selling their real estate holdings and passing the investments to their heirs. The heirs get the property with a stepped-up basis avoiding having to pay the IRS/States any tax on sale. 

@Steve Strickland

There are several options to finding a local CPA.

1) Use the biggerpockets search function to see if someone already is in search of a CPA in Austin. I did a search and provided you links below. I like this choice because you can see who people recommended and who they decided to go with based on their interactions among the many CPA's(depending of if they shopped around). You can also ask if they like their CPA and plan to continue using them.

https://www.biggerpockets.com/forums/759/topics/23...
https://www.biggerpockets.com/forums/51/topics/733...
https://www.biggerpockets.com/forums/12/topics/255...

2) Add the keyword alerts "Austin" and/or "Texas". You will notice that there are frequent posters who respond to posts that have these keywords. Network with these individuals and ask who they use for a CPA.

3) Attend local REIA events. These events will normally contain seasoned investors and would be more than happy to refer you to a CPA. You can find local REIA event through the Biggerpockets events section or meetup.com. Below is 1 events that will happen in and around the Austin Area soon.

https://www.biggerpockets.com/forums/521-events-an...

4) If you are still unable to find a CPA that matches your needs. You may want to reach out to a CPA that works with clients remotely. There are many CPA's on this site that do so.

In the meantime - Feel free to ask any tax questions you may have. I would be glad to give you my opinion on the matter.
Also feel free to connect with me on Biggerpockets if you would like to ask me a question in the future!

Based on your profile - you have a property in Kansas. Is this a rental property? Even Though Texas does not have a state income tax. You may have a filing requirement in Kansas as a result of this property.

@Chris Virgil-Stone

There are several options to finding a local CPA.

1) Use the biggerpockets search function to see if someone already is in search of a CPA in Atlanta. I did a search and provided you links below. I like this choice because you can see who people recommended and who they decided to go with based on their interactions among the many CPA's(depending of if they shopped around). You can also ask if they like their CPA and plan to continue using them.

https://www.biggerpockets.com/forums/51/topics/395...
https://www.biggerpockets.com/forums/51/topics/133...
https://www.biggerpockets.com/forums/647/topics/43...

2) Add the keyword alerts "Atlanta" and/or "Georgia". You will notice that there are frequent posters who respond to posts that have these keywords. Network with these individuals and ask who they use for a CPA.

3) Attend local REIA events. These events will normally contain seasoned investors and would be more than happy to refer you to a CPA. You can find local REIA event through the Biggerpockets events section or meetup.com. Below is 1 events that will happen in and around the Atlanta Area soon.

https://www.biggerpockets.com/forums/521-events-an...

4) If you are still unable to find a CPA that matches your needs. You may want to reach out to a CPA that works with clients remotely. There are many CPA's on this site that do so.

In the meantime - Feel free to ask any tax questions you may have. I would be glad to give you my opinion on the matter.
Also feel free to connect with me on Biggerpockets if you would like to ask me a question in the future!