All Forum Posts by: Choon Yee Dee
Choon Yee Dee has started 7 posts and replied 24 times.
Post: Looking for a CPA for tax filing and tax strategies throughout the year
- Posts 24
- Votes 15
Quote from @Account Closed:
Hey @Choon Yee Dee,
As accountants on BP we cannot promote ourselves directly.
Also, for house hacks generally, you cannot write off any % of your mortgage since it's your primary residence.
To help you in your search: be sure to find an accountant who is willing to grow with you, and is not too high priced fee-wise. Not too low either, you don't want to go with someone who is just focused on price as this is a quality of a not-so-great accountant. Accountants are in such demand, that the best are not even accepting clients half the time.
The other problem I see often with accountants on here is that they specialize in larger investors, and have really high prices when you as a smaller investor do not need all the bells and whistles.
Another thing I see is folks thinking they need to have a tax professional in their state. We as a firm have investors working with us who have rental properties all over the US big and small.
Finding a real estate-focused tax professional and one who can help with advisory and grow with you would be my suggestion to focus your efforts on finding. Best of luck in your search!
Thank you for all the pointers and advice Zach! That honestly helps a lot. We appreciate it!
Post: Looking for a CPA for tax filing and tax strategies throughout the year
- Posts 24
- Votes 15
Quote from @Chris Picciurro:
Are you managing the STR yourself? Did you form an entity to invest in he property?
My partner and I are managing the STR ourselves. We did not form an entity to invest in the property. Thank you for reaching out Chris!
Post: Looking for a CPA for tax filing and tax strategies throughout the year
- Posts 24
- Votes 15
Hello,
My partner and I are out-of-state investor from California and we recently purchased a property for STR and looking to purchase more STR this year. We are currently looking for a real estate investor CPA to assist us with tax filing and tax strategies throughout the year. Anyone have any recommendations on a CPA?
Post: Short Term Rental in Honolulu, HI
- Posts 24
- Votes 15
Investment Info:
Condo buy & hold investment.
Purchase price: $282,000
Cash invested: $120,000
STR buy and hold with renovation for value add.
What made you interested in investing in this type of deal?
My partner and I found that cashflow is the strategy that we are currently looking to acquire and Honolulu, HI has a very high occupancy rate. My partner grew up in Honolulu, HI so she knew the area and how tourism drives the city there.
How did you find this deal and how did you negotiate it?
We found this deal just simply on Redfin. We were in contact with a Redfin agent who also has a STR in the same building and gave us addresses that allows STR in Honolulu. Not all buildings allow STR due to regulations. In terms of negotiating the deal, we looked at the property and its condition and negotiated the price down and eventually met in the middle.
How did you finance this deal?
We financed this deal through a local lender in Hawaii with a 1/1 ARM at 8.875%.
How did you add value to the deal?
We added value to this deal by renovating the entire 257 square footage condo. From walk in shower, tiles on shower walls, tiles on bathroom floors, new LVP flooring in living area, new paint, and among other littler things.
What was the outcome?
The outcome of the renovation was amazing! The contractor we hired renovated several other units in the same building and did a beautiful job.
Lessons learned? Challenges?
There were many challenges that came about after the inspection; from outlets that were not up to code, possible water leaks above the shower head in the ceiling, water pipes from bathroom vanity was the same as kitchen sink with no shutoffs, etc. The biggest lesson learned here is that there are going to be mistakes made or problems that come up, and so having patience and communication thoroughly with your partner and team are key to getting through the process.
Did you work with any real estate professionals (agents, lenders, etc.) that you'd recommend to others?
I would recommend Tyler Hinderer (real estate agent) in Honolulu, HI area. He was very patient with us as first time real estate investors and went to bat for many different properties for us. He walked us through the entire purchasing process, as it was very new to us.