All Forum Posts by: Dan Vleck

Perhaps of no help for your current situation, but I use a line of credit and purchase with speed and without bankers involvement. After I control the property, I fix and rent it and go in leisurely for a bank loan. Good luck.

If you learn to do your own flooring and painting, you've got 90% of most remodels. I do those and tend to hire out plumbing. I also do my own roofing, huge savings there. People who say to focus on your business instead of doing the work are either independently wealthy or lazy:)

I have a spreadsheet that shows what holding for five years does for your bottom line. I don't sell properties, I just hold them. Why eat the goose that is laying little golden eggs. 

PM me your email address for the spreadsheet.

I allowed an ESA that was kennelled in the basement and not let out enough. When it was let out one day it bit a neighbor. After eviction for non-payment, I found the basement mess that needed bleaching of all walls. Still stained, but odor dissipated.

The neighbor luckily did not sue me for Dr. bills. Went after tenant.

@Bill Gulley I read your profile after posting last, and see that you have vast business acumen. Believe me, I've considered both getting a software program for accounting and hiring an accountant to do my taxes. 

You and @Brandon Hall have given me much to think about. 

@Bill Gulley I get it. I protect my profession too. I've read the NOLO tax book for rentals and I've done my taxes all my life. I only switched from paper returns a few years ago. 

Many people would likely benefit from an accountant, but I'm highly educated and I study accounting. My point was accountants on here should use more qualifiers or give examples of their tricks. 

With fewer than 10 SFR I use spreadsheets, and my own depreciation and amortization schedules. I then compare my accounting to results obtained on Turbo Tax.

So to stress my point of using qualifiers again, how many doors would you suggest before someone should purchase accounting software?

Location would be a good poll question.

I never found an "event page". At any rate, I am trying to find a good event for this Fall or next Winter if anyone has a suggestion. Can't make it this weekend.

So, I did a search and see that BP did a conference in the past.  I'm at a point where a conference would be a good tax write-off and I could always use the education.  It might be worthwhile for BP to conduct a poll of interest in a conference. The going rate appears to be $500/ea for a two or three day event. @Brandon Turner

@Michael John

@Michael Johnson I wish you could understand how bad your idea sounds.  It just seems like you don't know much about the financial meltdown of the last decade.  Save your money and put 20% down.  @Chris Mason could write a book about this. 

Please watch The Big Short, 99 Homes, and Margin Call for starters.  Plan to pay off the mortgages.

I cannot understand how an accountant can "save" you money.  If they follow the tax code, they will likely not do any better than Turbo Tax.  Sure, they may make it look like you are doing better, by using 179 or other quick methods to depreciate your personal property, but then you lose that depreciation expense in future years.  I'd say, if some accountant says they will save you $5,000 a year...RUN. 

Why don't accountants put qualifiers on their statements, like if you are operating as an S corp or if you have income over xxx, they have tricks to save you lots of money.  For my wife and I, our income is primarily W2 with additional income from rentals.  There are no secrets to saving me big bucks on taxes and still be in low audit risk.  I've read the books and there just aren't legal loopholes that good tax software doesn't pick up. 

Save your money for that next purchase.  $60 Turbo Tax versus $600 for a person.  I'll stick with my software.