All Forum Posts by: Drew T.
Drew T. has started 1 posts and replied 14 times.
Post: First second home, buy & hold rental
- Homeowner
- Seattle, WA
- Posts 14
- Votes 6
Investment Info:
Single-family residence buy & hold investment in Portland
Purchase price: $562,500
Cash invested: $35,000
Reroof and safety improvements
Post: Misleading seller!! Who pays the Fees????
- Homeowner
- Seattle, WA
- Posts 14
- Votes 6
Why would you not pay this? Did the seller or seller's agent misrepresent the listing? It sounds like you ordered them without performing DD that could have been done online.
Post: Is this a reasonable estimate?
- Homeowner
- Seattle, WA
- Posts 14
- Votes 6
that looks really good to me for MD. Surprised you can get a quality painter for $35/hr.
Post: My First 4 Unit Deal!
- Homeowner
- Seattle, WA
- Posts 14
- Votes 6
How did you find a multifamily deal at that price point? Were you alerted before it hit the MLS?
Post: digitized itemized receipts
- Homeowner
- Seattle, WA
- Posts 14
- Votes 6
I think Evernote can export to a file format that works with spreadsheets/Excel
Post: Generate Income or Pay Down Debt?
- Homeowner
- Seattle, WA
- Posts 14
- Votes 6
20% is the minimum you should be paying to support those kids.
Post: Real estate investing CPA
- Homeowner
- Seattle, WA
- Posts 14
- Votes 6
Quote from @Fulton Abraham Sanchez:
Joshua, hi. There is a list of CPAs here on BiggerPockets that work with clients nationwide. Search for one that fits your current investing situation.
Where is the CPA list on BP? I don't see that under Network. I see requests for CPAs weekly in the forums so it seems like they would want to highlight that section more prominently to cut down on the repeat questions
Post: AC guy claim to file Mechanics lien on exaggerated invoice
- Homeowner
- Seattle, WA
- Posts 14
- Votes 6
hence why contracts are needed
Post: When to hire a CPA for our team
- Homeowner
- Seattle, WA
- Posts 14
- Votes 6
Quote from @Michael Plaks:
I see two questions: when and why. When? Ideally, not now, as in August. For 2021 taxes, it's too late because most of the established tax firms are full by now and not taking new clients. Your choices will be limited. For 2022 taxes, it is too early because tax people are in the peak of the tax season and do not have time for interviewing until After October 15th.
Why? You are asking the wrong question here, I'm afraid. You are trying to measure it in dollars. As in - will my CPA save me more money than I will have to pay for their services? But saved money compared to what? Looks like compared to you doing it yourself. Then let me rephrase your question: how badly can I screw it up if I do it myself?
If this is how you see things, then probably try doing it yourself. Because, quite often your CPA's work will not directly translate into tax savings compared to DIY. Unless you really mess it up, or unless your situation deals with big numbers and high complexity. You're not necessarily paying your CPA for savings. You're paying to have it done correctly which accomplishes three things not measured in dollars:
- peace of mind knowing it's done right
- mitigating IRS audit risk
- preserving your time for more productive and enjoyable things than learning about taxes
On that note, "a little research" won't be enough. Your situation is fairly complicated, requiring understanding not just regular real estate taxation but also state taxation and International taxation.
Finally, the biggest value of working with a tax accountant is in proactive tax planning, not in tax preparation for the prior year.
Agree, CPAs do not save money for small portfolios they just help get the paperwork right and eventually set you op for success in the long run.
Post: Real Estate CPA/Accountant
- Homeowner
- Seattle, WA
- Posts 14
- Votes 6
Quote from @Michael DeLon:
Julie... Bob Norton is a BP member and is superb. He, too, specializes in Real Estate Tax and is an investor and CPA.
Do you have a direct link to profile?