All Forum Posts by: Gabriel Medina

@Michael Plaks

That is exactly what I needed to hear. Thank You. 

Thank you all for the great responses. I will be contacting her today to get a better feel for her comfort level. May I ask one more question. I have gotten references for a few CPA’s in my town and have not walk out of an office feeling great about any of them. How beneficial is it to have a CPA that is in your area? Is tax accounting something that easily be done remotely?

Again I Appreciate the feedback very much. This is my first post but will definitely not be my last.

@Yonah Weiss @Ned Carey @Michael Plaks  @Basit Siddiqi

Hello All, 

 Please excuse my ignorance but here my situation. I've owned a duplex for 5 years but have only recently started learning about what it means to be a real estate investor. In years past I have filed my own taxes via turbotax. This year I sought out a local CPA. I asked about claiming depreciation for the 4 years prior to 2018. She hesitated and um'd a few times before saying "sure we can do that". My question is how can I check her work? Where on my tax form will it show that I am trying to claim past years depreciation?

Thank You

Gabe

Investment Info:

Small multi-family (2-4 units) buy & hold investment.

Purchase price: $244,000

This was originally purchased as a house hack. I have recently read “Rich Dad Poor Dad” and have realized the potential of real estate investing.

What made you interested in investing in this type of deal?

Owning a home to live in.

How did you find this deal and how did you negotiate it?

Access to msl sites for local listings

How did you finance this deal?

VA loan

How did you add value to the deal?

Rehab work done by myself

What was the outcome?

2018 produced a passive income of $840/mo

Lessons learned? Challenges?

I’m still figuring them out. Both lessons and challenges

Did you work with any real estate professionals (agents, lenders, etc.) that you'd recommend to others?

I’m too new to the game to recommend anyone