All Forum Posts by: Bill Hampton

Jesse,

Are you open to working with your accountant remotely? I recommend finding an accountant who specializes in real estate taxation over one that is local. You may want to consider working with your accountant remotely to expand your options.

I would also recommend looking for a tax strategist who is willing to work with you throughout the year, not just when preparing your tax return. You want an accountant that can help you strategize and who is responsive when you want to know the tax consequences of the decisions you are making throughout the year.

Good luck and let me know if you have any questions.

Ryan, 

Are you open to working with your accountant remotely? I would recommend finding an accountant who specializes in real estate taxation over one that is local. You may want to consider working with your accountant remotely to expand your options.

I would also recommend looking for a tax strategist who is willing to work with you throughout the year, not just when preparing your tax return. You want an accountant that can help you strategize and who is responsive when you want to know the tax consequences of the decisions you are making throughout the year.

Good luck and let me know if you have any questions.

Get a locking mailbox installed. Give one key to current tenant and keep one key for yourself.

Contact the post office to see if/when the former tenant's change of address was submitted and goes into effect. If one has not been submitted have the former tenant submit one. 

Send the former tenant an email and/or certified letter stating that mail theft is a federal crime and that they should submit a change of address to the post office. 

Good luck. 

Thank you @Joe Cassandra

@Chelon Harris

I recommend looking for a tax strategist who is willing to work with you throughout the year, not just when preparing your tax return. You want an accountant that can help you strategize and who is responsive when you want to know the tax consequences of the decisions you are making throughout the year.

Good luck and let me know if you have any questions.

Candace, it may be time to hire to hire a professional to handle your monthly bookkeeping if you are having trouble keeping track of expenses. 

Are you open to working with your accountant remotely? I recommend finding an accountant who specializes in real estate taxation. You should consider working with your accountant remotely to expand your options.

Good luck and let me know if you have any questions. 

I recommend Stessa as well. It's FREE and designed for real estate investors. Quickbooks too complicated and unnecessary for a beginner. 

Hannah, 

Are you open to working with your accountant remotely? I recommend finding an accountant who specializes in real estate taxation over one that is local. You should consider working with your CPA remotely to expand your options.

I would also recommend looking for a tax strategist who is willing to work with you throughout the year, not just when preparing your tax return. You want an accountant that can help you strategize and who is responsive when you want to know the tax consequences of the decisions you are making throughout the year.

House hacking will complicate your tax return. Your property can be treated as both an investment property and a personal residence. Your property expenses will need to be divided between business deductions and personal deductions.

House-hacking will also complicate your taxes if you sell the property.

Good luck and let me know if you have any questions.

Luis,

Are you open to working with your accountant remotely? I recommend finding an accountant who specializes in real estate taxation over one that is local. You should consider working with your CPA remotely to expand your options.

I would also recommend looking for a tax strategist who is willing to work with you throughout the year, not just when preparing your tax return. You want an accountant that can help you strategize and who is responsive when you want to know the tax consequences of the decisions you are making throughout the year.

You also want an accountant that has experience with multi-state tax returns. 

Good luck and let me know if you have any questions.

Haritha,

Are you open to working with your accountant remotely? I recommend finding an accountant who specializes in real estate taxation over one that is local. You should consider working with your CPA remotely to expand your options. 

I would also recommend looking for a tax strategist who is willing to work with you throughout the year, not just when preparing your tax return. You want an accountant that can help you strategize and who is responsive when you want to know the tax consequences of the decisions you are making throughout the year.

Some accountants also set up LLCs or you can hire an attorney to set up your LLC. You don't have to have everything done by one firm.

Good luck and let me know if you have any questions.

Megan,

Are you open to working with your financial advisor remotely? I recommend finding a financial advisor who specializes in working with real estate investors over one that is local. You should consider working with your advisor remotely to expand your options.

I would also recommend looking for an advisor who is willing to work with you throughout the year. You want an advisor that can help you strategize and who is responsive when you want to know the consequences of the financial decisions you are making throughout the year.

You should also find a Fee-only advisor who is not going to sell you a product and/or try  get a commission. 

Good luck and let me know if you have any questions.