All Forum Posts by: Joel McKinney

Thank you Angie, I’ll definitely check this one out!

Hello, quick question. I’m looking to qualify as a real estate professional for tax purposes. My wife and I own 3 rentals and I self manage them so I’m positive I’m hitting that magic 750 hour mark, also stepped away from my W2 late in 2021.  My concern is tracking the time in case we get audited. Is there a simple but effective software or app that folks are using to track expenses, and log hours spent managing your rentals? I’ve searched some of the forums but there were a lot of mixed reviews and most folks had other needs, like collecting rent, etc. I’m looking for something simple that isn’t spreadsheets.  We plan to add to our portfolio but it will most likely be 1-2 properties a year for now. Thanks 

@Tj Hines thanks TJ. I just sent you a connect request.

@Dave Foster thanks for the feedback. Sounds like you are an expert in the world of 1031's! 

Hi Mike......I wasn't able to attend the meet up event tonight in Sunnyvale. I am interested in learning more about your latest projects as well as what you have in the pipe line. Maybe we could meet up at your flip in Sunnyvale tomorrow. I work in Mountain View so I could swing by during the day or on my lunch hour. 

Lee Rimpa - thank you for your feedback, I need to look into Opportunity Zone funds ASAP! 

Kim Lisa Taylor- I will send you a PM for more info, thanks! 

Todd Dexheimer - I just heard about self directed IRA's earlier today, this sounds like a fantastic option. I appreciate your feedback! 

Ben Raygor- you have provided some great insight on how to breakdown the different possibilities, thanks for your input!

Hello BP People, 

Quick question here. I am looking to invest some funds into an apartment rehab syndication. I've done a quite a bit of research and all looks like it's on the up and up.  I would like to sell stock to fund this but don't want to get hit with the capital gains taxes if I can avoid it. 

Is investing as a limited partner in a syndication deal something you can use a 1031 or something similar to purchasing a home with the sale of stock? Other option would be to cash out a Roth IRA and roll funds into the project. Just not sure if either of these options helps avoid a big tax hit. Any advice would be greatly appreciated.

@Tj Hines thanks for the input. These are great things to ask for and it makes total sense. I have received quite a bit of info but references from other investors would help solidify the authenticity of returns. I’m reaching out to them today for these items. Thanks for the feedback!

Hi @Nick B.

I was introduced to one of the players through a mutual friend. So far he has taken time to come meet with us in person and has supplied contact, project info, and history on their other current or past projects. I’ve been trying to conduct my own research but as a newbie wanted to make sure I was heading in the right direction.

Thanks @Bjorn Ahlblad. I appreciate the warm welcome. Yes trying to check all the boxes and BP community feedback is definitely high on the list.