All Forum Posts by: John Tapley

Property is located and revenue generated in one state, LLC address is in another state. do I need to file in both? Or only where the revenue was generated? I live outside of both states.

Ex-engineer checking in... still in tech though. 

Hi Jo-Ann, would you mind sending me the referral too? I'm looking for a tax advisor in CA.

@Hadar Orkibi, you are 100% correct! I'm looking for folks to connect with and build long term relationships. Thanks for the Facebook group tip... I'll check it out. 

@Ryan Tekerlek

@Ryan Tekerlek, thanks and yeah lets grab coffee... I'll reach out directly. 

Hi folks, I'm hunting for MF (5+ units) and my current sources (MLS + Loopnet) predictably aren't yielding a ton of fruit. I'm tempted to start calling up the listing agents on loopnet and asking to be thrown on whatever lists they maintain and see if that works. Also I'd like to start meeting folks in the MF space. Anyone know of agents or wholesalers that specialize in MF or folks doing syndicates I should introduce myself to? Many thanks and I'm excited!

@Dmytro K. last I checked, its still quite a bit cheaper to rent than buy in the bay. Not sure I'd feel FOMO quite yet for a few reasons. Check out the mortgage amortization and see what equity you'd be actually building. Interest to the bank does get a tax deduction, but most of it is still 'rent'. The way I think about it is your ownership 'rent' is mortgage interest + property taxes + hoa + mortgage insurance... if all that is more than rent... keep renting. Also keep in mind that the equity you gain is going to be semi-locked up... I imagine at least until you're about 15-20% in equity. There is appreciation, but its cooled the last few months... my place dropped 100K so far... I'm rooting for far more :)

Also! You work in tech... I do too... most of us move jobs every 4 yrs or so. You never know when you may need to move to SF, PA, MTV, downtown SJ especially if you're career building. 

I do think flips totally work in the bay, so you could find a duplex and do a live in flip, then at least you've got someone else helping on the mortgage... just a thought.

@Frank Patalano it’s great that you’re still replying to this thread over several months. 

For me, I think it's a lack of a network that's holding me back. I need/want to invest out of state and I want to start with small multi-families. Cap rates seem compressed or non-viable on listings where I've been on the hunt. I need to find another path other than loopnet and Redfin. I have plenty of resources once I can find something... doesn't need to be a stellar deal. Tax advantages not available to HML make it less desirable and I already own a bunch of REITs.

I should have been more clear... Team people are paid money for their services and their services are contracted.

Hey BP,

I'd love to get started in RE investing. I'm thinking that the best way to get started is to assemble a small team so I can hit the ground running on *out of state buy and holds. These are the folks I think I should work with locally to where I live:

- Attorney for contracts, entities etc.

- CPA for taxes, tax planning etc.

- Finance sources

Local to where I buy:

-  Property manager, contractor/handyman, agents/wholesalers

Is this a reasonable approach? Should I look for an attorney in each state? Anyone else not on the list?

*Out of state investing, since California looks a bit hot and cash flow in a decent neighborhood seems really tough for a newbie. Please correct me if this is wrong... I'd love to get started close to home.