All Forum Posts by: Patrick Shep

if you’re figuring out the land value for depreciation purposes, can I use the Fair market value for the land? The county assessment taxes it at 59k which is WAY too high. A plot of land has sold for $8500, $10k and 29k within that area. Can these be averaged together or even use the 29k? I don’t want any flags but don’t want to leave anything on the table For depreciation.

2 Votes

What are some good end of year tax deduction strategies (outside of increasing your 401lk contributions). I've read a lot of people will buy a property as an STR, put it into service then do a cost seg. I'm looking to offset rental income.

I can't take a passive loss against my W2 income. Would love to hear some advice.

3 Votes

@Scott Trench any update ?

0 Votes

Quote from @Kara Wonderlin:

Thank you! Sending you an email

Sent you a DM

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Sent you a DM

0 Votes

Albany, New York

Quote from @Scott Trench:

Quote from @Patrick Shep:

Quote from @Scott Trench:

Hi folks. Completely agree that we need an app. It’s an item in our roadmap, but maybe I just need to prioritize it to the top of the list in 1H 2024.

Bottom line is that I allowed us to stop supporting it several years ago, in a decision I wish I could have back.

honestly, I used to use the app personally as well. Thanks for the patience and the nudge to bring this back up to the top of the list. I’ll bring it up with our tech team.

@Scott Trench accountability check in? When is the app rolling out? I just paid another $400 and still no app. I can’t think of an expensive subscription that doesn’t provide an app. I’m leaning towards canceling my pro membership. There really isn’t anything beneficial anymore. Plenty of calculators out there for free and forums/groups on social media. Dealcheck is FREE and it offers an app for calculators.

I'm shocked that that your team hasn't told you how much your ROI would increase and user engagement just by having an app. Most people use their phone and it's a pain to stay logged in on your phone.

-signed an underwhelmed BP Pro member

We advanced the investment case last month. First step is to hire a designer. I did not like the first two candidates so we are still working on bringing in the designer.

I actually think this is a great way to keep accountability going.

@Kevin McGuire and @John Dawson are leading this mobile app effort. Perhaps they can provide weekly updates here on the status of the development. After negotiation, we pushed the delivery time to late Q3 2024.

Kevin and John. Let’s provide updates to the community here. If not weekly, please propose a cadence that is acceptable (not less than monthly).

How’s the App coming?

0 Votes

sent you a DM

1 Vote

I inquired with a lender on information on a HELOC. He asked what the purpose was and I told him it's for investing in real estate to buy under valued properties to refinance or flip. He told me that I shouldn't put that on the application because the underwriters will consider it too risky and he said to say emergency funds. I haven't seen or started the application yet but i was wondering if anyone has gone through this or from a lenders perspective on any tips to maximize the amount I would get

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I would strongly advise against this. I would recommend finding one in each market. You'll want someone who knows each market in and out. Concentrate on one of the markets and go deeper, then expand to another market once you're ready. Slow and steady...

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Wilmington, Delaware

Quote from @Scott Trench:

Quote from @Patrick Shep:

Quote from @Scott Trench:

-signed an underwhelmed BP Pro member

Kevin and John. Let’s provide updates to the community here. If not weekly, please propose a cadence that is acceptable (not less than monthly).

@Scott Trench that's leadership my friend! Push the ball forward. I'm excited- I'm sure the community will be thrilled and it will quickly be a top downloaded app. I'll send my address for my bonus/commission checks lol....look forward to hearing the progress!

0 Votes

All Forum Posts by: Patrick Shep

Patrick Shep has started 39 posts and replied 93 times.

Post: Land Value for Depreciation

Post: End of year tax strategies?

Post: BiggerPockets app change my iPhone and the BiggerPocket app ?

Post: $115k - Ocean Front 4 Short Term Rental Properties for Sale - Daytona Beach, Florida

Post: Need Broker recommendations!

Post: BiggerPockets app change my iPhone and the BiggerPocket app ?

Post: Seeking Lending Partners for Active Deals in VA and NC

Post: Purpose of HELOC

Post: Property Managers for DC / Baltimore / Wilmington (DE) / Philadelphia area

Post: BiggerPockets app change my iPhone and the BiggerPocket app ?