All Forum Posts by: Marc V Palmeri

@Linda Weygant

Thank you Linda.  This was the answer I was looking for.  

@Basit Siddiqi

My guy is $200 per hour.  

Thank you for your feedback. I got this straightened out. The HOA filed both 2016 and 2017 last year which is why the bill was so high at $325 ($160 for 2016 and $165 for 2017). Although it's interesting to know you think $300 is low and you would charge even more in light of this new information haha.

Hi,

I recently discovered that my one HOA has been using the same CPA to file Form 1120-H for the Association's taxes every year at a flat fee of $300. I filed the form myself for 2018 and the entire process took maybe 10 minutes. I feel like $300 is an extremely high fee for such a simple filing (by comparison, my personal CPA is located in Boston and charges $200/hour), so my question is...does this seem normal or is something going on that I should be concerned about? I was hoping to get a CPA's opinion.

Thanks! 

@Nick Bennett Great job Nick.  Congrats on your success!

@Lien Vuong Thanks for the advice.  I'll DM you.

Great job Todd.  I'm looking at a 4 unit off market deal in East Boston now that might make sense from a condo conversion perspective.  I've never done a deal like this before so I'm working through the numbers and logistics and learning as I go.  Definitely not easy.  I can only hope it works out as well for me as this deal did you for!  Congrats!

Hi,

I have a newbie question.  What do you do about existing tenants when considering purchase of a new property?  I am looking at a 4 unit MF and all units are occupied with TAW paying below market.  I want to do a bit of work on each unit (add a half bath, finish the attic space, rip up the carpets to expose the hardwood underneath, etc.).  My goal is to do a condo conversion and sell 2 units, keep the other 2 and increase the rents to market and hold long term.  I'm not sure about the logistics when existing tenants are involved and was hoping BP members could help me understand my options or give me recommendations.  

thanks!

Marc

Could you break down the numbers a bit more?  605 -345 - 40 = 220 but you made 200.  Was the other 20 your cost of repairs?  What about holding costs, closing costs, etc.  Are those factored into your "cash invested" figure?  Thanks

@Philip Ganz Congrats!

Hello,

Would anyone be able to recommend a CPA in the Greater Boston area that specializes in tax strategy, specifically geared towards real estate?

thanks!