All Forum Posts by: Nik L.

I need to get some assistance on running my bookeeping. I have been doing spreadsheets and manila folders and then flailing when it comes to tax time given the complexity. I just started looking at Quickbooks Online but even figuring out the set up seems time consuming. I have a CPA but they charge $400+ per month to do Quickbooks bookeeping. 

I do some flipping, I have an appraisal business and then I have some rental units. I also invest in multi family syndications although I don't know that this requires bookeeping. 

Looking for personal referrals for virtual bookeeping. I know there is a marketplace function but I would love for referrals rather than solicitation from vendors. 

Thanks for the advice!

California FTB pretty much sucks. Interesting they don't see (care about) the hypocrisy that  they are not willing to give up any tax if the initial asset was from out of state. 

I just read your article on the deferred sales trust. will they come after you if you create one? Is there a distinction between a failed 1031 put into a deferred sales trust versus a strategy planned that way from the get go?

Bill, what happens if you move out of california to another state down the road?

Hello fellow bay area owner. We should connect as I am in the same boat. I just sold my oakland duplex and trying to figure out what to do about tax deferment. I have been doing a furious amount of research as my clock is ticking and also looking outside of california. 

Thanks. I don't even know how to do this. Plus, I am in the SF Bay Area so am pretty much priced out of everything locally so it means buying out of the area. My brain is spinning trying to do all the research while still keeping up with my day job. 

How do you find self storage options? I am not big on DST as the returns seem too low and I am still in the accumulation phase rather than the wealth preservation phase.

I sold a highly depreciated SF Bay Area california duplex I have owned for more than 2 decades. I sold due to rent control and a bump in value but I hope I haven't made a mistake. About $48K in annual net income plus 5-6% annual appreciation. $1.7m sales price before expenses and $900K cash. Now I need to figure what to do with the money as my tax bill would be around $500K. 

Been looking at multi family syndicate TIC, deferred sales trust, OZones, investigating markets outside of California. Still in the wealth accumulation mode for the next 5 years and don't necessarily need the cash at the moment although would like to develop income streams as I semi retire in 5 years.

My familiarity is in SFR and small residential. I have been flipping in Atlanta for several years and I am a 20 year residential appraiser. But looking to diversify into something more passive and don't know much about MF, commercial, storage,??,...

My 45 day clock started yesterday. So...what would you do?

James if you are an investor in the sf Bay Area you will not likely win as most 2-4 are being purchased by owner occupants and they will pay higher and come in contingency free with large cash down for any halfway decent property. My knowledge is specifically east bay. I just sold a duplex in oakland,  listed at $1.495 and sold with three offers at $1.714. I didn’t even look at the one offer that had contingencies. Also important who your agent is and who the lender is. Unless you are all cash and offer higher of course. 

Clarification. I am not moving out of California. I am just moving my investment out. So I may be looking at something more passive or at least something easy to own remotely as I won’t live there. 

I just sold a highly depreciated duplex in the SF Bay Area and looking to invest elsewhere for a variety of reasons but mainly rent control and some other taxation reasons. It had good cash flow and appreciation of 5-6% per year over the two decades I have owned but the timing was right to sell. Wondering where my equity can go for best returns.  

I have been doing flips in Atlanta and I am somewhat familiar with that area but what areas are good for investing post Covid? Any feedback on other areas that offer cash flow and appreciation? 

Thanks!