All Forum Posts by: Pat McCandless

Hi BP, I'm an investor in Connecticut and looking for a reputable investor-friendly accountant to help with my business and prepare for taxes. This is my first year as a real estate investor and am close to selling my first property, lining up #2 shortly. Thanks in advance! Pat

Hi BP, I'm an investor in Connecticut and looking for a reputable investor-friendly accountant to help with my business and prepare for taxes. This is my first year as a real estate investor and am close to selling my first property, lining up #2 shortly. Thanks in advance! Pat

@Rick Santasiere thank you! This specific property would fall under your #2, so I'm not sure what tax implications you are thinking of.  In my mind I am aware that there's a difference in Capital Gains tax rates between short term (less than 1 year ownership) and long term (more than 1 year) so from that perspective I'd be taxed at a higher rate.  Other than that I'm all ears.

@Natalie Kolodij and that last statement is exactly what I'm looking for!

Thanks for the advice, I didn't think about this being their busy season.  If you know anybody in your neck of the woods, let me know :)

Hello BP,

I'm looking for some references in Connecticut, ideally in Central CT/Hartford County area, that can advise me on the tax implications for flipping properties, what to expect and maybe some strategies to prepare myself for tax season.  I'm currently waiting to close on my first investment property, a fix and flip, so I just want to get ahead of the game.  Preferably someone who has a lot of experience working with investors/entrepreneurs.

Thanks in advance!

I have a 2 bed 1 bath ranch I am placing an offer on and need your advice.  I'm thinking this is mainly for the experienced Agents out there but welcome all opinions.  I know I am going to add a bathroom in the basement but my dilemma is where to add the 3rd bedroom. There is a large full unfinished basement, and a dining room that could be converted to a 3rd bedroom.  If you had the option, or if you have done this in the past, what would you recommend?  Is it a huge negative to take out a dining room?  Is it not much of a selling point to say a 3rd bedroom is in the basement?  What would get me my best bang for my buck?  The kitchen seems like there would be enough room to put a table for 4 against the wall to at least have something to eat on.

same!

@Kyle Kurt haven't gotten anything yet, either no one has a good trusted contractor or they don't feel like spreading the wealth!  Isn't this the season of giving? I saw a post by someone in the St Louis market giving away a rental to a newbie as part of the holiday spirit and to give back to the BP community.  All I need is a contact! lol here's the post, and I'll let you know if I do find someone...

https://www.biggerpockets.com/forums/311/topics/38...

Jeff Filali are you marketing for deals yourself or getting them from MLS or wholesalers?

@Wayne Brooks that's essentially what I was asking. I know there's a difference between what it sold for and what is owed. I'm trying to find the latter - do you have any advice?