All Forum Posts by: Patrick Mullin

At this point, we will just be tenants in common. We wanted to actually land a deal before going through the LLC work. We are anticipating closings in early 2021, so that should give us time to get a LLC setup. That also gives us some lead time for tax planning.

Thanks Alex. I've done all my own taxes to this point, but they're pretty straight forward as a W2 earner with tax deferred and taxable investment accounts. I read both BP tax strategy books, and if nothing else, they've taught me the importance of good book keeping, tax planning, as well as getting a good real estate CPA. 

@Alex Olson- unrelated, but given that I'm in Springfield, I'll keep you in mind if we/I decide to make some real estate moves in MO. Thanks! 

Thanks Linda,

They're both currently occupied rentals that we are okay with leaving as is until turnover of tenants (CoC 20-23%). Once one leaves, we may go in and update a few things. It seems straight forward, but the different state income is the curve ball.

Thanks again for the help!

As others have said- go to the WCI forum. Create an account, post the question. It's anonymous, so you can post numbers- net worth, debt, etc.

Re: physician loans- COVID has made lending criteria stricter. I don't know if she would qualify on a resident salary for a $400-500k home.

You should be able to both be on the title if she qualifies. Your income will be helpful, but your credit score won't (they take the middle score of the person with the worse score).

Just a heads up- if you do pose this question on the WCI site, they will all invariably say this is a bad idea (buying a home, especially an expensive one, during residency). There are many there who can comment on physician loans. 

If you want to avoid the lashings- here is the blog post they have on the topic of physician loans

https://www.whitecoatinvestor....

(admin- feel free to remove the link. I have no financial relationship with that blog or forum, just trying to help the OP).

Hi all,

Me and a partner finally got an offer accepted on 2 SFH. I'm located in Springfield, MO, and the partner and properties are located in the Biloxi, MS region. Given that I'm out of state, I know that I'll likely need to file MS state taxes. Would it be best for me to hire a local CPA in Missouri, or to get my partner to talk to someone in Mississippi.

Also, if we are splitting equity and rental income 50/50, are deductions and depreciation divided up equally? 

Additionally, if anyone has a recommendation for a real estate CPA in Springfield (or even KC/STL) or in the Biloxi area, that would be appreciated.