All Forum Posts by: Chris Picciurro

Welcome to BP Hillary! BRRRR can be used as a great wealth building and tax efficient strategy. I will DM you with some other recommendations.

Welcome to BP Dakota. I would start with some podcasts and affordable self-directed online education. I have a couple very good resources that I can share. Just DM'ed you.

Good afternoon Jake. Thank you for your service and welcome to BP. I would consider joining a local real estate meet-up to start.

I agree that real estate specialization is more important than geographic location. Many clients and investors have purchased property in KCMO from out of state. If you want additional information feel free to DM me. Good luck!

Great questions and I have owned a CPA practice for over 20 years. Here is my advice: work with a CPA that specializes in real estate. Make sure the firm can look at your current tax situation and run a tax projection based on your potential sale. Then have them discuss tax planning options and determine the related tax savings. If you have any other questions feel free to DM me. Good luck!

The basis of the property would carry into the new LLC. You would use the existing depreciation schedule. Make sure your operating agreement address member equity accounts, especially if you have a note on the property. There is a chance that your mortgage balance is more than the adjusted basis (after depreciation) of the property. In that case, you are coming in with negative equity.

Then I would consider house hacking. Marry the property and date the rate. 

Yes you can do that. Obviously there are self-dealing rules to follow that @Dave Foster mentioned. 

Great question - our CPA firm does not offer bookkeeping services. We partner with trusted QBO certified partners to deliver that. It is very difficult for a CPA firm to delivery bookkeeping in a cost effective manner as well as tangle with seasonal work compression. Having your CPA focus on tax strategy, advising and preparation is key!

What is your plan in 3 to 5 years from now from a living situation?