All Forum Posts by: Andrey Y.
Andrey Y. has started 114 posts and replied 1826 times.
Post: Biden introduces plan to increase taxes on Real Estate investors
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Originally posted by @Steve Morris:
Originally posted by @Account Closed:
Id much rather sensible long term policies that help the middle class and create more stability.
Give me a high tax state in the USA that's raised taxes and created more for the middle class. Look at Cali if you want an example.
Illinois is a better example. Super high income tax, products and services sales tax, ski high property taxes.. the result?
A pension they cannot reply, crime, and even more squeezing of the poor and middle class.
High taxes, high regulation, not business friendly, federally mandated minimum wage, etc. are all things which harm and de-incentivise the poor and middle class.
Post: How would you invest $1 million?
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Originally posted by @You Ouman:
Originally posted by @Andrey Y.:
Originally posted by @Ouman You:
Stock Market....Where we live it would probably get you a condo of 2 bedrooms, and not too interested in any other state. Just me other than California and with all due respect we can't live anywhere else. California has its flaws but the weather and what it has to offer is not matchable.
Although stock market trading is not for everyone, the return far exceed the real estate and its headaches.
Weather, beaches, and surfing are better in Hawaii. Taxes are lower too. I don't think a lot of people would debate these things either.
I disagree, too hot and humid. Far from everything also. There is a reason why California is the most populous state and not Hawaii.
Hawaii is not humid at all. 55% relative humidity typically which is very low. Hawaii(Oahu) had 5-10 days a year where it feels "hot". 70-85F year round is ideal climate. A lot of my CA friends complain about 50s and wind in SF and SD.
"everything" like what? HI is closer to Asia, CA is closer (yet still very far from) Europe.
Most populous state is multifactorial. CA leads the US in net OUT migration at the moment .. not a great time to mention that lol
Post: How would you invest $1 million?
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Originally posted by @Ouman You:
Stock Market....Where we live it would probably get you a condo of 2 bedrooms, and not too interested in any other state. Just me other than California and with all due respect we can't live anywhere else. California has its flaws but the weather and what it has to offer is not matchable.
Although stock market trading is not for everyone, the return far exceed the real estate and its headaches.
Weather, beaches, and surfing are better in Hawaii. Taxes are lower too. I don't think a lot of people would debate these things either.
Post: How would you invest $1 million?
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Throw it all in the stock market and hope for the best!
Just kidding.
I'd save $100K, donate $100K, and throw the remaining $800K into passive real estate syndications paying a 7-8% dividend.
Post: Joe Biden wants to trash the 1031 exchange
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Originally posted by @Jason Collins:
@James Tedrow
Elimination of 1031 exchanges combined with COVID-19 should send commercial real estate into a nice death spiral.
With the exponentially growing national debt and inevitable taxation to follow I have started seriously looking into international commercial and multi family for the first time.
Not just investing.. quality of life in general is phenomenal, often safer, and cheaper abroad. For me, spending most of my time overseas and Hawaii (which I consider international) while investing in the US is the ticket.
If half of what Biden's counsel wants passes (I don't think it would), US investing will go in a very unfavorable direction. At that point, a 1031 exchange will be the last thing you'll be thinking about.
Post: Invest now, or wait for the correction?
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Originally posted by @Kenny Hsu:
If you had the capital, would you wait for the correction or still invest now?
I understand local markets will drive the ultimate decision, but it feels like every market I look:
1) unemployment is through the roof in the last 4 months
2) mortgage delinquency is on the rise
3) rents are flat - but there have been many stories about landlords not being able to collect rent
4) housing values have not dropped yet and cap rates are still at all time highs.
I remember hearing about folks that made at killing buying during 09-11. I wonder if I shld just wait.
Thoughts?
Have you not been paying attention?
They printed $4.5T with more coming.. this is going straight to inflate asset prices (rents and property values).
Also, people are spooked by (mostly) propaganda and fear porn so they are scared to get near other people -> will spend more time in a house.
I'm loading up on real estate.
Your thread title... same thing I've read on here incessantly since 2015. "wait for the correction" lol
Post: $55K in 1031 - DST vs. Turnkey | Analysis & Discussion
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Originally posted by @Paul Moore:
Hi @Andrey Y.. Like others, I congratulate you on a great investment. Did you make a decision yet? I know the 7/15 1031 deadline is looming. A Delaware Statutory Trust (DST) is certainly a good alternative if you are out of time (or even if not).
Paul, haven't found the DST option to compelling. Most of those deals I can't even fully understand nor explain to someone in simple terms. Didn't get a response back regarding the OZ fund option.
I picked up two brand new construction homes in Central Florida. One should be completed by the end of August and one by the end of September. The numbers look solid and this is all money that would have went to taxes anyway had I not done the 1031.
Post: Paid CPA full fee - Now not responding to emails or text
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Originally posted by @Alice Huang:
@Andrey Y.
Out of curiosity, how long has it been since:
1- you’ve paid him
2- initial contact
3- additional contacts
Alice,
Initial contact ~6/1
Some excerpts from his message to me:
"I would be able to finish your return in short order, too."
"I value staying in touch throughout the year, and becoming a trusted advisor to the business"
.. the value I provide to clients through tax planning and business advisory exponentially exceeds my fees.
6/11 - Tax return draft sent to me, he asked follow up questions
6/11 - 6/15 - I sent a bunch of emails, no responses
6/15 - I submitted full payment
6/15 - he responds to my text that nothing needs to be changed on my return, even though I specifically sent corrected mortgage interest deductions (this is when I realized maybe my emails aren't being read /he's too busy)
6/22 - I politely ask when will return be submitted, he said he was on vacation all last week, but he would finalize return TODAY and submit to me
Since then, no word on tax return, no response to follow up emails and texts.
My expectations are:
Please respond to communications. Its totally okay to tell me I will do your return next week or in 10 days. Also, if someone gives a date they will do something, I would expect a professional to at least keep their word, even loosely.
Post: Paid CPA full fee - Now not responding to emails or text
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Originally posted by @Matthew Irish-Jones:
@Andrey Y. Sounds like you got a **** CPA. Most CPA reply the same day.
I like to work with Boutique CPA business’s. That way I have an assigned CPA to my company but... it’s not a one man show in case someone gets sick or is on vacation I can still get an answer.
PM'd you.
Post: Paid CPA full fee - Now not responding to emails or text
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Originally posted by @Michael Plaks:
Originally posted by @Andrey Y.:
For how long have you been trying to reach him? If he is a 1-man office, there could be many personal reasons. The guy could be down with Corona, for all we know.
And FWIW, your tone and complaints about something that should have "taken him 5 minutes" would give a pause to many other tax professionals who could be interested to take you as a client.
These days, any professional can be easily checked online for reputation, unless it's someone brand new. Lack of a profile picture is not a good sign.
I'm not sure we can judge a tone through text. Respectfully, you don't know what service was provided or not provided. The dollar amount is not a relevant metric here either.
Billing extra not a big deal when you are working with a professional providing a minimal level of service and integrity.
This is why I paid the fee in full before being asked. That's just how I am.
Ignoring clients isn't cool. And neither is giving specific dates but not delivering on such dates.