All Forum Posts by: Daria B.

You can get a quote to find out how much for remove and replace with updated siding. As long as asbestos isn’t disturbed it should not cause harm or be an issue - from what I’m told by the experts but it’s also a case by case and the current condition. You can also use that as a negotiating tool for a low price. A 3 unit - that sq ft is a lot to replace - get a company to give an estimate of replacing - they should be free estimates. They are in my area.

1 Vote

Originally posted by @Dennis M.:

My LLC was form and office in the US who own all the properties. The LLC already have an EIN. Properties acquired last year 2017 and are still under repair and no income for last year. Do i still need to file a return to IRS even though there is no income for 2017?

If pay my PM and my independent contractor electronically from my LLC bank account and all the repair expenses are over $600.00? My if issue them 1099Misc. do i have to file a return even there is no income for 2017

Thank you very much to all, hope someone can give me an idea.

You have a lot of questions that a CPA can answer for you, hopefully one in this forum and not someone just giving you answers on incomplete information. Everyone has a different set of circumstances.

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I was considering painting the 28 yr cabinets in my rental but considering the aged wood and the grain, it’s likely not the best solution. I am now looking at replacing the cabinets and counter tops. I have found a local in that area who not only an investor but also RE broker, PM, and contractor. I contacted them for the contractor work but was delighted to find they had investment properties and understood spending levels for rentals for still good quality merchandise.

One of my other rentals had new cabinets and counter tops installed by a local cabinet maker - total price (material and labor) was better than other considerations (refinishing or replacement by HD and Lowe’s).

While I have yet to really buy cabinets from places like HD or Lowe’s I don’t think they would be off my list as every project is different and presents its own unique circumstances.

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have you tried searching public records for the deed or a trust name associated to the estate?

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@Cara Lonsdale I am not a CPA but I do speak with mine and with our (BP) own @Brandon Hall and I can tell you that you want to take all the depreciation you are allowed to take. In the end when you sell the IRS doesn't care if you took it or not they will still view it as you did and act accordingly regarding the recapture. Is that correct Brandon?

This is what I've seen others inquire about.

2 Votes

That has CPA written all over it.

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Originally posted by @Jacob L White:

Ok investors,

So this is the boat I am in. I am going to get into the student housing game while I am in college. I am a veteran and I would almost be a fool not to go because the military pays me a salary to get an education. So, I figure I will be there so I might as well rent my place out and build from there. So! I know I want to do this for the long term, the big crazy dream is to have a big awesome development company where I build houses ( or maybe commercial property) for sale or rent. I will have to declare a major sooner or later I am kind of resting on my laurels right now just doing the Gen Eds. Is there anybody out there wiser then me that, if they had to choose, could recommend either finance or construction management as a major? Also, Im at UF in Gainesville FL if any investors want to meet for coffee :). Thanks, guys.

Hi Jacob-

Have you met @Jarred Mussen or @Parth Patel they are also here in town.

My opinion on the education is to do what you feel passionate about and if you don’t know yet then perhaps do an assessment through the school to see it tells you. Some say it’s beneficial and others don’t have an opinion one way or another.

In any case, definitely meet up with some local investors to see what they are doing. Party Andy I have yet to connect outside of chatting. I’ve met Jarred and he’s a nice guy and a personal trainer. We talk about re more often now bouncing ideas off one another.

I’m available most days if you want to meet up. I can tell you what I’ve been doing and planning for.

Good luck!

1 Vote

I wanted to circle back to this and close it out.

When I posted this I had not been able to speak with my CPA and today I got clarification on what was sent.

Essentially, all my docs (ie w2, 1095, SchE that I put together already and update throughout the year) will be sent and he will do the entering of these numbers. He said he sends it out and some clients choose to spend that time and update the organizer while others (like me) only fill out the check box questionnaire that collects information regarding changes in the year. Then he has some that don't even open it. LOL He's not particular but we never talked about this so I was shocked when I got it.

Thanks @Brandon Hall you were the one that gave us (BP) that sample PnL and I use it to enter all my rental income/expenses and keeps track of my depreciating items.

@Jay Patadia I agree on the duplication of work but now that I have a better understanding of this "organizer" and how you guys and my CPA view it, I will be a better client. :-)

1 Vote

Originally posted by @Cole Evans:

Are there any tools to directly extract information from Zillow and Relator to a spreadsheet after entering an address in a column?

I would like to extract information such as:

-Property tax
-Past occasions the house was sold for (including price and date)
-Estimated rental
-Home price
-Agent details

I've done a bit of researching and found the following, but they don’t do what I want:

https://data-miner.io/featured/zillow - Lacks rental data

https://www.stevewisner.com/zillow - Lacks rental data. Doesn't work with Google docs or Mac.

https://www.biggerpockets.com/forums/80/topics/722... - This thread (from 2012) suggests some ideas but doesn't offer tools.

I know there is an API which I could use to build my own solution, but it seems a bit on the complex side.

Are there any existing tools?

Thanks!

I went down this path last year with no success. Hopefully you will do better. I looked into an API but as you mentioned it began to get too complex for a seemingly simple request.

1 Vote

Originally posted by @Brandon Hall:

@Daria B. when I ask new clients why they've switched CPAs, this almost always comes up. "I'm sent a 50 pg organizer which I fill out and then feel like I've done all the work."

This year we're sending a 1 to 2 page organizer depending on the type of client.

In my opinion, organizers are necessary to make sure that the following information is captured:

Address, birth date, dependents, and health insurance
Information subject to change (i.e. address, rentals, business ownership)
Entities that you own a stake in
Entities that we need to be aware of for tax compliance purposes (i.e. are you needing your CPA to file a 1065 for your partnership? If yes, that's good info for us to have)

The organizer should generally ask certain questions that CPAs are required to ask, such as "do you have health care?"

But here's the funny part that many CPAs don't tell their clients. CPAs can print fillable organizers per client from their professional tax prep software. If you receive a 50 page organizer, that's exactly what is happening. The best part is that when the client fills out the organizer online or via computer, I can simply import the information into my tax prep software and BAM! I'm pretty much done with the return.

But that's lazy. And it's not very customizeable. Many CPAs swear by it, but then they eventually lose their clients because their client experience sucks. Clients don't want to thumb through a 50 page organizer.

Ironically, with our 1-2 page organizer, our data collection process is much more intuitive and thorough than it ever was with the 50 page organizer. In fact, we now collect data all 12 months of the year rather than waiting for the client to provide everything in January and February.

The end result is a seamless tax prep process and a WOW client experience.

Yup you wrapped that up in a nut shell. The pages are less but it's something that I didn't do last year. It may also be that the CPA relocated out of my home area so going into the office to drop off forms and talk is no longer an option.

Regarding the form input, it has those items you mentioned above (ie health care and other questions) but the remainder is as though I'm filling out the actual tax form, ie SchE. I said I would see how this goes this year but I'm already not happy that this organizer, after opening it, has me sitting here translating my info.

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All Forum Posts by: Daria B.

Daria B. has started 149 posts and replied 1905 times.

Post: Asbestos Sidings! Should I buy it?

Post: After giving1099do i have to file return even no income for 2017?

Post: Best source for kitchen cabinets?

Post: How do you find the person in charge of an estate?

Post: Depreciation - What the heck??!

Post: Taxed on cash out refi Money after a selling

Post: College Degree for a proffesional investor??

Post: in search of CPA...duties

Post: Are there any tools to directly extract information from Zillow?

Post: in search of CPA...duties