All Forum Posts by: Scott Wolf
Scott Wolf has started 43 posts and replied 1797 times.
Post: CPA charging me $3,000 to prepare simple tax return?!!!
- Lender
- Boca Raton, FL
- Posts 1,917
- Votes 932
Originally posted by @David Kuhlke:
Originally posted by @Account Closed:
Originally posted by @David Kuhlke:
Hello BP community,
My wife and I work w-2 jobs and own 3 rental properties... nothing crazy. Is it normal for my CPA to be charging me $3,000 to prepare our tax return? This is my first time using a CPA and I don't know what is considered normal. But I feel like something is definitely off here. I have other investor friends who pay $400-$600 to their CPA and they own multiple properties. Thoughts?
Best,
David
It depends on the level of tax & retirement planning. Have you asked your friend what he is getting for the $400 to $600? Why aren't you using their CPA?
They are not providing any tax and retirement planning. We haven't even received one phone call from them. Again, our tax situation seems very simple. Two W-2 income, 3 single family rental properties, and some stock sales. $3,000 for tax preparation seems outrageous to me.
You seem to have answered your own question. Search for another CPA/accountant.
Post: Private investor question
- Lender
- Boca Raton, FL
- Posts 1,917
- Votes 932
@Lori Fuqua Gregory, my first comment was "Mario, if I were a flipper I would not split the profits 50-50. If you know what you're doing, a HML will fund you all day long. You should treat your friend as a private lender with them holding first lien position.
Please read before making your first post on the site libel against everyone else. That's not in the spirit of BP. This topic has also been posted multiple times and he could have searched himself, but people still took the time to respond. Sorry it wasn't put in a step-by-step format that you might require.
Post: Mortgage Broker Recommendations in New York Area?
- Lender
- Boca Raton, FL
- Posts 1,917
- Votes 932
@Nafees Nuruddin Michael Kaufman at MortgageDepot
Post: Private investor question
- Lender
- Boca Raton, FL
- Posts 1,917
- Votes 932
Originally posted by @Mario Morales:
@Scott Wolf - should I just shop around and see what the rates HML in my area are like and try to base it off that ? or would the deal with a private lender not require as much as a downpayment/ points.
Mario, you need to see what your friend is looking for, or offer them a proposal. If they'll lend you the money for 6 8 or 10%, there's no reason not to stick with them. A private lender should have better terms than a HML, so you're better off starting there.
Post: Private investor question
- Lender
- Boca Raton, FL
- Posts 1,917
- Votes 932
@Mario Morales, if I were a flipper I would not split the profits 50-50. If you know what you're doing, a HML will fund you all day long. You should treat your friend as a private lender with them holding first lien position.
Post: Financial Advisor Recommendation
- Lender
- Boca Raton, FL
- Posts 1,917
- Votes 932
@Mike Kerber, forgot to tag you in the previous post.
Post: Financial Advisor Recommendation
- Lender
- Boca Raton, FL
- Posts 1,917
- Votes 932
I'm with a guy from Wells Fargo, who I like very much and touches base with me way more than my old advisor. They have a good PCL I use to fund some of my RE investments.
I also had a conversation with someone else recently, and he seemed good and quoted an even lower rate on the Credit Line - sub 2%. I'd be happy to connect you with both if you'd like an introduction.
Post: Looking for investment realtor
- Lender
- Boca Raton, FL
- Posts 1,917
- Votes 932
@Nomarlean Estevez, posting the area you are looking in would be a huge help. An investment broker in NYC would be of no use in California.
Also, the analysis is important if you set what you're looking for. i.e. cap rate, positive cash-flow, etc. Some areas may not offer that depending on how many units you're looking to buy. But at the end of the day, you must rely on your analysis to make the final purchase decision.
Post: Wells Fargo Abruptly Closes Lines of Credit - The End Is Near
- Lender
- Boca Raton, FL
- Posts 1,917
- Votes 932
Originally posted by @Justin Phillips:
Yikes! That's a bummer, as access to equity is huge in a potential downturn. That's one of the many reasons I'm a big fan of specialized 1st position Helocs. They have the staying power more similar to that of a traditional mortgage. We set one up at these crazy prices, so we can put that equity to work when the market shifts.
Justin, this is only for unsecured lines of credit. You can still tap equity (although some have mentioned Wells no longer offers HELOC's).
Post: Multifamily Financing with Investors through a Bank
- Lender
- Boca Raton, FL
- Posts 1,917
- Votes 932
@Benjamin Romski, it may be in your best interest to speak with a commercial mortgage broker in your area. Specifically one that has dealt with syndications, as that looks like what you'll be doing. You may also want to speak with an SEC attorney about this as well, since when the structure changes, that may become an issue.