All Forum Posts by: J Zev J.

Even if you're above budget, will your after repair value give you some equity when it's done? The facts are your friends. Try rerunning the numbers to make sure it still makes financial sense to go over budget with your rehab. If you got the property for a reasonable price, there should be some safety. Maybe focusing on one side of the duplex to get it up and running and rented (maybe short-term rental to bring in more income) can help—just some ideas.

@Kayla Santangelo - I use Zoom Phone and Google Voice for my different businesses. 

@Daniel Whiddon - It's sometimes difficult to find a CPA who both specializes in real estate and is located close to you in upstate New York.

There are lots of good CPAs and Enrolled Agents on Bigger Pockets who work remotely and have clients all over the country. You can just reach out to them and determine which one fits your needs the best.

@Joseph Gisler - First, you should know that every tax situation is unique. In the first meeting, a good tax pro will need to ask you most of the questions to understand your situation before they can give any advice. However, once the tax pro knows your situation, you can ask:

1) How can you help me achieve my financial goals now that you know my tax situation?
2) How can you help me reduce my taxes?
3) What tax reduction strategies would you recommend based on my situation?
4) How do you bill for your services? Hourly or fixed or something else?
5) Who will be my contact at the CPA firm and how experienced are they dealing with real estate investors?
6) How are you proactive in helping me achieve my goals as a real estate investor?

You might want to think about your overall financial and real estate investing goals before the meeting to clearly define what you're looking for in a CPA/advisor.

Hi @Olivia Miller - Drew Fein is a Denver real estate attorney. She might be worth checking out. You can find her on BiggerPockets.

Hi David, you've definitely come to the right place. Good luck on your investing journey!

@Andrew Alvarez - You might want to reach out to a local commercial agent who can help you with the cap rate you should use for valuation purposes. You'll also need the net operating income (not gross income) so you can calculate the value. Then you'll divide the net operating income by the cap rate to get a value. 

@Jake Akers Hi Jake, that happens to be a common request on BP. Most of the CPAs on BiggerPockets specialize in real estate. You can reach out to them and explain your personal investment and tax situation to see if they’re a good fit. Also, I know a good attorney in California who can probably answer your entity questions. 

@Sam Smith - Maybe your home is grandfathered in. You probably should contact the local zoning board to clarify with them. 

I recommend The Encyclopedia of Commercial Real Estate Advice by Terry Painter. It has some great information in there.