CPA and real-estate investment advice

[Danimal]

Deleted

[Wulf202]

I can't answer your question about the book since the accounting end changes yearly any book that got published this year would be out of date by the time you apply it. I hire mine out to an accountant that keeps up with training quarterly.

The "by the time we retire" comment confuses me. My rentals are set to pay themselves off in 7 or less years, if you're not that close to retirement you should consider going with another property.

My two rules of investment properties are:
Don't get over extended.
Don't get personally attached to an investment.

I would caution you that YOUR house would likely get you attached to it if a renter trashes is. How are you going to feel when there are fist holes in every door and piss in the carpet? Mad? If so, re-evaluate the decision to rent or sell that house and buy a property that is strictly a rental and has none of the memories.

[ruthabagah]

I can't answer your question about the book since the accounting end changes yearly any book that got published this year would be out of date by the time you apply it. I hire mine out to an accountant that keeps up with training quarterly.

The "by the time we retire" comment confuses me. My rentals are set to pay themselves off in 7 or less years, if you're not that close to retirement you should consider going with another property.

My two rules of investment properties are:
Don't get over extended.
Don't get personally attached to an investment.

I would caution you that YOUR house would likely get you attached to it if a renter trashes is. How are you going to feel when there are fist holes in every door and piss in the carpet? Mad? If so, re-evaluate the decision to rent or sell that house and buy a property that is strictly a rental and has none of the memories.

+1 - word of wisdom right there

[SSChameleon]

I don't have any books, like Wulf said, the rule change too quickly for it to be worth my time to keep up. In my opinion you need three people, a good CPA, a good estate/business attorney, and a good insurance guy (I persona wouldn't use an insurance agent referred by a CPA, I would find my own).

this will increase your cost because the CPA and attorney charge by the hour, but it's worth it (think of it like buying quality gun rather than Jimenez arms). The short term cost will be worth the long term gain. Then, when one gives you advice you can bounce it off the other. For instance when the insurance agent trys to sell you a big umbrella or life policy you can verify with the CPA/attorneywhether or not you need it.

You can then use the time and energy you were going to spend reading tax and real estate law, and focus on what makes you money.

[Wulf202]

In my opinion you need three people, a good CPA, a good estate/business attorney, and a good insurance guy

Capital accounting and finance
Frank danzo
Adams insurance

Those are who I use.

[Danimal]

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[Danimal]

Deleted

[Wulf202]

I've taken the seminars, read the books, taken classes, even paid for one on one time with financial advisors.

Better info is gleaned from picking peoples brains who actually do real estate investing.

There are enough here to keep you going for a while, a few boxes of ammo or cups of coffee or other transactions can get you alot of good will and wisdom.

It can be well worth your time. %20 ROI is possible right now, if I only had the money to make money...