Another Great Week of Real Estate - April 12, 2024
Taxes and Q1 Investor Update: We are really happy with our new tax preparation company, REI Tax Firm! They were very thorough in this year's tax preparation. They reviewed last years returns, found errors in our cost segregation report, and explained everything extremely clearly. Their work found our investors close to 25% more taxable losses than we initially anticipated.
We also got our Q1 investor update and are very happy with the direction our properties are going heading into Q2.
EMMY TIP: Real estate taxes are a beast and we highly recommend someone that specializes in real estate tax. You can leave a lot of money on the table by not having a great tax preparer.
Tornado Damage: Tornadoes in central Missouri damaged a few of our properties but luckily none of our tenants were hurt! We are now navigating the home warranty/contractor bidding process to get repairs done quickly!
EMMY TIP: We started using Home Warranties a few years ago in lieu of property managers. On paper, we are definitely saving on repair costs but that doesn't factor in having to take time and coordinate with various handymen that the company sends out.
CCIM and Networking: I started participating in local CCIM events and it is very worthwhile. Surprisingly, I've met other investors that invest out of state and bouncing ideas off each other is invaluable.
EMMY TIP: For those working from home, things happen when you leave the house!
