If you’re a relatively new investor, how do you know when it’s time to bring on a CPA? And how can you find tax advice that’s solid and tailored to your unique situation? That’s the first question I’ll be answering on this Q&A episode!
On this episode of Investing in Real Estate, I’m answering three of your questions on finding tax advice, single-family homes vs. duplexes, and how to identify a niche in the market. If you’ve had a similar question, or simply want to expand your real estate knowledge, this episode is for you!
On this episode you’ll learn:
- The best time to start working with a tax team.
- What you need to know about single-family homes vs. duplexes.
- How to identify a niche in the market.
The Best Time to Start Working with a Tax Team
If you’re a real estate investor or own a business of any kind, the best time to seek tax advice is now! While many people think tax time is reserved for the spring, we believe that tax preparation should occur all year round. We work with Tom Wheelwright’s team at Wealthability. You can connect with them by visiting morrisinvest.com/lower-taxes.
What You Need to Know About Single-Family Homes vs. Duplexes
Both single-family homes and duplexes are an excellent investment vehicle. I used to focus primarily on single-family homes, but in recent years, I’ve started to incorporate more duplexes in my portfolio for a healthy mix. Everything I do in real estate investing is about ROI, so always follow the returns whether you’re choosing single-family houses or a duplex.
How to Identify a Niche in the Market
Here are what I think are some of the key ingredients for a rental market: low crime, a variety of job opportunities, low cost of goods, affordable land, and low vacancy rate. I tend to stay away from inflated markets like NYC, Chicago, and Miami. Our field team is incredibly experienced in their job, and if you’re looking for a tried and true real estate market, I suggest booking a call with our team.
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DISCLAIMER: I am not a financial adviser. I only express my opinion based on my experience. Your experience may be different. These videos are for educational and inspirational purposes only. Investing of any kind involves risk. While it is possible to minimize risk, your investments are solely your responsibility. It is imperative that you conduct your own research. There is no guarantee of gains or losses on investments.
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