All Forum Posts by: Bob Langworthy

I use QuickBooks. Different classes for the different units with security deposits recorded by name on the balance sheet. I can view reports by class which also shows a total column.

Congratulations, Mindy Jensen ! Loving the new podcast.

Welcome to BP, Caleb Stephens ! It's a small world. If I hear of properties in the Freeport area, I'll be sure to let you know. I hope 2018 is a great real estate year for you.

Welcome to BP, Trainor! Lots of helpful material here. I hope 2018 is a great real estate year for you!

@Henri Meli, the office that took the longest to rent out is on the second floor without an elevator. The three first floor offices are handicap accessible. I had 6 or 8 inquiries regarding the upstairs office and showed it to 4 of those. It was listed with a commercial broker as well.

In the end it was being on the second floor that was the problem. 

My first investment property was an office for many of the reasons that Blair Poelman mentioned. It's a 4 office building that was vacant. In the first month, 70% of the space was filled, 6 months later I leased out the small office, but it took a year to get a tenant in the upstairs office. My next property will be residential, but I'll be staying away from Section 8. I'm looking for a 2-4 unit that can be rehabbed into nice, high rent apartments. Hope this helps!

That's a great plan. As you know, the Portland market is very hot. A multi-family within commuting distance should be much more affordable while still being easy to fill with tenants. Lots of great info here on BP to help you get started. Hope it's a great 2018 for you!

Michael Plaks is correct. The new tax law created more questions than answers in the accounting world. The ground should begin to firm up in the next nine months, although I expect there will continue to be adjustments even into 2019.

Ralph Naval those sound like great goals! Welcome to the community. As you get started investing you'll have a lot of questions and many of the answers will be found in these forums.

Given the small amount of information provided, I would say that an S Corp will be the better option for you. If you choose single-member LLC or partnership, you'll pay income tax, Social Security, and Medicare on all the profits of the company. With an S Corp you will be required to be on payroll, but can take distributions from the company that are only subject to income tax. There may be additional relevant information that I don't know, but on first glance that would be my recommendation. We are also in the midst of a major tax overhaul and the IRS has yet to determine how it will handle certain technical aspects of the new law. Hope it's a great 2018 for you!