All Forum Posts by: Daniel Vikhtinski

@Daniel Vikhtinski

It's awesome you're asking these questions as a new investor.  A great book I gift to new RE investors is Profit First by Mike Michalowicz and it goes into detail about what types of accounts to open as a business owner.  The "partner" bank to this strategy is Relay and they make it very easy to open and name accounts.

I would second what was said above.  A simple business checking (Using your LLCs EIN), a business savings account (For CapEX, vacancies, estimated taxes, etc), and a business credit card for expenses would be an excellent starting point!

I'll always say find a trusted CPA that specializes in RE Investing and they'll be able to give you more insight into MN tax laws.

Hope this helps!

Hey there! While I can't give you personalized advice, I can share some general tips on handling finances for your rental property. It's a good move to keep things separate – set up a business checking account for your rental income and expenses, and maybe a savings account for unexpected stuff or future upgrades. This not only helps with organization but also shields your personal funds if anything tricky comes up. For tax-related matters, seek advice from a qualified CPA or tax advisor familiar with Minnesota's rental property tax regulations. They can provide insights into tax implications, specific filing requirements, and potential deductions.General advice? Keep solid records of every rental money move, get cozy with the right tax forms, and think about making estimated tax payments throughout the year to dodge penalties. Remember, it's always good to have a pro in your corner for the nitty-gritty tax stuff!

This is very state specific, as each state has different requirements. Im licensed in 18  states. 

If you are a salesperson (Im a broker), you will need to be with a broker that is in each of those states, or be with different brokers. As a salesperson, this can be costly, as most brokers will require you to be a member of their local MLS and local Realtor association. Since I am a broker, I am a member of a few MLS's and a few Realtor associations where I regularly do business, but Im under no obligation to join them in each state.