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All Forum Posts by: Derek Rice

Derek Rice has started 19 posts and replied 58 times.

Post: CinDay Real Estate Meet-Up, Wilmington Edition

Derek RicePosted
  • Developer
  • Wilmington, OH
  • Posts 59
  • Votes 14

This month we will be at a different location to support a fundraiser for a mother and her 3 children that we're hit by a drunk driver. Please come out and help us support them!

Post: CinDay Real Estate Meet-Up, Wilmington Edition

Derek RicePosted
  • Developer
  • Wilmington, OH
  • Posts 59
  • Votes 14

This month we will be at a different location to support a fundraiser for a mother and her 3 children that we're hit by a drunk driver. Please come out and help us support them!

Post: CinDay Real Estate Meet-Up, Lebanon Edition

Derek RicePosted
  • Developer
  • Wilmington, OH
  • Posts 59
  • Votes 14

Come out talk Real Estate with locals at The Broadway Barrel House in Lebanon Ohio on the Third Tuesday Every Month!

Post: If my CPA would told me last year...

Derek RicePosted
  • Developer
  • Wilmington, OH
  • Posts 59
  • Votes 14

@Jack Zhuang

I just started using QuickBooks Online the last couple of years also. It has a big learning curve, and I had to have a CPA help me set it all up and keep it up and running because I was already pretty deep into operations and had a lot of expenses. It wasn't cheap, but this is probably one of the best business things I have done. Now I understand a lot more accounting lingo and how to read things like balance sheets, income statements, etc. I took several accounting classes in college, but I learned way more by having an accountant set up my books and help me understand them. It's much easier to understand accounting when it is your own business you are looking at.

Post: If my CPA would told me last year...

Derek RicePosted
  • Developer
  • Wilmington, OH
  • Posts 59
  • Votes 14

@Jack Zhuang

The more you can keep business and personal accounts separate, the better. It's easy to meddle between the two starting out, but the best thing I ever did when I started was to set up new checking and credit cards for business expenses only. This makes tax time so much easier. 12 years later though, it is still a work in progress to keep everything separate. I'm NOT an attorney or CPA, but from my understanding if you create an LLC it is also prudent to keep these expenses separate, or the LLC really does you no good as far as liability protection. This is because if something happens and you get sued, the plantiffs lawyer can have grounds to say you really aren't separate because the accounts are ran with personal expenses. I even have gone as far as opening new accounts for expenses that are personal but that are tax deductible. This also helps greatly with tax time

Post: New Investor in Cincinnati

Derek RicePosted
  • Developer
  • Wilmington, OH
  • Posts 59
  • Votes 14

@Joe Walker

Post: New Investor in Cincinnati

Derek RicePosted
  • Developer
  • Wilmington, OH
  • Posts 59
  • Votes 14

@Derrick West

Post: New Investor in Cincinnati

Derek RicePosted
  • Developer
  • Wilmington, OH
  • Posts 59
  • Votes 14

@Jake Walroth

Post: New Investor in Cincinnati

Derek RicePosted
  • Developer
  • Wilmington, OH
  • Posts 59
  • Votes 14

Hey all!

We have a Meetup close by on the 3rd Tuesday of the month over in Lebanon Ohio at the Broadway Barrelhouse @ 6:30pm. Next one is this Tuesday the 19th of March. Hope to see you all there!!

Post: CinDay real estate meet-up, Wilmington Edition

Derek RicePosted
  • Developer
  • Wilmington, OH
  • Posts 59
  • Votes 14

Come out and talk Real Estate with locals!