All Forum Posts by: Errol Graham

 I have read through a number of the posts on this thread.It is really hypocritical to say that a policy is bad when it gives a tax break or subsidy to someone else but good when I get the tax break or subsidy. 

It also engenders more inequity in the society when the wealthy gets more tax breaks but there is none for the poor. 

Finally it is not helpful for a debate or discussion when participants don’t bring facts or their personal experiences but rather resort to specific political talking points. 

As real estate investors, i believe that we have a responsibility to objectively analyze policies or proposed policies that will impact the sector and the economy as a whole. 

@Stacy Raskin, I am in Florida and was wondering for the HELOC facility, what would the interest rate range on an investment property for someone with a 800+ credit score.

You indicated that LLC would not qualify. However, could you please clarify if a property which is owned by a LLC, which is in turn owned by a revocable trust would qualify?

@Mike Dawson, I presume that you are attempting to file a BOI for an existing company, that is, a company that was created before January 1, 2024?

If you are, and checked the right box to indicate an existing reporting company, you would have noticed that all Company Applicant fields was disabled or grayed out. No information required there. So, the only information you will need to complete the filing in the name of the LLC, the EIN and the personal information of the owner(s), including a copy of a government issued ID.

The intent of the BOI law is to have a record of all who own or have controlling interests in companies, in the event that such companies are involved in financing terrorist activities. 

Good luck with your filing. 

I agree with @Chris Seveney. You are the beneficial owner and your name, address and id detail should appear on the filing. I just completed my BOIR and it was a breeze!

Good luck 

Thanks @Max Emory & @Jake Baker

I am in the process of test driving Stessa to see if it helps with improving my efficiency on the property management side, including keeping track or insurance, property taxes, maintenance etc. At the same time I am trying to have a better understanding of how QBO works and the specific value addition in the context of the cost, considering that I have two LLCs.

Hi @Nathan Gesner, many thanks for the comprehensive response and great advice. I currently have 12 properties across two different states and have been managing them with excel spreadsheets, but it has become quite cumbersome. Also, we recently moved properties into LLCs and therefore looking for a more comprehensive system (don’t have to be perfect ). I looked into several Etsy templates, even bought and tested one that can handle 20 properties, but it does not have the functionalities and interfaces that I am looking for at this stage in my real estate investment journey. 

I am taking onboard your recommendations and advice and continuing my research into other software. Tx again!

@Sarah Bratcher, many thanks for your response. Can the schedule E report from Stessa be used for tax filing? 

@Joe Norman, many thanks for your response. I am also researching QB. Thanks for mentioning RentVine, I will research this software as well. I have 12 properties now, some of which I self manage. so I was really looking for a software that could handle both property management and accounting, including a schedule E report for tax filing. 

Hello Biggerpockets colleagues,

I am at a crossroad. As my real estate portfolio has grown over the years both in terms of the number, types and location of the properties, including across states, I have continued to use my own designed excel worksheets to track records and prepare reports, including for tax purposes.

However, my worksheets have now become cumbersome and more time consuming to manage. In my search for a more efficient and low-cost solution to my current system I have come across STESSA. From my perusal of what the software offers, it appears to be quite comprehensive both on the management and accounting side and the monthly cost is not excessive.

However, I wanted to check in with fellow investors on this platform to see if anyone is currently using or have used STESSA and what has been their experience, particularly on the security, functionality, user friendliness and stability of the online software system.

Many thanks in advance for your feedback. 

@Kirk Roberts. The home you saw listed with the $339 HOA are the townhouses that were built last year. You may be able to find a 3/2 in Kissimmee with lower HOA. There are many new developments going up but traffic in some areas are horrific, especially at peak.