All Forum Posts by: Greg Schuricht

@David Cook my only advice would be to make sure you get an attorney involved an draw up an airtight operating agreement. Family ventures like these can get very sticky.

@John Bradley unless you have a rockstar CPA, don't be too reliant on them to keep you on track.  Lots of CPAs won't touch bookkeeping for their clients without a separate fee, and it usually is more expensive than getting a dedicated bookkeeper.  QuickBooks is easy enough to learn, but without accounting knowledge you may never be sure you are doing it right.

You are probably early enough in the game to track it yourself with spreadsheets.  But if you are sure this is something you want to outsource, then hiring a bookkeeper could make sense.

This is really helpful, would you mind sharing the RRP contractor you worked with? 

Here's a link to the list of lead safe workers:  

https://leadsafecle.org/lead-s...

@Bonnie Low

https://leadsafecle.org/6steps

https://www.clevelandohio.gov/...

I own one SFH in 44135. My property manager just provided an estimate for repairs necessary to make it "lead safe". The estimate came in at ~7k. I called the lead safe coalition (833-601-5323) to find out about financial assistance and they are going to send me some information.

Not happy about this.  It is unlikely I will ever invest in the Cleveland market again.  This one of many reasons why real estate is so cheap in Cleveland.  There are better cash flow markets that are more landlord friendly.  Invest your dollars there.

This not tax or legal advice, please consult your professional.

@Joseph Schommer are you planning to take title in the name of the LLC? That would be the only scenario where I think it would be a good idea to buy it in your business. The general rule is you should separate your passive and active businesses. It makes tax time much easier. If the intent is to add to your personal portfolio, I would create a separate LLC for your rentals. Pay yourself a distribution from your business and use that money to fund the new LLC, take title there. Keep separate books.

@Jesse Soriano

20k (minus closing costs) is taxable.

@Enrique Zaragoza

@Michael Plaks is based in Houston i think.

If you liked that BP book, check out Loopholes of Real Estate by Garrett Sutton.  Also, Mark Kohler has some of the best real estate tax planning content out there.  Check out his "Main Street Business Podcast"

It's important to find a CPA that knows real estate tax law back and forth and specializes in that area. It's a logical fallacy to suggest that the CPA must also invest in real estate because that will give them a boost in knowledge related to real estate tax law somehow.

I don't think it's unrealistic to have an expectation that their CPA also is an REI. I would think that is specifically why @Jeremy Bailey is seeking one out on these forums.