All Forum Posts by: Justin Gottuso

@Nikki Closser similar story: we recently closed on our first investment property three days before closing on our new primary residence lol :-) We also relocated, sold our house in Los Angeles - which we had rented out with Airbnb and had built an Accessory Dwelling Unit in the backyard, and moved to Columbus Ohio. We put all our our profits into the new investment property.

@Boris Mordkovich

Super helpful and accurate based on my experience as an Airbnb host a coupe years ago. In hindsight, it is a TON of work and takes a lot of start up money that first year. Based on all our expenses up front plus ongoing supplies we broke even the first year, and we were 95% booked all year. Can’t imagine starting out now with all the expenses, it wouldn’t make sense.

@Shawn Spato

Yep, paid that last year. But I just moved to Ohio and it’s much cheaper.

@Christopher Smith but what if a tenant sues me? Without the legal protections of a LLC, I'm a sitting duck, right? Then they can come after my personal property even though it's related to the rental property. Right?

@Kevin M Dobyns YAY!!!!!! I’m closing on my first property next week!! Celebrating with you!!!

@Christopher Smith thanks for your comment. what do you mean? I’m not sure I understand your point fully. Thanks!

@Calvin Ozanick yup. Was definitely leaning to establish a LLC already. Lots of protection for not a lot of money.

@Lance Lvovsky

Thank you! Very helpful. Looks like I’ll need to dig deeper regarding the mixed use building and other ways to protect myself.

What’s the best business structure for rental property tax wise?

Do I pay quarterly taxes?

What all can be written off and what should I be keeping track of monthly?

What forms will I need to fill out?

Anything special to know tax wise that one property i own is a mixed use commercial property that’s primarily used for rentals/residences? Whereas the other unit is a single family house.

Do you recommend I have a dedicated bank account and credit card for this business/real estate?

Anything else I need to know or advice you have for protecting myself and the profits?

@David Avery

Thanks for the tips! Current owner owns many rentals in the area and is happy to have me use his contractor/Maintence people.