All Forum Posts by: Laura Newton

Hi Folks,

I apologize, but I'm not very good with social media.  I know a lot of podcasts recommend letting people know what you're doing, how your project is going, and so on.  I'm just not wired for that. My age bracket, in general, isn't in to that.  However, since some folks are graciously following me, I will endeavor to do better.

In my profile it says, "hoping to make it happen this year".  Well, it finally is. At least at this moment. My wife and I are scheduled to close on a triplex Jan 4, 2024.  We're both excited and nervous.  This will be our very first property as new investors. The triplex currently has tenants.  

Thank you for your support. I will do better to keep you posted.

When it comes to biting the bullet and paying tax, also consider depreciation recapture. You'll probably have a healthy bill on that as well.

If I were considering a Lowe's or Home Depot, I'd pay for a call with Ben Mallah. If you search his name you'll find he's a rather bombastic figure and successful commercial real estate investor. He owns quite a lot of commercial real estate in Florida, including shopping centers with big box retailers.

I am researching accounting software that is easy to use for tracking cost and income on fix and rent properties. Any suggestions?

I'm in the military and I already own one property under an LLC in Missouri. I've been lucky enough to get orders to Florida where I now also own a house. I'm planning on renting it out in the future, but I have a few questions on owning properties in multiple states:

- First and foremost, is there anyone I should be asking these questions to, like a lawyer or CPA?
- Should I keep my Missouri LLC and use it in Florida as a foreign entity? Should I create an umbrella LLC? How does that work?
- What are recommendations on using one bank account/accounting software vs individual accounts?  Reminder that I'm one person trying to do it all, so ease of use is important
- Anything else that I might need to know to run multiple properties in multiple states?

Thanks for any and all help!

Hi all,

I've started to play around a bit with Stessa and RentRedi for a property but I want to get feedback from users before I officially go all in.

Do the two platforms serve the same function? It seems like I can collect rent with both and have tenants apply through both. Is this a question of using one or the other, or do they compliment each other such that I should use both? Trying to keep things as simple and as much data/admin work as centrally located as possible.

Any feedback about either/both platforms is appreciated!

I have an ADU next to my primary residence and often buy things for both units. I'm using Stessa and looking for the right way to record only the business expenses.

Here's what I'm doing:

1. Enter an inbound "owner contributions" transaction for the personal expense amount
2. Enter a transaction for the full invoice amount
3. Split the transaction- one goes into the appropriate spending category. The other goes to "owner contributions" in a negative amount- exactly negating the positive owner transfer in step 1

Am I doing this right? If not, what should I do instead?

Thanks,
Jeff