All Forum Posts by: Mike Robb

I can absolutely assist…

I am a Full Time Realtor and RE Investor here in Ventura County.

I help the full range of clients buyer, seller, renters, investors etc. 

I can absolutely assist!

I am retired Navy and a Full Time Investor/ Realtor here in Ventura County.

let’s chat ASAP 

(805) 504-7827

@Shane Cordrey - Are you looking to primarily invest directly as an owner operator or have you also considered investing as a Passive Limited Partner in Multifamily ?

Having a Paypal, Venmo business accounts ensures you are tax compliant with your business.  Co-mingling is the first red flag if you ever get audited.  This write up from Turbo tax explains the requirements for using 3rd party P2P.  Bank/CC statements are not a form of supporting document for business expenses.  You must have receipts , invoices to create audit proof books.  

https://turbotax.intuit.com/tax-tips/self-employment-taxes/p...

For IRS purposes, using a P2P payment platform is similar to paying cash, which the IRS considers to be an unsubstantiated transaction. Business owners need to have additional documentation — such as invoices, receipts, or expense reports — to support the business purpose of payments made through a P2P platform.

For example, a business might pay its janitorial crew through Venmo for legitimate office cleaning expenses. But for IRS purposes, a Venmo time-stamped transaction alone does not supply sufficient information to substantiate a business expense.

• If you pay business expenses with Venmo, PayPal, or another P2P platform, make sure you have an invoice from your contractor or get a receipt from the vendor.
• This documentation should include the amount paid and a description of the business expense.
• This will ensure that you have the right backup information for your deductions if the IRS ever questions the legitimacy of your expense.

Keep in mind, as a business-owner, any payments made to you through a P2P app are still subject to IRS Form 1099 reporting rules and will need to be properly accounted for. From the IRS's perspective, business income collected through a P2P app is no different from any other transaction that goes through a traditional bank account. Businesses are still required to report any payments received through Venmo and PayPal as taxable income when filing taxes

Quickbooks syncs with Airbnb payments but no property management softwares sync with it.  My wife is a bookkeeper and all her clients use Buildium but that too doesn't sync. 

I am local to Ventura County, CA as well… let’s connect sometime soon!

I attend multiple different meetups from Santa Barbara down to Thousand Oaks and sometime LA area :)

@Manuel Mungaray - I am in Ventura county. Are you referring to the Investor activity for our County? If so, it's quite active... I attend multiple meetups from Santa Barbara to Thousand Oaks and meet with folks doing all sorts of strategies - House Hack, STR, LTR, Infill Development, Flips etc. Just yesterday I was speaking with a friend who has over 100 properties in VC.

Personally I invest outside of CA via Syndications however I work with folks locally to help them drum up local investment opportunities as well. 

I planning to kick off a meetup in Camarillo if you are interested in attending. 

James - I am local to Ventura County and have helped multiple folks with VA Loan assumptions.

I search the MLS for listings with FHA or VA loans. Some agents include the assumption option in public or private remarks.

I also use property radar to search loan info on local properties.

Do you have a VA loan entitlement available and gap funds ?

@Alan Wedemeyer - I am local to Ventura County and an eXp Agent as well :) We should link up sometime soon. There are a few investor meetups I attend locally. 

Regarding your question - Everyone's mileage may vary depending on what you goals are, risk tolerance, and how active you want to be in your investing.

I've done a little of everything in the investing space and migrated toward Limited and General Partner side of Syndications - Primarily Multifamily with a few other asset classes as well. 

If you are looking to find something local to Ventura - I'd be glad to brainstorm with you as well. If you are looking for off market and find any decent wholesaler/s let me know... I haven't had much success finding anyone doing much. 

@Tony Clark Let's chat next week. I searched far and way a few year back and there aren't wasn't many wholesalers here in VC... Most I found were more focused on the LA area.