All Forum Posts by: Mitchell Mabee

I'm currently using QuickBooks Online

As I was reading back through these replies, I realize I left out some context, and came up with one or two more questions. Both properties I own are in my personal name, but I have an LLC to rent the one property out and get the benefits of a home office. If you don't use an LLC, do you rent properties out personally and claim taxes that way? And do you track business expenses the same way, via whichever software you chose to use?

Thank you for the replies, they were very helpful.  @Doug Spence, I actually just bought a house in Pensacola for my next assignment.  Do you have a CPA in the area that you would recommend, or do you work with one remotely?  I currently have a CPA, but he is so busy that having him answer any questions is like pulling teeth.

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! I've been living in Lee's Summit for a couple years and I have some friends involved in real estate who I've occasionally been helping out during their flips. This has gotten me to more seriously consider real estate investing, and I wanted to introduce myself. I'm looking to get in to multi-family properties within the next year or so, and am planning on house hacking while I rent out my current residence. My goal is to obviously make money, but I want to travel and have financial freedom by the time I'm out of the military in ~12 years. Any tips are much appreciated, and I look forward to getting my REI journey started!