All Forum Posts by: Pat L.

Brandon, Hadar, and Nadean -- this is super-helpful -- thanks so much!

Pat

Relatively recently, I purchased a rental property in another state. After the purchase, I found out that the entity structure I want to set up would trigger taxes that, if I keep the house in my own name, I will not have to pay. Disappointing.

My understanding is that, in Arkansas, I'll have to pay a $150 Annual LLC Franchise Tax Report each year if I a buy house in an LLC's name.

Does anyone know if there are other fees/taxes I'm overlooking if an LLC owns the rental property in Arkansas? I appreciate your help!

Thanks,

PJL

I am setting up Quickbooks for my real estate investments:

• Right now, I have one LLC that is set up as a company in Quickbooks.
• This LLC will own other LLCs. These other LLCs will own the properties.
• I'm planning to have each "owned" LLC as a class in Quickbooks.

Based on your experience, does setting up the owned LLCs as classes make sense? Do you see any holes?

Thanks,

PJL

Hi. I have a question for anyone who invested in Mahogany Bay Village in San Pedro, Belize. 

What has your experience been like thus far?

If you don't want to share in a public forum, please feel free to send me a private note / private message. Thanks!

Have you worked with Citylight Commercial Services in Memphis? If so, would you mind direct messaging me how your experience went?

I appreciate your help.

Thanks,

Pat

Thank you to everyone for your responses -- I greatly appreciate it!

Gita - I'm using the QuickBooks Desktop. Yes, agree, I will definitely use the class feature.

William - I'll be tracking my financial picture and sending the financial information to my tax preparer.

Brian and Natalie - Yes, Ill be sure to keep everything separate.

Thanks again everyone!

Pat

I'm both a Quicken user (need to upgrade soon) and a Quickbooks user.

We recently purchased our first cash flowing property. If I were putting in an LLC, no question, I would use Quickbooks. But since we currently own it in own name, would you opt for Quicken or something else? Or would you use Quickbooks anyway? I only use Quickbooks for my tiny businesses - not our personal finances.

Thanks!

Hi Samantha. Did you wind up using one of the above property managers? How has your search gone? I hope it's gone well.

Thanks,

Pat

Thanks for everyone's posts. This is very helpful.

What about in 38128 in the area south of 40-- when Austin Peay becomes changes to Jackson Ave.? In general, would the guideline of staying east of Jackson apply? Or do the neighborhood dynamics change?

Thanks,

Pat

Thanks all, I appreciate the advice. I've got a bigger issue now. The seller included in the contract that they pay no closing fees. And some of these fees are typically paid by the seller. So I'll need to remediate that to save the deal.

@Ali Boone- The numbers are decent, not outstanding. I'm finding if you move away from the city centers, the cash flow improves.