All Forum Posts by: Brian Sherman

@Jack Orthman wow! Thanks for all of the info! My research thus far has lead me to the same conclusion about QB being to cumbersom for the average investor. I found the schedule E deductions for Federal, what should I search for in looking for california deductions (what is California's version of the schedule E form)? I want to male sure to track income and expenses for both fed and state.... maybe even local??

Hey BP,

Just got my first triplex that needs some reno before I can open for business. I'm living in one of the units. I set up a seperate bank acct. Now I need a book keeping software, what would you all recommend. I'm thinking that I should be able to manage the business and personal finances with this software, and maybe need something that can grow with me. Any suggestions?

@Nicole Masters can I get the names of those meetup groups too? Please and thank you!

@Brady Bisgaard it's actually way easier than you think. We're just adding a kitchen, closing off a hallway, and changing an entrance to a bathroom. That will make up one of the units. The other unit will be converting the garage to a studio. This will be the bigger of the two projects.

@Brady Bisgaard we're also living in the house. That's how we went with 5% down

@Brady Bisgaard My fiance and I just did this exact strategy here in sacramento. Bought a single family house and we are using the ADU laws to split the house into a triplex. Went with 5% down conventional, but could have gone with 3 (you get a little more favorable rates at 5 down). Cleared everything with county, water, sewer, and Smud, and now we're getting the plans drawn up. We found that houses big enough and nice enough for this kind of a project tended to be in the arden and carmichael area. But we looked at all of the nicer suburbs (east sac, pocket, hollywood park, land park). This arden and carmichael seemed to strike a nice balance between affordability and nice, spatious properties.

@Carlos C.

We just got our house in the Arden area and we're going to register it for airbb. On thing I would recommend is looking into the process of registering your house as a short term rental. It's a little bit of a hurtle to overcome, so just know the process before you buy your house. I wish I had prepped for this before buying the house to get through it a little faster. Also, have your business bank account, pest guy, yard services all chosen. Do your homework early and be ready to start the business asap or youll lose money on not having that income for a while

Hey BP,

I'm just getting my first long term rental property started and I was wondering what banks and types of accounts you choose to use for your business account. I'm looking for ones that allow direct deposit for rent payments and minimal fees.

Thanks!

Just bought a house in Sacramento, Ca. I want to register a section of the house (a seperate inlaw suite with its own entrance and bathroom) as an airbb just for tax purposes. I really don't care about making money off of it (though that would be nice). I just want to rent it out a little bit so I can claim all the tax savings from renovating that section of the house and fixing up the yard and whatever else we can claim. Is this possible? What are all your thoughts? How few days can I rent it and still claim that I'm "fixing up the business."

I want to join a paid mentor/mastermind program for buy and rent. I keep looking at Thach Nguyen and Ryan Dossey's programs. But, I'm thinking it would be better to join a program that is local to my area (Sacramento, ca); can anyone please recommend? Thanks!