All Forum Posts by: Stephanie St. Germain

Hi,

I am in the early stages of my real estate investment journey and under contract with my first rental property, which I intend to use as an STR. I am technically an active CPA but haven't been actively using the certification in almost 10 years and never specialized in tax, but I still have the general background and understanding. I know how important a real estate specific accountant is especially as I start out, but after a couple years of working with a professional and if no significant changes have taken place and I only have 1 investment property, could I not do the taxes myself? Or is a real estate professional absolutely a must?
thank you!

Thank you!!! Appreciate it!

This is amazing advice; thank you so much!! I need all the tips and pointers I can get!

Hi! I just purchased my first investment property in Fletcher, NC (about 20 min outside Asheville) which I plan to use as a short term rental. I am not ready to list the property but know how important finding a good cleaning service is and do not live in the area and was wondering if anyone has referrals for reliable cleaners in this area ? 
thanks so much! 

Hello, 

I have recently been considering a shift in my mindset from long-term rental property in my local market (Charlotte, NC) towards the idea of short-term rental property in an out-of-state market (that is more affordable) for the potential of higher cash flow in the short-term in addition to the long-term appreciation. Couple questions i have regarding setting up and LLC and tax implications:

1. If I set up an LLC, does the LLC need to be set up in the state where I intend to buy the property or can I still create an LLC in North Carolina and set up a business bank account even if I do not end up investing in NC property?

2. Am I able to deduct all related business expenses (mentorship programs, furnishings, depreciation, LLC-related fees) even if i do not generate any income from the business?

3. I’m assuming I will only be able to deduct eligible expenses up to the amount that I owe in taxes; so if I have a lot more expenses than taxes owed, am I able to carry forward those deductible expenses into the next year or will I be losing out on whatever additional expenses I have that surpass the amount of taxes owed? i.e. if I only owe 3k in taxes but have 20k in deductible expenses, will I only be able to deduct up to 3k and lose out on that remaining 17k of expenses that I incurred?

Thanks for the advice! So I'll buy the property in my name and then would have to move it into an LLC afterwards for liability protection. Is that an easy process to do or are there any helpful tips I should know?
Thanks again in advance!

Hi, 

I'm just starting out in my real estate investing journey and am looking to buy a single family home to buy and hold as a long-term rental. Do I need to have an LLC set up prior to obtaining a loan or can I have the mortgage in my name but then still buy the property under the LLC name?
At the moment I do not have an LLC set up, but I’ve already been pre-approved for a conventional loan in my name - can I use this to obtain the financing but still have the property under an LLC or does the loan need to made out to an LLC and my pre-approval is basically useless?