All Forum Posts by: Steve Brown

I'm looking for 'bookkeeping' help. 

I have one company (partnership) which owns rentals (comp1). I have a second company (Scorp) which manages the properties (comp2). 

I receive Section 8 payments in the name of the management company. 

I have the management company pay all the bills on the rentals. 

I use Quickbooks. 

I have a mind block on how to expense the pass-through money as well as the bills the management company pays on behalf of company 1 so that I can show a true financial picture of the Management company for the IRS (and anyone else who wanted to know). Can you help?

Well I got here at little late. I also found Mike Butler's system of using quickbooks very helpful, and good support. Check it out http://quickbooksforinvestors.com/

Chicago Il Home Depots have it. It's a great product.

Attention: there is a product that, in my tests, appears to extend the life of items that will have liquid splashed on them. I make nothing from it so this is only my experience.

In my rentals, I have begun to spray the insides of all my kitchen sink bases as well as the inside and lower outside half of my bathroom vanities with Rustoleums NEVER WET. 

It's a 2 step, 2 Coat process but it really prevent water/liquid from soaking into the product.

I coated some raw wood as well as a piece of drywall. Then I dropped them in water for about a week. I also added non treated as a control. When I took them the treated were just like original condition. The control was a bit soggy.

You can't paint over it, so be aware of that.

It is a great product and at HD it like $17. And that can do several cabinets.

Steve

Well I allowed pets in a rental with carpet. (Is that laughing I hear out there?) So after 2 years I had to completely remove the carpet after the tenants left. I then instituted a no pets policy but I developed a contingency plan after my daughter had to rent in another city and wanted her dog with her (and of course her dog is different). That landlord took some convincing (and me signing behind my daughter for damage) but I like his plan - though it's tough. You better really want a pet.

$300 non refundable per fee, $250 refundable deposit, $25 per month pet rent

I have a good tenant who would like a pet so I am considering using this model. But I haven't caved to the pets yet.

Steve

I use the component depreciation method for my rental properties. So it may be a good idea or it may be a bad idea, but I'm comfortable with it. So this post is not for those who oppose this method.

My question is when I have an item that is not fully depreciated but becomes obsolete (broken microwave) I have done a journal entry to move the remaining depreciation of the item into a repairs expense account.

Do you feel that is the correct procedure?

Thanks.

Steve