All Forum Posts by: Tina Allaire

Thanks @Adrienne Henley for the suggestion.  Because I have other businesses besides RE I want to stick with something consistent across all of them such as quickbooks.

Thanks everyone for your input!  @Blair Russell - thank you it is good to hear from another vacation rental person!  Do you use accounting software? If so which one?  I was just wondering how well expensify would integrate with something like quickbooks.

How do you keep your rental property expenses separated by property? I am trying to come up with a good system that doesn't require a ton of work on my part.

Do you have a separate credit card for each property? Do you go through each transaction and classify it to the correct property? 

By the way I have vacation rental properties so I end up having a lot of transactions I would like to classify by property.  

Thanks in advance for any feedback or advice!

Congrats @John Welty on putting together your team and taking action - sometimes the first step is the most difficult!  

@Thomas Franklin what did you mean --Another downside is you loose on the advantages, of the Federal Tax Code, by not closing in the name of a LLC.

How I understand it is the method you purchase the investment or the name on the deed has nothing to do with how it is treated for taxes.

Welcome Matt! You will find that BP is a great place to connect with others and there probably has been information posted no matter what the question!

Best of luck

CPA - Kevin Bassett

Lawyer - Norm Praet

Both are extremely knowledgeable about all aspects of RE investing

meant to add more but hit the button too soon.

@Melissa Gittens

- that way the bank is funding my purchase and my renters are paying down my mortgage - but I get all the appreciation/depreciation benefits.  This allows me to use my cash to do more projects/deals.  As long as I can keep getting mortgages I will continue to do that because interest rates are so low.

@Melissa Gittens - my strategy has been to leverage my credit as far as it can go.  I have mortgages on them.  

@Michael Jobe - thank you, will do!

@Account Closed - yes I saw you talk at the meeting, would love to talk.  I have a few property management questions for you :)