All Forum Posts by: Terry Royce

A little late to this thread, but it came up in a google search.
How are you guys partitioning off your parking?
I'm in a rural area and rates are low, so I am looking to keep it simple and cheap!

Thanks.

Reviewing our 2018 books.

I am working on breaking out & reviewing our rental expenses.

There does not seem to be a comprehensive list of "bonus depreciation" items for the new tax laws. Different accountants I've talked to have different items they believe can be accelerated.

Looking for input from others.

For Section 179 depreciation on "commercial" properties do multi-family properties qualify as commercial. Or multi family properties that are also zoned commercial? We have a few properties that fall into this.

Any followup from anyone on this?

@Jeff Tumbarello -  you stated" There is a local wholesaler about to get popped with a few felony charges."

Jeff, can you elaborate on this?  What charges.

We went with the cloud version of Quickbooks so that our bookkeeper and accountant can remotely access and edit it.

For fix and flip try to stay in areas with at least 2-3+ comps nearby. There is no easy way to pick an area. I would say, if its one of your first deals, to try and pick somewhere 10-15 mins from your house or work. Managing the job is so much easier being close. 

Manolo D. - 1,500sf above grade plus 750sf below grade. We also built a rear deck and roof deck. Reframed the whole inside, plus had to do wood frame Windows and other items to meet historical guidelines for a tax credit.

Ive always found borrowing from local lenders is the best route. They know the market, less red tape, and get deals done faster....and typically better rates too. Good luck!

Any contract should suffice so long as it states "and/or assigns " after the buyer name or that assign ability is not prohibited. As mentioned if you are new seek a real estate attorneys advice.