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19 December 2024 | 50 replies
Circumstances like not holding annual meetings for corporations, not having corporate resolutions , commingling funds, taking money out of the corporation personally without that withdrawal being either a salary or dividend, etc.
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10 December 2024 | 5 replies
Approaching it like that would also automatically set an expectation for the owner to pay maintenance expenses.
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9 December 2024 | 7 replies
I’ve got others I raise some annually.
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3 December 2024 | 21 replies
I will also be tracking expenses related to repairs, maintenance, travel to and from NV, hotel stays, meals, gas, and other regular business costs.In the long term, I aim to purchase additional properties under the business name, but I understand I need to establish at least two years of income and credit history before doing so.The issue I’m encountering is that my accountant has not provided any guidance on how to structure this scenario.
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7 December 2024 | 1 reply
Review their online financials/annual statements.
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9 December 2024 | 4 replies
You’ll want to make sure the rental income comfortably covers the new mortgage, taxes, insurance, and any maintenance costs.
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13 December 2024 | 13 replies
@Joy McQuearyRecommend you first figure out the property Class you want to invest in, THEN figure out the corresponding location to invest in.Property Class will typically dictate the Class of tenant you get, which greatly IMPACTS rental income stability and property maintenance/damage by tenants.If you apply Class A assumptions to a Class B or C purchase, your expectations won’t be met and it may be a financial disaster.If you buy/renovate a property in Class D area to Class A standards, what quality of tenant will you get?
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10 December 2024 | 10 replies
I need a suggestion here to handle maintenance and cleaningTURNO for automated cleaner payment and scheduling along with inventory trackingQuickbooks / Bookkeeper to keep my PM business in alignmentChase bank & trust accountI'd like a better method for managing linens (bulk order) and distribution.I'd love to compare property management / cohosting agreements with someone to share best practices.
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8 December 2024 | 4 replies
I use RentRedi to collect rent and receive maintenance requests.
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9 December 2024 | 4 replies
I have clients that have these kinds of arrangements, and while it is easier when an org fills your units, you can lose control of maintenance and cleanliness.