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25 November 2024 | 12 replies
Once you have a short list, get an account with each one and run them through the wringer to see how they really function.
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26 November 2024 | 21 replies
Here's what I'm accounting for currently:Mortgage (P&I)InsuranceTaxesElectricWaterTrashInternetVRBO/Airbnb feesGeneral/RepairsCleaning (though these will be passed through)If i'm super conservative on my monthly rate, I will need to rent the unit 10 nights/month to break even, if I am more realistic with the rate (according to my realtor who runs two STRs), i'll need to rent it 7-8 nights/month to do so.
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25 November 2024 | 12 replies
I'm also considering Legal Zoom for the LLC portion -- and I understand they may also be able to assist with the operating agreement.I'd also welcome any recommendations on accountants too.
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1 December 2024 | 134 replies
I have seen it and funded it for others or my own account.
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23 November 2024 | 3 replies
Does it go down like a traditional mortgage (funds requested at closing, checks written, etc), or do they hand over the funds to your account beforehand so you can put the money up as if it is cash?
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29 November 2024 | 27 replies
While you may be able to measure energy to some precision that you are satisfied with close to the point of delivery - what you will have a very tough time accounting for how those losses are split amongst your units.
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22 November 2024 | 1 reply
Prepaid items are comprised of property taxes and insurance and prepaid interest.Property taxes and homeowners’ insurance will depend on whether or not you have an escrow account, when you are closing, and when those items are due.
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21 November 2024 | 6 replies
You should also have a conversation with your tax accountant about your bank account setup.
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23 November 2024 | 40 replies
If you have an integrated account and receive the inquiry from VRBO, but then book the guest off platform they double their commission rate to 10%.
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22 November 2024 | 8 replies
I'll admit I do build in a lot of cushion (something I learned from my first flip deal) so I account for every possible expense.