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9 June 2024 | 223 replies
Is there any benefit to establishing a “parent” LLC that would own the separate property LLCs?
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6 June 2024 | 8 replies
For extra insurance, you may want to start giving 10% of your bookings to another cleaner to establish a relationship in case anything happens with the 1st cleaner.
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10 June 2024 | 49 replies
No matter how good your systems are you will likely end up in that city a few times per year at least, especially in the early years.With that being said, once you have your core team established in long-distance investing, it becomes much easier and problems equal google searches for vendors, phone calls and book keeping in your life (project management) vs. swinging the hammer or fixing a toilet yourself because you're forced to put those systems in place.I live in a similarly expensive city and would honestly be stoked to find a duplex in Denver for $600K!
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7 June 2024 | 11 replies
If you're established enough as an investor that you're already doing projects and own assets, it's highly likely that taking the time to save 10 cents per letter by doing it yourself is not worth your time.
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6 June 2024 | 3 replies
Always formally consult with a qualified tax advisor before enacting any tax strategies.
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6 June 2024 | 25 replies
Although, I think it would drive up the cleaning fees and, in turn, the airbnb rates to have cleaning/PM companies that establish and maintain a higher standard of work.
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6 June 2024 | 6 replies
Does anyone have any recommendations for how to collect monthly rent payments digitally into an established account?
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5 June 2024 | 12 replies
We've spoken several times with an attorney who specializes in this area of law, and he's assured us that our flat-fee investment club model is well established in the law and that we're not selling securities.
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6 June 2024 | 4 replies
POINT BEING: Shady contractors hate that as they are seeking quick money fast ("ROBBING property owners") and even skipping out of town. 8th - ALSO, HIRE YOURSELF AN EXPERIENCED C.P.A. and an EXPERIENCED FINANCIAL ADVISOR!
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5 June 2024 | 4 replies
Some examples of this would be 1) depreciation calculations such as switching from straight-line depreciation to accelerated depreciation (often used for cost segregation studies when not performed in the year placed in service), 2) income recognition, and 3) inventory valuation such as changing from LIFO to FIFO.Correcting a mistake: If you realized that you used an incorrect accounting method after you filed your tax returns, you can file this form to request permission to change to the correct accounting method so that your tax reporting is accurate.Here’s a chart that you may find helpful when deciding whether you need to amend your return or file a Form 3115.As always, I recommend consulting your CPA or tax advisor as the rules can be complex.What is your experience with filing a Form 3115 or amending your tax return?