Tyler Davis
QuickBooks Plan for Managing Rental Properties
7 January 2025 | 3 replies
If you only have one LLC and don’t need entity tracking, you could get a lower subscription and categorize your properties as ‘customers’, then units and tenants would be sub-customers.Simple Start would allow you to invoice your tenants (if desired through QBO) and produce basic reports.
Graham Lemly
Financing Strategies for house I want - Hard Money, Rehab or Conventional?
4 January 2025 | 1 reply
Here is some key information:Property recently hit the market and has 2 cash offers alreadyThe seller provided a pre-inspection report, which I shared with 2 different lenders, both think it may fail conventional financing due to potential structural and electrical issues (realtor thinks it could pass conventional)Seller has 100% equity but is behind on other payments (not sure of the urgency money is needed)This is my first attempt at an “investment” property so I’m new to thisI see 3 optionsMove forward with an offer using conventional loan pre-qualification-Not as attractive of an offer to the seller-Possibility that appraiser calls out structural/electrical issues that need to be fixed before closing, effectively causing financing to fail- Best terms and fewest loan fees for meUse a rehab style loan such as ChoiceRenovation-Even less attractive than a conventional offer to seller, but less risk of failed financing if appraiser calls out issues-Slightly worse fees and interest rates compared to conventional-Lenders tell me possibly up to 60-90 days closing in some cases, with red-tape for contractor requirements and draw schedules (sounds like the most hoops to jump through during rehab)Use a hard money lender-Most attractive loan option I can give to seller so I can compete-Much higher fees and interest rate for me-need to refinance into a conventional at the end of rehab (not familiar with seasoning periods but I think this is a factor as well)Which option would you do?
Desiree Rejeili
What To Save for When Buying a Home
9 January 2025 | 0 replies
An article from The Mortgage Reports explains:“The amount you need to put down will depend on a variety of factors, including the loan type and your financial goals.
Elizabeth King
Does my property have to be in LLC to benefit from real estate tax advantages?
2 January 2025 | 10 replies
Rental income and expenses, such as mortgage interest, property taxes, repairs, and depreciation, can be reported on Schedule E of your personal tax return, regardless of ownership structure.
Sebastian Nadal
Screening for a roommate for the first time
7 January 2025 | 6 replies
These platforms are affordable and offer comprehensive reports (credit, background, eviction history) without you having to handle sensitive information directly.Verify Employment and Landlord History: Your plan to request pay stubs and a landlord reference is solid.
Rene Hosman
How do you keep yourself accountable to your goals?
13 January 2025 | 5 replies
To me these accountability groups mean that I'll have someone to report back to about wins and fails to help with prospective and motivation.
Daniel Schiller
GovernmentAuction.com - experience?
19 December 2024 | 24 replies
They put out fake news articles that they write themselves and have it automatically published using PR websites that push anything and everything regional news websites that instantly are published with review.
David To
California call for class action lawsuit on Eviction Moratorium
14 January 2025 | 329 replies
With rainy day funds included there are reports that CA had over $20B surplus.
Janea L.
AI and REI
29 December 2024 | 17 replies
Quote from @Theresa Holl: Quote from @Varinder Saini: We are building a real estate AI platform that specializes in analyzing disclosure packets of hundreds of pages and generating concise single report of important findings.
Noah Bacon
BiggerPockets Pro Partner Update - Stessa!
15 January 2025 | 49 replies
Stessa brings accounting, tenant screening, financial reporting and more into a single integrated platform built for investors, by investors.