Daniel M.
Seeking Advice on Handling Mortgage Payments for LLC-Owned Property
1 June 2024 | 3 replies
I would prefer to manage everything through the LLC's account for bookkeeping and tax purposes.Proposed Solution:Open a new joint personal account specifically for making mortgage payments.Transfer the monthly mortgage payment amount from the LLC's business checking account to the joint personal account.Document these transfers as "Owner's Draw" or "Owner's Distribution" in our accounting records.Use the joint personal account to make the mortgage payments.Questions:For the CPAs and accountants out there:What are the tax implications of this approach?
Kathleen Rogers
Could REPS make tax savings more valuable than cash flow?
30 May 2024 | 10 replies
If he is a bookkeeper - no.
Ikenna Okekeogbu
New to real estate investing
29 May 2024 | 10 replies
Put together a team with a real estate person, someone to look after your property, loan officers, builders, and bookkeepers.
Austin Jones
Accountant / Accounting Platform for Small Investor
28 May 2024 | 13 replies
I only have 11 doors left but I literally spend less than 2 hours a month on bookkeeping, usually 1.
Brandon Stiles
Flipping out of state. What's your process?
29 May 2024 | 15 replies
Make sure you have the following:Great investor-friendly agentsMultiple contractors to run bids throughMultiple lenders and hard money lenders to quote youA great real-estate specialized CPA (and bookkeeper if you have trouble keeping organized)
Greg Schreffler
Tax Professionals for Multiple State Properties
28 May 2024 | 5 replies
Correct me if I am wrong.What services is the accountant providing you and what communications are you looking for.Does the $900 already include filing of a tax return and bookkeeping?
J Newman
Quickbooks Classing Question
24 May 2024 | 6 replies
Who set the QBO for you, the current bookkeeper?
Brian Plajer
Tax/financial planning services
24 May 2024 | 17 replies
@Brian Plajer In the past year my accountant has recommended I get more help in terms of bookkeeping and financial advice.
Corey Duran
Looking to change my business structure (single LLC now)
23 May 2024 | 6 replies
I have a business checking account and business credit card for each LLC so we can keep the expenses straight for bookkeeping purposes.
Josh Silvester
Under Contract for the first time and feeling nervous/excited!
22 May 2024 | 5 replies
Trash, miscellaneous such as water charge for a water leak, umbrella policy or other asset protection, book keeper/tax person, etc.