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24 December 2024 | 14 replies
Here are a few tips:Asset Management: Holding your property in the LLC can protect your personal assets, but check with an attorney or CPA to ensure it’s set up correctly and complies with local laws.Rent Collection: Collecting rent through the LLC simplifies accounting and keeps personal and business finances separate, which is a big plus for taxes and liability.Property Management: Since you’re self-managing, the LLC can be used to formalize agreements, pay vendors, and manage expenses—treating it like a professional operation.Just make sure to consult an attorney or accountant to align your setup with your goals.
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3 January 2025 | 40 replies
My spreadsheet also includes FMV of every property so I can monitor appreciation, year over year comparison of tax & insurance increases, current rent & last increase & last amount, etc.
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28 December 2024 | 11 replies
We can also walk and lose EM (and the money we've put into inspections and PE consultation.)
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27 December 2024 | 16 replies
Sounds like you have a plan to consult with some brokers and expose it to the open market.
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11 February 2025 | 167 replies
You could ask them to just monitor your wallet to ensure sufficient funds, but then they'd have to trust your security policy and procedures are at least as good as the exchanges.
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26 December 2024 | 3 replies
Hey all,I have been listening to Bigger Pockets content for maybe 4 years and finally have removed myself from some side hustles, have the capital, and grew the...brains to start real estate investing.QUICK BIO:I am based in New Jersey, I work as a marketing/efficiency consultant, and have 2 avenues of real estate investing:Short-Term Rentals: I have 3 short-term rentals using my parents apts in NJ ( 1 of them just launched in Nov) for the past 2yrs near NYC (1 of them just launched in mid-Nov).
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30 December 2024 | 103 replies
Continue to monitor the few syndication investments we made..
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4 January 2025 | 11 replies
Ultimately, consulting with a real estate focused accountant is the move here, but this should be a helpful primer.
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9 January 2025 | 21 replies
Like you said, every time you visit family, you can check in on the properties and now the trip is a tax write off (consult your CPA).
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26 December 2024 | 13 replies
To streamline design choices, create a design guide or "mood board" beforehand to stay consistent with finishes that match the neighborhood's expectations.For monitoring progress, a property manager can sometimes oversee construction, but it’s typically better to rely on the GC for updates.