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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.
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15 January 2025 | 11 replies
Condo's are usually on the cheaper end of cost for appraisal reports, typically not $750 (but if it's a high end condo or in an area with there's some complexity, the fee can reflect that).
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13 January 2025 | 30 replies
This is also true in lower income areas, where a $100 rent bump is the difference between your tenant being able to feed themselves each meal or not.
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26 January 2025 | 48 replies
I'll report back on how quickly they "update" my OMG request.
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3 January 2025 | 4 replies
There will likely be a partnership return required where you flipped a house with a partner and lost $120,000.If you sold the other property within the same partnership, it will also be reported on that partnership return.The net result to you is that you will receive a K-1 showing your income / loss which you then use to report on your individual return.If you made no money within the same year, you likely pay no additional taxes / get no additional refund.Best of luck.
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10 January 2025 | 14 replies
We got a bit delayed in the permitting process...We had to get a geotechnical report done due to a slope on the back side of the property, but are now back in process again.
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4 January 2025 | 11 replies
That comment also seemed to imply that you don't report the rental on Schedule E if you have an LLC, but that's not correct, with a single member LLC it still goes on Schedule E."
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22 January 2025 | 203 replies
No, I'm hearing reports of shake roofs being predominant in a FIRE ZONE....
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6 January 2025 | 5 replies
A cash out refi should take 2-3 weeks with most lenders, and you should have only an appraisal a credit report fee as upfront costs.
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11 January 2025 | 420 replies
A HELOC should be reported on your credit profile as real-estate related.