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18 January 2025 | 5 replies
Or at least report it.
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4 February 2025 | 17 replies
For example we pay our own income taxes, broker splits and all of our other expenses directly out of what we make including required E&O insurance, MLS dues, licensing fees, Board of Realtor dues, continuing education costs, marketing, advertising, office fees/rent, transaction coordinator/ assistant fees, health insurance, car insurance and maintenance, gas, tires, software, retirement fund, etc.We are not W2 employees with payroll taxes already taken out of our paychecks, company-paid health insurance and matching retirement account plus a guarantee of at least 40 hours paid work per week, sick pay, paid vacation… none of that.So if you’re thinking you’ll be able to pay an hourly wage typical of a W2 hourly employee like $50-85/hr… that’s definitely not going to work.
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7 February 2025 | 14 replies
There are also additional costs of operating and maintaining an LLC, like separate bank accounts, annual report filings, tax filings, etc.2.
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23 January 2025 | 2 replies
I'm glad to be included on this platform with like minded interests.
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21 January 2025 | 4 replies
Avoid any self-help eviction tactics like changing locks.Maintenance: As a landlord, you’re responsible for ensuring the property meets basic health and safety standards, including working plumbing, heating, and electrical systems.Inspections: While there are no mandatory inspections required before renting, your property should comply with building codes.
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20 January 2025 | 7 replies
I'd also look into property taxes and what is included with that $800 condo fee (that is really high though guessing it may include weekly cleaning).
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11 January 2025 | 15 replies
While your lease may indicate that the tenant pays, the biggest problem with this is that tenants will stop reporting issues for fear of paying.
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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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21 January 2025 | 13 replies
Beyond real estate, I have a background in media production, including event setup, documentary filmmaking, and television production during my time at PBS CET.
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21 January 2025 | 4 replies
I’ve been in this unit for almost a year now and I’m thinking about moving out and renting an apartment for $1000 a month all utilities included.