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3 June 2024 | 13 replies
Becoming a landlord is more work than the average person thinks.
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2 June 2024 | 2 replies
LLCs offer no tax benefits, they mitigate liability and the fact that this is on your personal property and you'd be renting to yourself, there's no liability to mitigate.
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2 June 2024 | 1 reply
It has not been well maintained over the last 19 years with a string of just bad renters and the person I had managing it just didn't do good quality repairs or work to it.
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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?
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1 June 2024 | 17 replies
Everyone is going to give you their own "personal" preference.
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1 June 2024 | 18 replies
It only says "some personal use" with no quantity specified.
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2 June 2024 | 2 replies
They will allow your mortgage payment and any personal debt payments (credit cards, cars, etc) to reach about 45% of your monthly income.Programs vary all over the place so it's best to ask a mortgage broker which programs you qualify for.They like two years on the job, rent paid on time, no liens or judgments, pay stubs, tax returns and so on.FHA has a 3.5% down program plus closing costs.
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1 June 2024 | 7 replies
I personally use US Bank [Big stable bank with Zelle capabilities], Relay [Checking and Savings 3%] and then Quickbooks [high interest rate 5%].
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1 June 2024 | 13 replies
My next step after posting this is to reach out to a few similar hosts for the style of property I am looking to invest in and see how well they do on a personal level.
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1 June 2024 | 1 reply
Find a group or person that can give you both education and mentoring.