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12 June 2019 | 12 replies
Keeping track of your finances also is very useful.1) It will allow you to determine which business is making money and how much.2) It allows you to determine which business you should expand or eliminate.3) It also makes preparing the tax return at the end of the year much easier.I would take the following steps1) Separate each business into its own separate bank account.If you have 2 rental properties, its okay to keep 1 bank account for the rentals.However, if you also have a consulting business, I would separate the rental and consulting business.2) I would consult with a bookkeeping to manage your books going forward.
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26 May 2019 | 2 replies
I'd say consult with a solid Real Estate Attorney about it
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28 May 2019 | 4 replies
Direct Source Wealth does properties like these all day long down in PR and they might be able to consult with you about the challenges and the benefitsHere is the their sitehttps://directsourcewealth.com
27 May 2019 | 12 replies
I would have thought that Wholesaling would fall into Consulting since a wholesaler doesn't take ownership and doesn't rehab the property and has the assignment for a very short period of time.
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29 May 2019 | 8 replies
Make sure you get the payoff amount, the lien amounts etc to be able to determine if its a deal or not. in some states specifically the west coast .. its illegal to help folks in foreclosure if your not a licensed foreclosure consultant.. and penalties are very stiff.. for the reasons Lydia described..
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29 May 2019 | 2 replies
If I were you, I would hire a tax consultant with experience in this area and does it daily.
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30 May 2019 | 8 replies
Always Always consult a lawyer (that you pay for) in your area for updated laws etc. it should be a business expense.
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27 May 2019 | 0 replies
Is there anybody that can recommend an operational consultant for a growing self storage business?
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29 May 2019 | 2 replies
Consulting with a CPA will help to give you an idea of the tax ramifications of the partnership.
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3 June 2019 | 6 replies
I am not an expert to maybe you should consult with lawyer and accountant but if its sole-ownership LLC, it doest not really matter for tax purpose if you are filing schedule E.