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2 June 2024 | 2 replies
The chances of you quitting your 9-5 and doing real estate full time and being successful is similar to the photo below where everyone at the top in the crowd is thinking they can do it, and there is one person for every few thousand that can do it.
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2 June 2024 | 3 replies
You're income certainly isn't "normal" and some banks might shy away but this is a personal business and if you have a track record, I think you can find a bank to say yes.
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2 June 2024 | 1 reply
Can I give a tenant written 30 day notice on June 1 (in person or taped to the door) for move-out on June 30?
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2 June 2024 | 1 reply
I used my personal cash for both , but I’m looking to purchase more with lending.
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3 June 2024 | 9 replies
I personally own properties in the counties of Orange, Los Angeles, Riverside and Kern.
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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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28 May 2024 | 11 replies
If you're looking for a long term business associate, in my personal opinion it is best to team up with someone that you want to make rich.
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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 | 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?