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30 May 2024 | 0 replies
I'd also love to hear about your journey in real estate and how you got started.To be clear, I’m not seeking funding, employment, or any commitments from you.
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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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29 May 2024 | 20 replies
House hacking will also give you some personal "property management" experience.
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1 June 2024 | 18 replies
It only says "some personal use" with no quantity specified.
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29 May 2024 | 7 replies
This is what I recommend for you to get started in your real estate journey:1.
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31 May 2024 | 9 replies
Read Beginner’s Guide to help you get started: http://www.biggerpockets.com/real-estate-investingBest of luck on your REI journey.
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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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30 May 2024 | 7 replies
Securing financing for flipping projects specially for beginners can be challenging but if you do the work required, it'll be a rewarding journey.