Jon K.
(Current) Tenants say the dumbest things, too...
12 July 2024 | 281 replies
:) By the time I got the voicemail and called him back, one of them had managed to brave the dark basement and flip the breaker back on....Tell them to install a flashlight app on their smart phone for the next time the power goes off in the dark ;)
Ammar Khan
House-Hacking / Managing Property / REPS?
4 July 2024 | 7 replies
This general log gives an overview of your activities, but it might not be detailed enough for IRS purposes.Example 2: Detailed LogMonday, 7/1/247 AM - 7:30 AM: Monitored security cameras1:30 PM - 2:15 PM: Responded to tenant question regarding parking3:00 PM - 3:30 PM: Monitored security cameras4 PM - 4:15 PM: Checked mail and delivered to tenants, as necessary7 PM - 7:30 PM: Monitored security cameras10:30 PM - 11 PM: Monitored security cameras7 AM - 11 PM: Remained on standby all day for tenant needs/emergenciesThis detailed log breaks down your activities into specific time slots, which can provide a more precise account of how your time was spent.Best Practices for Record-KeepingBe Specific: Break down your activities into smaller time intervals, as shown in the detailed log example.Use a Logbook or App: Consider using a time-tracking app or a dedicated logbook to keep daily records.Document Standby Time: Clearly note the hours you are on standby for emergencies, but also separate it from active tasks.Include All Activities: Document everything from advertising to maintenance and tenant interactions.Consulting with a Tax ProfessionalGiven the complexity of qualifying for REPS, it's always a good idea to consult with a tax professional.
Alexandra Reeves
Software/ Phone App for Measuring and 3D Design
1 July 2024 | 6 replies
our photographer uses the app magicplan.
Ryan Denman
How to raise money and form partnerships with non-accredited investors
3 July 2024 | 4 replies
Reading through some other forum posts, it looks like there are much simpler partnerships, entities, or offerings that would meet what I am trying to do:My Role:-Decide on properties to purchase, mostly SFHs-Establish LLCs or other business structures to hold the real estate and distribute returns-Purchase properties, using loans as needed depending on the ROI/cash flow desired from investors-Act as property manager for the properties-Depreciate properties held in business entities to minimize taxable income to investors-Distribute returns to investors-Create investments that have high cash flow (CF) and low appreciation (App) , moderate CF and App, low CF and high App-Find investors from connections, friends, and family with no public advertising-Advise in a minimal capacity on tax and real estate strategies-Send investment reports to investors-Be fiduciary to all investors-Receive compensation from PM and other management work I do related to the investmentsInvestors:-Can be non-accredited -Invest as little as $1000-Can use retirement accountsWhat references can people recommend for me to learn about business structures, partnerships, securities, taxes, or other topics to get me started on learning what will work for my goals?
Rob Ibarra
Car Wash Detailing Hack
3 July 2024 | 6 replies
The auto detailing businesses we have worked with either make you drop the vehicle at there place, or it's mobile (usually interior details).
Jay Hinrichs
ON line Notary
3 July 2024 | 5 replies
As I have always had an in house notary in my company.so the on line notary is new to me.. only thing i dont like is getting charged for it.. just like mobile notary I wont pay for those.. if the title company insist on it I push back ***** and whine and just tell them no way am I paying a mobile notary because its your requirement LOL.
Jaxon Wright
120ft tunnel carwash with 3 detail bays
4 July 2024 | 8 replies
prior to purchasing the carwash I was part owner of a mobile auto detailing company that we operated out of a 2800sqft warehouse.
Grant Rogers
Eager Future Investor
2 July 2024 | 15 replies
I can't decide between exploring a 203K loan or getting into flipping mobile homes.
Steve Mizer
Is there a BP app in the works?
29 June 2024 | 4 replies
If there’s no app yet, is it on the roadmap?