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16 April 2024 | 6 replies
Your cleaning person should also let you know if you are short or need supplies (i.e. toilet paper, soap,etc) or if anything is broken or missing.I would create a checklist for the cleaning person of what they need to clean every day, what needs cleaning once a week, and what needs cleaning once a month.
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18 April 2024 | 3 replies
Determining whether the venture falls under a service or rental business hinges on the provision of substantial services; for instance, if a bed and breakfast service is offered, it must be reported on Schedule C, triggering a 15.3% self-employment tax.Moreover, personal use plays a crucial role in the classification of the property.
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19 April 2024 | 5 replies
Me personally, I would save up a little bit more to at least 30K.
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19 April 2024 | 8 replies
There are several popular programs out there, but personally I like Baselane because it's specifically for real estate investors so all your transactions will fit into the Schedule E you're going to need at tax time.
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16 April 2024 | 7 replies
Recently, I completed a short-term rental (STR) training program and I am eager to explore more opportunities in this field.
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19 April 2024 | 10 replies
One person's unique could be my ordinary, and vice versa.
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17 April 2024 | 13 replies
The IRS is still around, like it or not, and they are hiring and training a new army of auditors as we speak.All of these factors combined add up to the same message I posted earlier: in order to fund your 401k with $20k, your business need to make significantly more than that number.
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20 April 2024 | 33 replies
Personally, I am fine keeping my deal analyzer separate from the management of the properties I already own, but I suppose there is some value to one-stop-shopping.* Platforms that try to be all things to all people: This category is mostly Stessa and Baselane, both of which offer landlord accounting, self-management tools, as well as high interest cash management accounts.
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19 April 2024 | 14 replies
A Debt Service Coverage Ratio (DSCR) loan for investment properties is often considered better than a traditional mortgage for several reasons such as: it focuses on the property's income rather than your personal income.