Amanda Young
Help me understand appraisal gap coverage
If your property appraisal comes in under the offer price, is that additional gap coverage treated as an acquisition fee or as equity in the property? My closing statement has it categorized as "down payment" but I d...
Nikki Grizzle
Need help with Quicken property manager 2017
So far I am really loving the Quicken Property Manager but ran into an issue that I cannot figure out. So we have two properties that are under a single loan. So the mortgage is for both properties obviously. How can ...
Larry K.
Carrying costs as "Renovation" OR "1st Year Expenses"
Bought in Sept 2011 for about 130k, Rehabbed by end of Dec 2011.
Rehab costs were about 45k
Holding costs from Sept-Dec were about 7k (monthly loan payments, utilities, taxes, insurance)
182k rehabbed. The place i...
Vicky Laux
Bookkeeping Software Recommendations
We are starting our real estate investment journey. We purchased a vacation home last summer and our goal is to start flipping properties this year. I'm looking for a basic accounting software. I tried Stessa and i...
Jose Jacob
Accounting software recommendation
Can someone suggest an accounting software where I can manage 10-15 flips a year. I am using google sheets now and it is becoming very difficult to manage my credits cards and payment when I am done with each project...
Ernie Hogue
How are option fees taxed?
Hi BP community. I searched in the Tax and Legal forum, but didn't see this question answered specifically. I am trying to determine how lease option up-front option fees are taxed. My understanding is that they are r...
Derek Larson
Tracking Expenses with separate credit card for tax only
I just got done listening to an episode on "Get paid for your Pad," They had a tax guy on there talking about tracking your deductions.
1. Shoe box of receipts. (not so good)
2. Spreadsheet (Better but messing a...
Jesse Zirillo
CPA
Looking for a CPA in the Pittsburgh area that has significant experience working with real estate investors.
Nikki Kofkin
Quarterly Estimated Witholding on Flips?
Hey everyone, so I sold two properties so far this year, one more in a couple of weeks, and one more hopefully before the end of the year. All in Chicago. One was a long term buy and hold and three are flips. Long ter...
Tina Allaire
Expenses by property - an accounting question
How do you keep your rental property expenses separated by property? I am trying to come up with a good system that doesn't require a ton of work on my part.Do you have a separate credit card for each property? Do you...