John Kuzan
Sales Contracts on Individual Lots in PA
I am purchasing two unimproved lots that are next to each other, owned by the same person. My Real Estate Agent created two separate contracts to purchase the properties, stating that they are deeded separately. Doe...
Jonathan B.
Multiple bank accounts on LLCs ? holding structure question
Hi Guys,Currently own multiple properties (Sfr),they are spread out into various LLCs, having couple of properties in each LLC.these LLCs are all owned by and a subsidiary of a 1 holding LLC.Rent is currently flowing ...
Dave Garlick
What account pays for common expenses
I just closed on my first deal consisting of two duplexes next to each other but they are on separate parcels. We did do two separate conventional loans which was recommended by the lender. I know there are a lot of o...
Guy Yoes
Co-mingling funds: do's and dont's
I set up a parent LLC (not a series) for my properties (each have a LLC). I have a separate acct for each door. Each account has a checking and savings. the savings is for deposit escrow. If I move my rental income to...
Charles Press
?Repairs vs. Maintenance
Here's a question that likely only the people that keep their own books or the accountant minded will appreciate. Do you lump together your repairs and maintenance costs on your income statement or do you keep them s...
Victoria DeCristoforo
New from Philadelphia, PA
Hi all,My name is Victoria, often referred to as Tori, and I am new to BP! So far the experience has been great! Here's a little bit about myself:I am 24 and a Staff Accountant for Pep Boys Auto in Philadelphia, PA. I...
Account Closed
How is this handled when single family is converted into duplex?
For those who convert a single family house into a duplex (for example let's say you take a two story single family house) and covert it into a duplex by adding a second kitchen, separate entrances to the house and of...
Daniel Mrestani
LLC v. Personal Name & Bank Account for Rent Collection?
I think this is the right place...
Getting some of my ducks in a row to dive in.
I know an LLC cannot get a loan on property through a bank. But curious on once I start collecting rent (yes, getting a bit ahead of ...
Linnea Giles
WHO PAYS UTILITIES??!
Hey Everyone! My husband and I are looking at purchasing a 4-unit property in the St. Paul area of MN. This would be our first deal, and we both have so much to learn. We both are wondering, who pays for utilities?...
Xavier Benitez
Double Closings contract
What does a double closing contract look like as in how does it work