Chan K.
Boston, Landlord, LLC, Withdraw of Payment
Hi BPers,I bought a property under an LLC that I formed. I setup a business account where I deposit all the income in there. I also use the account to pay for debt service, tax, insurance. misc expeneses ....I list my...
Holden Smith
Personal debt vs RE investing dilemma phase 2
About a year and a half ago my wife and I decided that we wanted to get into real estate investing. In particular buy/hold single family homes in the Kansas City area. However between the two of us we had $70,237 in s...
Lena B.
Time to get properties into an LLC
Hello all! We have about 5 properties now and I think it's time to get them in separate LLC's. We might as well as lending is now requiring 25% from us anyway. Problem is...it's so hard to find good help! My last CP...
Danae Meurer
Accounting for seller concessions
How does one account for seller concessions from the HUD-1? Is that amount subtracted from the basis, or is that money allocated proportionally to each item in the closing costs it covered?Also, if there is a Lender ...
Account Closed
Filing an extension DOES NOT mean you dont owe money until then!
Tax season is in full swing, and for most individual taxpayers, the looming deadline for filing and payment is Monday, April 18, 2022. However, life can get complicated, and if you find yourself needing more time to g...
Bob Harris
Income or not?
Are the draws I take for rehab on my properties considered other income on my P&L statement or are they not included at all? My reason for asking is because all my expenses (subs, material, interest, and utilites...
Weston Whitaker
FL Law/Taxes: HELOC taxes
Background:
I'm considering opening a HELOC to fund a BRRRR. I'm looking for my first deal. I own my Single Family Home in Florida and have some equity I can access. However, my Father-in-law mentioned that he got...
Tuan Tran
Anyone familiar with the new Affordable Housing Recording Fee?
Specifically who pays for this fee?The buyer or the seller?Thanks
Dawna Willis
Borrowing against my solo 401K
My spouse and I set up solo 401K trust accounts at a brokerage firm that also provided me with a check book and a debit card for my individual account. I rolled over part of one my non-Roth IRA accounts so I could bo...
Matthew Rutledge
LLC operating out of state
I have an LLC that I started with my now ex-wife. I got the LLC in the divorce. I plan to use this LLC to hold/manage rental properties long term, and basically take care of all my real estate dealings that are not ...