Mary Jay
Is it ok to pay mortgages from the property management bank account?
Hi guys,I have a property management company that has a separate bank account and all of my tenants deposit the money into this account. Lets call it "Mary's Property Management LLC"Is it ok to pay mortgages from the ...
Without asset protection, your wealth is as good as gone. One slip and fall from a tenant, one angry ex-spouse, one jealous onlooker, and you could have your real estate relinquished and your bank accounts drained. An...
Saran Mandhadapu
How to setup Holding and Subsidiary LLC bank accounts
Hi,I have formed a holding/parent LLC company and a subsidiary/operating LLC company which is 100% owned by the holding/parent LLC. The idea is to buy rental property in the name of the subsidiary/operating LLC.I was...
Christina Cryer
Which LLC for Bank Accounts - Holding or Operating or Both?
Hi- I am just starting out and plan on using the Profit First banking method. For my first property I will open five bank accounts. Three of these will be for the entire business (when I eventually have more STRs) and...
David Lucas
Looking for bookkeeping tips
Hi everyone,I received a job as an Accountant for a small rental property management company in Richmond, VA. I was invited to interview even though I have no accounting background, and was ultimately given the positi...
Eric H.
When to Record Rental Income w/ Property Manager
I use a property management company and they receive rent at the beginning of the month but don't disburse it to me until a few weeks later.For my bookkeeping would I want to record the rental income when I actually r...
Alex M.
Multiple Entities (LLCs) in QuickBooks
Has anyone attempted to use one instance of Quickbooks for multiple entities, such as LLCs? I'm struggling to figure out how to best set this up, and do not want to purchase (or have to manage) two separate accounts.
Sandra Kim
Urgent - FIRPTA Nightmare - Title company won't write check to IRS
Hi everyone, I'm a Canadian who has recently sold a vacation home in Florida. Since I'm not a US resident, it was agreed that the title company would withhold 15% of the sales proceeds, and I would pay for prepping FI...
Sharad M.
Accounting for multiple LLCs?
Hello all,
I wanted to see how you guys are dealing with accounting issues of owning multiple LLCs? Do you have a separate bank account for each LLC you own? Or you have a main bank account for the primary LLC and us...
Kevin Wattenbarger
Property Management Bookkeeping
Hello BP:
I am in the process of trying to streamline my book keeping process from my real estate investments. Thankfully my real estate investments have prospered over the past few years. I currently have 25 units a...