Michael Lettieri
How to properly account for personal maintenance labor?
Hi, I am just starting out as a landlord and am trying to learn from my mistakes. I believe I have not been adequately record keeping my maintenance expenses. I do repairs and upgrades myself and only keep records of ...
Max Malec
Strategies for paying yourself from a Series LLC
Hi BP, I am finishing up my second deal and my first deal as a serious investor. I purchased the house in cash and paid for the renovations out of pocket. At the direction of my CPA and attorney, I then created a sing...
Pavlos Kasselouris
Logging a Refinance in Quickbooks Online
Hi everyone!I recently had a bookkeeper from India, setup QBO for my 4 rentals. Properties are under a LLC with a partner and we have bought, made capital improvements, cash out refinanced. I feel things got a little...
David Morgan
Self-directed Roth 401(k) questions
I have a few questions about investing in real estate with a Roth 401(k):
1.) If at age 45 I buy a vacation rental, and at age 59.5 I want to start using it for family vacations, would I first need to distribute the ...
Joey Cassera
Hiring 7yo son as household employee
I am looking to hire my 7yo son as a household employee. Mainly Supervising his 2 year old sister while were home so we can complete tasks such as cooking and laundry.
I do not own a business. Am I able to do this ou...
Michael Slockers
How to financially account for a lost security deposit
Hello all:When a security deposit is received on a new long-term rental lease, I categorize that in my accounting system as "deposit", separate from rent. It isn't income, doesn't show as a gain, etc. When that same t...
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...
Craig Gerulski
Refinancing with Airbnb Income
Hello Fellow BP Members!With interest rates hitting historically low levels, I am trying to refinance 2 of my properties. I have 3 homes on Airbnb and need to use that income to offset the mortgages, for my debt to in...
Jeff S.
Withdrawing funds-LLC
What is a typical schedule when withdrawing funds from an LLC? Would it be monthly, annualy or does it matter? Secondly, what do you title them in your checkbook?
Jon Deavers
DIfference between cash flow and noi
Hello all,
I have a pretty basic question but couldn't find a concise answer posted.
What's the difference between net operating income and cash flow (as used in an REI context)?
My understanding ...