Samantha Kincaid
How to set up bank accounts
We are closing on our first duplex any day. Should I create a new checking and savings account strictly for rents/expenses? What are the advantages, as opposed to using our personal account which in this first year wi...
Jeff Betschart
Tax implication of selling a rental property
I am getting ready to sell a rental property and wanted to talk to someone to understand exactly what I will have to pay capital gains on and what is the approximate percentage that those gains would be. I also need t...
Donald M.
Handling Security Deposits in Massachusetts (MA)
Straight from Massachusetts law:(3) (a) Any security deposit received by such lessor shall be held in a separate, interest-bearing account in a bank, located within the commonwealth under such terms as will place su...
Weina Shi
Anyone used Bank of America for 401k Trust Bank Account?
Hi,I just started my solo 401k plan with https://www.solo401k.com/The plan provider has recommended Solera Bank. However, we already have an account with Bank of America and it would be easier if we can get the trust ...
Kyle Roberts
Banking and Accounting for Single Family Home House Hack
Hi Everyone!I recently purchased my first property, a single-family home in Richmond, VA and am planning to house hack. I'm trying to figure out how to set up the banking for managing the property. I've heard it's bes...
Samuel Young
Do you have a business checking account?
Hi all! I am just about to buy my first property in the Austin area, and I want to make sure I have everything I need in place before closing. I am looking to set up a checking account so I can keep my finances separa...
Fred Ramos
Property Insurance questions
Hi all. I've been purchasing properties to hold and rent for almost two years now and am not quite sure how to handle the property insurances coming due. When I purchased these properties, I paid for the homeowners ...
Eric McLaughlin
Buying a house with a HELOC?
Hello all!Recently I’ve established a HELOC to purchase a property to use as a STR. I’m curious on the best way to do so and others experiences. Is it as simple as writing a check from the HELOC account? Or should I...
Ryan L Grinstead
LLC in Ohio Setup and use and paying myself
I have my LLC with my property in it currently. For collecting rent purposes, do I start a separate business account for the LLC and put rent into the account and then pay myself like that or is there a better way or ...
Jake Thompson
Bookkeeping While House Hacking Plus Book Recommendations
How would you recommend keeping the books for a property you are house hacking, aka living in one unit renting out the other? I have a separate bank account which I collect rent from my tenants and then I deposit my p...