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What to do with Operating Expense Reserves
Like a lot of newbies here, I was surprised to find that operating expenses run about 50% of your rent collections. My question is, what do you do with all that money. Obviosuly you are not spending hundreds of dolla...
Kevin Phu
CPA worth it for 3 months of REI
Closed and moved into my first property at the end of September. Started renting out rooms shortly after. Would it be worth hiring a CPA to do my RE taxes for the 3 months? I understand, for the most part, how to fill...
Garrett Wilson
Anyone use Keystone CPA?
Does anyone use Keystone CPA for their financial advising and Tax preparation? I am looking to get a real estate tax advisor to ensure I get the best deductions and wanted to see if anyone had any experience working w...
Forrest Soule
Do I need a separate bank account? 1st Time Landlord, Owner Occupy
Recent purchaser of a duplex I will be owner occupying. I plan on doing a lot of renovations as well. Should I set up a separate bank account for rent collection and renovation expenses? Is this typical? Thanks!!!
Chris Masons
Question on Trust Vs LLC
Are there any other benefits to putting a property in a trust VS LLC aside from when in a trust there is a beneficiary designated should the trustee pass away so it is clear who the property would go to.
I guess thi...
Account Closed
New member looking for some clarity
Hey everyone,My name is Travis and I'm looking into my real estate possibilities. I've always had good success in buying things at a good price and selling them for a profit (even boats somehow haha) and I've become p...
Walt B Philip
Self owned management company - taxes
I’m in process of learning how rental properties tax deductions work. One item I see is properly management.
If I manage my own property, can I form a LLC as a property manager with myself as the employee? In essen...
Account Closed
Everything You Need to Know Property Tax Mitigation
Outside of income taxes, the single largest recurring charge for commercial property owners are Property Taxes. In most states, owners are required to pay taxes on both their real estate as well as their personal prop...
Jim Jones
Is this a viable REPS strategy?
I'm looking into qualifying as a real estate professional, as I currently don't have a w2 job. I would like to purchase a property, manage it and use losses to offset my spouse's high w2 income. I have the basic conce...
Dennis Cosgrave
How Will California's Proposed Wealth Tax Affect You?
AB 2088 establishes a first-in-the-nation net worth tax, setting a 0.4% tax rate on all net worth above $30 million. If successful, Illinois, New York, New Jersey and Connecticut are likely to follow suit. How will th...