John T.
QuickBooks - Using the “Cost of Goods Sold” account type
I am a landlord who manages my own rental property. I do not manage property for other owners. I set up my chart of accounts in QuickBooks to include, among others, two types of accounts: (1) Cost of Goods Sold acc...
Reese W.
What does an umbrella policy cover? Only the associated property?
Every article I read about an umbrella policy says the same thing...it covers lawsuits that go above normal liability limits. But what's never clear to me is, can an umbrella policy on my property be used to cover AN...
Shaine Cobb
Multi family insurance company
Hello all,
I will soon be in the market for a new insurance company for a 4plex. I would like to hear your recommendations. Pros, cons, etc. The property in question has had one claim (theft of copper from...
Patrick Orah
Advice Needed on the Tax Advantages with rental income investment
Hello BP community, I am looking for advice confirming what I think I know about tax advantages with rental income and help filling the gaps on some of the tax advantages/strategies that I may be missing.
To begin, I...
Marvin Song
Tax deductions on partnership return for out-of-state investors
Hi Everyone!My wife and I live in NJ but own rentals in Indiana managed under IN LLC and its parent WY LLC. We are members of WY LLC with 50-50 ownership. My CPA says 'since both rentals are in another state, it is di...
Gilbert Lugo
Help minamizing flood insurance cost
hello everyone, I’m at my final phase of closing on my first property(multiplex). After doing my analysis, crunching number, and due diligence I get hit with flood insurance which has been on heard of for my location....
Chris Wilkening
How do you determine a good landlord insurance policy?
In the process of closing on my first SFR and could use some tips on choosing an insurance policy.
How do you determine when a policy is good for the price? What are some red flags to look out for?How much coverage ...
Solomon Rosenberg
Tax on passive re investments
Can someone clarify, As an LP in a mf syndication where can one save on taxes and what can I expect to pay?Here is an example, If I invested 100k into a mf syndication, Property sells in year 3 with a profit of 100k,I...
Mike Montana
Interest deduction on cash out REFI
If you own a SFR without debt and REFI the property to cash out the equity then use the cash to invest in a syndication or buy another rental, is the interest on the loan collateralized by the SFR a tax-deductable exp...
Lucas A Riemens
Creating a secondary business
I am considering forming an LLC for landscaping and a second for construction. The thought being that it would create additional tax breaks when purchasing equipment etc that would be mainly used to maintain my prope...