Scott Michael
I've flipped a house, now how do I calculate my profit?
Hi everyone!
I'm a wholesaler who has gotten into flipping. I just flipped my second house and am trying to figure out how much money I made.
I have used a pro-forma profit projection spreadsheet provided to me by...
Juan Carlos Poza
With a SDIRA LLC, can I purchase out of state tax liens?
Hello everyone:I would love to have my question answered.I recently opened a Self Directed IRA to invest in tax liens in my home state, FL, but i wonder if I can go beyond Florida borders and acquire tax liens in othe...
Tina Peters
Proper accounting methods?
Hello BP community.....I'm looking for guidance and recommendation for best practice in how to account for property equity and principle payments. Currently for tax purposes, I track all mortgage interest etc, however...
Justin Morris
Changing Directions, Advice Welcome
My name is Justin Morris and I've been on BP for about 8 months now and continue to learn as much as I can for the amazing people here. In the past 6 months I've dived into a lease purchase and actually have two prop...
Account Closed
SDIRA or Cash Out My 401(k) – Help Me Decide (long post!)
Here’s my dilemma. I have ~$150k in an employer 401(k). My job ends at the end of February. After that my and my husband’s plan is to invest in multifamily rental properties, reinvesting all of the profits as we go in...
Nathan Waters
Profit and Loss Statement on Rental Properties.. Mortgage?
When you write up your profit and loss statement, how do you break down the mortgage? Is the interest, taxes and interest the only loss? I'm assuming principal is not written in the loss category even though it goes a...
Account Closed
Activities Permitted with A Checkbook IRA
I have just established an LLC for my SDIRA. The purpose is to use this LLC to buy and hold a SFR rental. I intend to manage the property myself. Are there any restrictions against using a credit or debit card with th...
Brandon Powell
Setting up or Paying with Credit Accounts in Solo401k or Self Directed IRA
I need advise from investors who have had their SD Retirement accounts set up for a while. I have one major hurdle that I can't seem to get past.In our Fix and Flip business (in a non retirement owned LLC) we utilize...
Andrew Z.
How to set up accounting and banking for reserve funds.
Hello, everyone. I have a newbie question about reserve funds. Let's say I have a number of rental properties, each with income, actual expenses, and reserve funds for capex or vacancy.1) Do you have separate bank acc...
Fayez Siddiqui
separate account and credit card for rental business
We should make a separate account for the rental business but is it also recommended to get a separate credit card as well?If so any benefit of a business card over a personal card?If so what kind of payments would yo...