Nathan Emmert
Non-Refundable Security Deposit
The rental I purchased last week had fairly significant security deposits in place, a portion of which was labeled as "non-refundable".
Am I correct to assume that's essentially income?
If so, from a tax perspective...
Ehab Shoukry
Quickbooks tax questions
Hi all -I'm quickly getting more comfortable with quickbooks but as I get better I want to continue to learn more. Currently I'm entering my mortgage payments into three accounts: principal, interest, and escrow. I'...
Mayer M.
Budget vs. actual QBO
Hi Guys,Looking for good ways to keep on top of budget vs. actual when it comes to rehab projects. Would be very useful to look at while at various stages of a rehab as well as end of year comparisons.Any recommendati...
Hector Maldonado
Expenses And taxes
Ok, so I've been using the rental property calculator lately and reivaluating all my properties. I've also been using it to evaluate properties that Im thinking about purchasing. Because of this tool I've shied away ...
Jared W Smith
Self-Directed Solo 401k needs LLC?
Hello all, As the title implies, I have set up my self-directed solo QRP 401k with checkbook control and trying to set up a business account. I know there are three known banks that deal with self-directed accounts bu...
Elijah O.
P.O.F (proof of funds)
Hello everyone i don't understand much about this P.O.F all I know is it has been requested from me and it is slowing me in some wholesale deals please help.
Cameron Marmon
Is CapEx an expense on the P&L or just an analysis consideration?
I have done some searching, but I did not find the answer I was looking for on this topic. Lets just say I decide to set aside $300/month for 12 months and I show it as an expense on the P&L. Now it is tax time! I...
Alice Chicken
proof of Funds for REO property
hello:
As the bank makes any changes to pof. I just finished bidding on a REO property by Well Fargo here in VA. The agent told me that the bank wants proof of funds with my name on it?
i used to use my HM lender...
Zevi Arem
Budgeting for expenses
Hey so I haven't done any deals yet and I was wondering what people do when they budget on a monthly basis on their rental properties for Repairs,Property Management,Capex,vacancy...etc. Do they have checking accounts...
Cody Mitchell
Is accounting software needed?
Howdy all,My wife and I have two rentals that we just finished the BRRRR process on, and I was wondering how many people actually use an accounting software to keep up with things? I planned on using quickbooks, but w...