Karla Parraga
Buying a Property as Vacation and Turning it into Rental
Hello all,I am planning on buying a property in Daytona Beach. At the beginning I was planning on buying the property as investment. Later it occurred to me that I can I can buy it as a vacation home, while I go visit...
Michael Plaks
DEADLINE: Jan 31st to send your 1099 forms
Should you even bother?
Your first question might be – why should I? Well, three top reasons come to mind:It will allow you to deduct their earnings on your own tax return.It is required by law for any person to whom...
Dominique Collins
What's the best way to add someone to a deed?
My grandparents want to add my name to the deed of one of their properties located in New York so all three of our names are on the deed with right of survivorship. There’s no mortgage and is currently being rented ou...
Becca Flim
Business Bank Account vs Personal Bank Account
Hey BP community!
We are in the process of purchasing our first rental property in PA and looking at opening up a separate bank account in order to track our expenses. At this time we are not looking at setting up a...
Mindy Jensen
Is North Carolina a non-recourse state?
A friend bought a piece of land at the height of the market. It is now worth almost nothing. He would like to have this monkey off his back, but doesn't know how to proceed.It is mortgaged, and he would like to simply...
Layne T.
Cashing out 401k for Rentals?
Curious as to thoughts on cashing out / paying penalty on a traditional 401k for a rental property. Specifically NOT talking about self-directed IRA's and the complexities that come with those. For sake of argument, l...
Vlad Kuzin
LLC and Payroll Questions
There are hundreds of topics on this forum regarding tax strategy for LLC. When I talked to my CPA, they explained if I will classify my company with IRS as S Corp, then I will be avoiding paying self-employment t...
Ryan Mortti
Seeking tips to grow flipping business
Good evening guys! So I wanted to share my story, first I have learned everything from this forum and want to thank this unique community for being so great! So I have been investing for 2 years and have mostly done h...
Jen Breysler
Need a real estate CPA? Attorney? to sell a house
Hello everyone, We are planning to sell our house in San Diego, CA. We use it as rental for the last couple of years.We need someone to help us with all the tax implications that go with it. Who do we look for? Real E...
Demetrius Davis
Is Bronzeville Chicago a Viable Condo Flipping Market?
I have one rental unit (condo) in the Bronzeville neighborhood of Chicago (south side) and am considering purchasing several more, but this time to flip. I don't see a ton of non-foreclosure closed sales on Zillow fo...