Tyana Blackledge
Is this a good strategy to get started in fix and flips?
For my first flip i was thinking of getting an llc then opening up an account to get business credit. Then using the business credit to put down on a flip and have the hard money lender cover the rest. Then after the ...
Account Closed
Massachusetts Rental Laws and Regulations for Tenants/Landlords
There are quite the number of laws and regulations for landlords (lessors) and tenants (lessees) in the Commonwealth of Massachusetts making this state quite tenant friendly. This increases the financial risk and resp...
Jeff Lehman
Pennsylvania Security Deposits
I'm buying my first 2 unit rental this week. A question is come up about the security deposits. The question is, do I need to keep each individual's security deposit separate, in separate accounts? I was talking to t...
Mark Y.
1031 Exchange Info/Advice
Hi Everyone,Looking to get further detail and advice regarding selling a rental property and a 1031 exchange.My father owns an apartment for over 25 years but has not lived in it and has rented it for the past 5. He i...
Marian Fine Frueh
Bookkeeping Question - How to record a property purchase
Dear BP community,Perhaps this is a basic and easy question, but I am not an experienced bookkeeper. I understand debits and credits and income statement accounts vs. balance sheet accounts. But I am new to real est...
Account Closed
Legalities of renting to self / Rent expense definition
So I recently heard an attorney go at it with a tax liability guru on this an figured I get some additional insights from some 'experts' on here. Here is the gist of the issue....An investor decides to 'rent' a proper...
David Vaturi
How can I do an assigning of contract property in OC
Hello Investors and wholesalers,I have spoken with a few realtors, and they told me that in OC wholesaling properties is illegal.What comes to mind is, "How can I do a contract assignment? in order to buy the property...
Michael Chavarria
Expenses from 2016 on 2017 return
Hi, I realize that I need to speak to a CPA but I am trying to figure out as much as possible before I do so. Any help is appreciated. In 2016 I started a single member LLC. I purchased a property in June but it was...
Joe Butcher
Free and clear: Cash offer or seller fin.?
Heres the situation:
The house is owned free and clear
Seller is motivated but not desperate. It was listed on MLS and didn't sell.
ARV: $150k
Rehab est: 20k
My cash offer: 80k
I...
Terry Royce
1031 Exchange on a flip
I have 2 properties that are getting ready to
Settle in the next 30 days, I would like to do a 1031 Exchange either into another flip or into rentals. I have read conflicting info on this topic in regards to flips, ca...