All Forum Posts by: Bob Langworthy

I have money parked in a Discover online savings account. 1.5% with a $200 bonus for having more than $25k in the account. It's not fancy, but I can get it in 2 days with 150x the interest my local bank is paying.

Welcome to BP, @Sarah Camic! I live in Sagadahoc County and find it to be a great, central area of the state to live in and raise a family. 

Welcome to BP, @Nicholas Olson! That sounds like a great plan and you will find a ton of good information here.

Hope 2018 is a great year for you!

Based on what you've told us, he's giving you bad advice and selling you an additional tax return. You should find an accountant with experience in real estate.

@Nathan McQueen, that's a great question. You'll find several "Dave Ramsey v Kiyosaki/Cardone/etc" threads on BP, but here's my take:

1) I'm a big Dave Ramsey fan. I've been an ELP for tax services for 7 years and the CPA that works for me is a Ramsey Solutions Master Financial Coach.

2) Dave's advice is tremendous for getting people out of debt, prioritizing savings and investing, and thinking long term.

3) I differ with him on the purchase of investment property. Dave would say to save up money and pay cash. It would have taken me a decade to save up for the purchase price and improvements on my commercial building. In the meantime, the price would have gone up considerably and it would no longer be for sale. So I used debt.

But my purchase of investment properties is "Ramsey-ish" in that I put down 20% on a 20 year note and will do the same on my future REI purchases.

Hope that helps!

Yup, @Steven Hamilton II is right. SMLLC by default is treated as a disregarded entity and taxed as a sole prop on Schedule C or a rental on Schedule E.

From the IRS Schedule E instructions:

"In most cases, a single-member domestic LLC is not treated as a separate entity for federal income tax purposes. If you are the sole member of a domestic LLC, file Schedule E (or Schedule C, C-EZ, or F, if applicable). However, you can elect to treat a domestic LLC as a corporation. See Form 8832 for details on the election and the tax treatment of a foreign LLC."

@Matt Judd, that's a great question. You'll find several "Dave Ramsey v Kiyosaki/Cardone/etc" threads on BP, but here's my take:

1) I'm a big Dave Ramsey fan. I've been an ELP for tax services for 7 years and the CPA that works for me is a Ramsey Solutions Master Financial Coach.

2) Dave's advice is tremendous for getting people out of debt, prioritizing savings and investing, and thinking long term.

3) I differ with him on the purchase of investment property. Dave would say to save up money and pay cash. It would have taken me a decade to save up for the purchase price and improvements on my commercial building. In the meantime, the price would have gone up considerably and it would no longer be for sale. So I used debt.

But my purchase of investment properties is "Ramsey-ish" in that I put down 20% on a 20 year note and will do the same on my future REI purchases.

Hope that helps!

Welcome to BP, Trainor! There's so much good content here and people looking to help. Hope you can land that next deal soon!

I'm having fun with it and believe it's here to stay in one format or another. I bought 1.15 BTC in December of 2016 and sold it at the end of November 2017 for a handsome profit. Immediately after selling it went to almost $20k, however, and I felt like I had made a mistake. Then, the Friday before Christmas many cryptos meted down and I put most of my BTC earnings into ETH which has more than doubled. I kept my original investment in cash, however, so in the unlikely event that something goes terribly wrong, I haven't lost any money. Here's a few considerations: 1) Taxes. I blogged about this last September. I won't be selling my ETH until I've owned it more than 12 months. 2) Only put money in that you can afford to lose. 3) Expect it to go down periodically 4) Expect some other random crypto to outperform whatever you buy. Just my $.02

I use both QB and QBO in my practice. For my real estate, however, I use the desktop version of QB. If you have anything more than a SFH tracking by class is a must.