All Forum Posts by: Cliff Benner
Cliff Benner has started 15 posts and replied 371 times.
Post: Paying Airbnb Cleaners
- Accountant
- Denver, CO
- Posts 377
- Votes 175
I have my clients all on QBO, if they pay through Turno, Turno sends the cleaner a 1099. Otherwise, I suggest a Bank like Relay, I use this too, where you can send payments through the system, that payment syncs into QBO, we code it, and in January we have QBO send 1099s for them.
Collect a W9 before you pay them to guarantee you get it and don't have to play the annoy them in January game.
Post: Other Groups/Communities like BP for Business Buying?
- Accountant
- Denver, CO
- Posts 377
- Votes 175
@Berridge Thomas @Alan F. The group I just found is Contrarian Thinking, from Codie Sanchez. I have been following her for a while and knew about her group, but I found out they do have forums and meetings for members to network in.
Post: Other Groups/Communities like BP for Business Buying?
- Accountant
- Denver, CO
- Posts 377
- Votes 175
Quote from @Alan F.:
Me too, @Scott Trench ? Maybe Ale is interested? BP forum is 1 of the best
Yeah I love the idea of this section, because I have seen how it can change a family for the better and wish to be more of a part of it.
I get this has primarily been a Real Estate community, but it has evolved and I enjoy growing in the same community of like minded people. I just think it will take a while for this section to take off.
Post: Other Groups/Communities like BP for Business Buying?
- Accountant
- Denver, CO
- Posts 377
- Votes 175
Quote from @Berridge Thomas:
I was looking for the same thing! Let me know if you find anything.
I have yet to find one, only thing I found was a local Denver group, and a paid group by Codie Sanchez that was out of my budget.
I'd be happy to connect with you and if i see anything, i can send it your way.
Post: Tips on finding Existing Outdoor Hospitality Properties for Sale
- Accountant
- Denver, CO
- Posts 377
- Votes 175
Quote from @Audrey C.:
I have a lead on a small campground in Maine if you are interested.
Thanks Audrey! I know Maine is gorgeous, but I just can't leave the Rocky Mountains. Hopefully i will find something preferably here in CO, but maybe even WY, UT, MT, or ID.
Post: Glamping, Tiny Homes, Land Hacking, and everything in between.
- Accountant
- Denver, CO
- Posts 377
- Votes 175
I think i will be adding this to my cart when I get home!
This is very close to what I am looking for, how does the zoning requirements section help?
I have had a hard time in CO seeing if I can do something like this.
Do these concepts work for an existing Cabin Resort? Or is it more starting from Scratch?
Post: The Stack Method
- Accountant
- Denver, CO
- Posts 377
- Votes 175
Quote from @Don Konipol:
Quote from @Edward Johnson:
Hi Dan,
In our system whether or not a DSCR lender allows 2nd doesn't matter. We close the 2nd leg of the transaction with a real estate attorney. Has nothing to do with the lender
There are lots of people who have lost lots of money and ended lots more who ended up with criminal convictions for taking bad legal advice. Of course without knowing the specific situation it’s impossible to comment except in a general sense.
I’ve been a private/hard money lender a long time. I personally know 4 borrowers who served 4 years plus time for mortgage fraud. Closing “with a real estate attorney” is a necessity for almost all real estate transactions - it does not insure that the participants acted either legally or acted in compliance with contracts.
Don your post keep me entertained during the work day
Post: You don't know what you don't know until you start asking questions...
- Accountant
- Denver, CO
- Posts 377
- Votes 175
I have not seen anything similar because it needs to be personal property, that is more like buildings and real estate. I am sure there might be circumstance that would allow it to be possible, but from what I have seen 1031 specialist say on here, there isn't a way to 1031 a business.
What might work would be selling the business, buying an apartment complex, do a Cost seg to offset the gains you made, but I would ask your Tax Accountant how that would work for you.
Post: Heloc info and help!
- Accountant
- Denver, CO
- Posts 377
- Votes 175
@Rishi Mehra what did you find and was it a local or nation provider?
Post: Traditional and Boutique Hotel Investments
- Accountant
- Denver, CO
- Posts 377
- Votes 175
I have seen hotels, dude ranches, more outdoor hospitality for sale, and from my research it is more like buying a business but rather than SDE or EBITDA the multiplier goes against Gross Revenue. Usually 2-3X.
So rather than buying a car wash that grosses $100k with SDE of $50k with a 3X multiplier for the sale price to be $150k, the 6 cabin resort that grosses $100k with SDE of $50k with a 3X multiplier would have a sale price of $300k.
Just an example for a different perspective.