All Forum Posts by: Jackie Mann

I like that approach. It's bite-size and doable. And it will inevitably get me there. Thanks!

I live in Maryland but my LLC is based in TN and contains TN property. Can anyone recommend an accountant in Tennessee who can do my taxes and is very familiar with real estate investing?

I need someone who can accept my paperwork remotely and communicate remotely. 

I get my personal taxes done by H&R Block. If I can't find a TN accountant, would H&R BLock still be able to do my LLC stuff? Thank you.

Even if she has made a mistake, congrats are in order. She did SOMETHING and she's ready for the next stage. So many people who want to invest will never make the first move beyond owning their own home (which is nice, but doesn't make you an investor). If she made a mistake, she'll learn much more than those who just peruse these forums day by day but never take action.

We don't have to analyze her deal to appreciate her commitment to action. I look forward to getting an update in a few months.  

Quote from @Tracy Graham:

I want to start a local meet up in my area in West TN.  Building those relationships are not easy via text and emails. Yes, some areas are more strict than others, but here where I am, things are pretty back to the way they were (should be).  I also would like to start a local closed group via social media for this area.  

I'm a long distance investor from W. TN. I'm looking at properties in Madison County, Milan, and Memphis. Let's Connect. I'd love to attend a meetup when I visit Jackson - which is once or twice a year. 

Smart buyers know they have negotiating power in this market. However, buyers don't always know what a good, fair price is. People just want a deal and may think your starting price is the start of a negotiation. 

You, on the other hand, started low and didn't leave yourself room to negotiate. 

I recommend unlisting your property. Then, start with a new price that is based on what the property is worth. Then, you have wiggle room to negotiate down a few thousand. 

In your mind, make your current price be the lowest price you're willing to negotiate down to. 

I currently rent but I'm getting ready to move out. The property management company tries to bring people through during blocks of time (like 4:30 - 6:30). They don't tell us how many people are coming through, but they've asked us not to be present during those times. I like the fact that they time-block the appointments and let us know 2 days ahead of time. 

If your tenants are like me, they care more about minimizing the time intrusion than how many people are walking through.  

Quote from @Theodore Ehlert:

Quote from @Jackie Mann:

Thank you, Nicholas, for this thread. I haven't read any other BP post so thoroughly and eagerly. I plan to read all 2012 replies on this thread. So far I've read a few hundred, but I don't see the answers to my questions yet. 

I started an LLC this year and bought a rental property, so I'm new at this.

1. How do I take money out of an LLC to pay myself if I wanted to, since LLCs don't pay members regular wages?

2. Can bitcoin losses offset real estate capital gains? 

3. I don't have a CPA yet. I need to get one before the year is up so I can prepare for filing my first tax return for the LLC. In preparation, what documents should I be preparing or collecting to give to a CPA? I keep receipts of course. My tenant pays rent through CashApp so I don't have a physical printed document to track that. I put some of my own money into the LLC but I'd like to take that back out and I don't know what documents/paper trail will be needed to keep up with that.

4. A lender told me I should create a profit/loss statement - is that something I need to be prepared to give to a CPA or something the CPA should do for me? 

5. Do you have a spreadsheet or know where I can find one online that helps investors keep up with income and expenses?

6. I want to take advantage of the $5000 deduction for start up costs. So far, this year I've bought a computer, membership to BP, and software for the computer. I also have LLC setup expenses. That's maybe a total of $1500. Do you have other suggestions for what I can spend money on for necessary startup costs so that I maximize that deduction?

Thank you. 

 
@Jackie Mann : for #5 you may want to check out Stessa as well. It's a free online financial management tool to which you can link your business bank accounts (via Plaid) and assign transactions to properties and categories. You can upload leases and other documents, including scanned and digital receipts. It includes multiple report templates to evaluate the performance of your properties -- and eventually portfolio as you scale. 

I log in twice a month to audit the trailing two weeks of transactions, and run monthly P&L reports on each property. At the end of the year, I download a .csv report for each property to assign total category (maintenance, travel, etc.) expenses to each property for tax purposes.

 That sounds amazing! I'll check it out. Thank you.

Thank you, Nicholas, for this thread. I haven't read any other BP post so thoroughly and eagerly. I plan to read all 2012 replies on this thread. So far I've read a few hundred, but I don't see the answers to my questions yet. 

I started an LLC this year and bought a rental property, so I'm new at this.

1. How do I take money out of an LLC to pay myself if I wanted to, since LLCs don't pay members regular wages?

2. Can bitcoin losses offset real estate capital gains? 

3. I don't have a CPA yet. I need to get one before the year is up so I can prepare for filing my first tax return for the LLC. In preparation, what documents should I be preparing or collecting to give to a CPA? I keep receipts of course. My tenant pays rent through CashApp so I don't have a physical printed document to track that. I put some of my own money into the LLC but I'd like to take that back out and I don't know what documents/paper trail will be needed to keep up with that.

4. A lender told me I should create a profit/loss statement - is that something I need to be prepared to give to a CPA or something the CPA should do for me? 

5. Do you have a spreadsheet or know where I can find one online that helps investors keep up with income and expenses?

6. I want to take advantage of the $5000 deduction for start up costs. So far, this year I've bought a computer, membership to BP, and software for the computer. I also have LLC setup expenses. That's maybe a total of $1500. Do you have other suggestions for what I can spend money on for necessary startup costs so that I maximize that deduction?

Thank you. 

Quote from @Account Closed:

Quote from @Tyrel Holman:

So my line of credit of 140k just closed. What are some ideas on how to use this in terms of scaling my rentals properly

What I learned from the LOC I had back in the dot com bust is that the bank can close it on a whim. Basically they change the max you can borrow to the amount you have already borrowed. If you have $1,000 used on $140,000 LOC your new limit is $1,000 without telling you first. Surprise.

So, what I would do is draw out as much as you think you need to do what you are planning and put it in a separate bank. Yes, you will be making payments on the amount out, but that gives you a sense of urgency to actually use it and make some money on it rather than having a fuzzy feeling ;-) of having an unused LOC just sitting there.

 Thank you for this information! I'm trying to decide if I should get a line of credit or Cash out refinance. This was helpful.

Quote from @Jack Seiden:

Quote from @Bill Tiller:

Hello,

If anyone would like to share contact info for a licensed, bonded, insured general contractor that you have used and would highly recommend, I would appreciate it!

Thanks!

DM me I got a great contractor 

 I would like to know, also. I just sent you a message.