All Forum Posts by: Jamie Engledow

Sounds like you set your LLC up as a management company. So, yes you can manage properties you personally own, own in other entities, or other investors own (clients). I am assuming you are filing as 1120S, not disregarded entity. If so, charge yourself a management fee that is of market value for your services and include in gross receipts.

Before you use your social security number and name, I would talk again to the utility companies to find out if it is as simple as giving them your EIN and changing billing name.  If you have to go through a whole other check or jump through extra hoops I would just wait.

Not sure if this is tax question, legal, or general busines....

You can. For tax purposes an RV would pose the question of, "is it an ordinary and necessary" expense for your business? If the RV is being rented out as an AIRBNB all year long,and your LLC is in the business of rentals, then yes, ordinary and necessary business expense. If you are using it to joyride around country, then, no.

Is it 100% business use, or is there personal use? If the LLC owns the truck and you use the truck for personal use, depending on how the truck is expensed on the F1120s, your W2 from the LLC will include income for the personal use (for leases). A few other possibilities, but at any rate the LLC cannot take the full auto expense unless you include your personal use as income on your F1040.

I usually see reserves on the balance sheet as an asset.  This is a budget written like an income statement.  But at any rate, as others posted, reserves are like a rainy day fund, set aside for the unexpected.

Where are the association fees listed in your report?  Those can be high, so the 50% rule might not be adequate.

Quote from @Nathan Grabau:

Your VA loan will come down to your VA benefit use, 2 is pretty normal in lower dollar markets, 3 is pretty uncommon. Normally it is just 1 FHA loan. You can have then up to 10 total loans that are conventional that you put 5% down with, that are your primary residence for a year. The 2 VA's and 1 FHA would count towards the 10 conventional loans, so 7 more. If you can qualify for a convention loan with 5% down, and you are only looking at a 1 unit property, that is your best strategy over an FHA loan for property number 3. This also saves your FHA loan for a MF property.

I thought VA could buy multifamily?  At least I thought I read that about 10 years ago.  Does a duplex count as 2 against your 10 or 1 against your 10?  You can get up to a quad, right, or is it only dup.  I no one of them used to allow up to quad-or maybe I am thinking of rural loan.

Definitely a lot of STR restrictions in West Boca.

I wondered the same thing.  I just came back after years. (Forgot my old account login)  I first tried to download app and it was no longer in play store.

Where?  Any in Wichita, KS or South Florida?  Are they renter occupied?