All Forum Posts by: Jeffrey Bibby

@Christopher Lynch

Make a fixed asset account for each property and sub accounts for the purchase price and expenses. Make an income account gain/loss on sale of property and sub accounts Gross Proceeds from sale and Cost of Property Sold. When flip is complete need to wipe out all property asset accounts to cost of property sold with a journal entry after putting in your closing statement entries. It gets a little involved and believe others may do it differently.

@Christopher Lynch

Multi Family Prices are high right now. With the train station in close proximity for Boston commuters it is in high demand. I will send you a private message with contact information for Chris.

I have rental property in Pawtucket. It is a good area for what you are trying to do..   My agent is Chris Lynch,  East Providence RI and is a member

I have a few if you would like to PM me.

Hi Christian,

My office is in Pawtucket, RI.  Let me know if I can be of any help.

Hi Kevin, I am also a life long Rhode Islander. Connect with some of us and let me know if you have any questions about the area or with tax and accounting issues. Listening to the podcasts is a great start. Good Luck!

In most cases for the flip side of the business you would structure an LLC taxed as an S-corp and the buy and holds in an LLC taxed as a partnership if multi member and on your Sched E if SMLLC. But you should talk to an Attorney about the structure and a CPA about how it should be taxed.

@Brian Eastman