All Forum Posts by: Matthew W.

I own 9 houses and have them under a business. I was told by someone that I should have a commercial license because Florida requires a broker if you have more than 4 units. Is this so?

Hello, We are currently a LLC with multiple properties and we have been running into walks with trying to obtain loans or refi. Everyone is telling us to put the properties back into our personal names so that we can get the loans. Is this the best way for us to start getting theses loans. We have very little dept almost no mortgages and are looking for loans (no hard money or high interest) to grow the business. We have also looking into putting the properties in an INC.

Hello, We are currently a LLC with multiple properties and we have been running into walks with trying to obtain loans or refi. Everyone is telling us to put the properties back into our personal names so that we can get the loans. Is this the best way for us to start getting theses loans. We have very little dept almost no mortgages and are looking for loans (no hard money or high interest) to grow the business. We have also looking into putting the properties in an INC.

Do repairs (fixing what breaks etc) and maintenance (on going pest control and other maintenance done monthly) go into the same category when tracking these expenses or can I just put into the same (repairs/maintenance)? 

So I think I understand to take cost of materials and labor to a Capital Expense category. Now let me ask about repairs and maintenance, would these also be in two different categories or should I continue to but in one category?    

Would repairs and maintenance also go into separate categories?

What amount is considered small enough? Say $1500 for new tile in the living room or $700 for new plumbing. Is there general rule for when I should be putting those expenses in a different category?

I don't see moving out of Florida happening too soon but good to know. I would love to master Federal Tax mostly.

See what worries me even more is I don't trust the CPA with recently hired. He says to put all the repairs, maintenance, and all other building projects, etc. in the same category. With using Expenify.com I guess I am trying to figure out if I should use Capital Expense category and a Repairs/maintenance category. If that is the case would a water heater be then a capital expense? Kitchen/bathroom rehab I figured would go in this category. Our CPA is very light on information when asked, because in the end he wants to be an all service for use with a very heavy cost. After this tax year I will be in search for another.  

Hello, thanks for your insight this part can be very confusing at times and we aren't getting to much from our CPA. Anyhow we have 16 properties all self owned and managed and we also do our own rehabs and upgrades in the units. I use a software called Expenify.com for which I track all expenses. So far I have adding and removing different categories trying to get if perfect. As for repairs/maintenance I have this all in the same category but my main confusion has been recently when I heard of Capital Expense and that rehabs, upgrades, water heaters and anything that impoves the property is in the category with that being said we do no have anyone doing our books, we recently for added QB and using Expenify.com to track all of the receipts. 

My main question is, Should I keep the records of all of the upgrades, projects, remodels with Repairs/maintenance or should I keep them in separate categories (Capital Expenses)? Also to what degree do I put records with in different categories? Thank you for the help on this. I want to add I have no problem hiring out someone to help set these categories up, if that will make it more sounded and organized.