All Forum Posts by: Account Closed

@Noi K., I did not end up using them, as I've still to list the house in any method. Still have a few months to figure out which path is best... Maybe FSBO? 😀

Thanks all for the information and guidance. This all makes perfect sense now and I have applied the appropriate changes to my books. What would I do without this community?!?!

Ah, I see. So my interest expense is really my cost of doing business, while the principle payment is simply shifting money from one bucket to another. Thank you both!!

Hi all,

I had a bookkeeping question for you buy-and-hold folks out there. This is probably a very basic question for the pros, but I'm  am just about to wrap up my first official year as a formal landlord, and wanted to see how others do this. This is a question that I should be asking my CPA, but I don't want to incur a $300 for a 5 minute answer... For reference, I'm using a cash basis, not accrual.

When making loan payments, I break up the line items as shown below. The Principle payment of $66.21 below is being credited against a Long Term Liability account. By doing this, my loan's outstanding principle value is always accurate. However, when looking at my profit and loss statement, the principal payments are not captured as expenses. That said, how can I do both? Meaning, how can I recognize principle payments as a credit against my Long Term Liability account while still capturing the line item as an expense on my P&L reports?

Hopefully I'm using the correct terms. I haven't touched a ledger since high school! 

Thanks,

Omid

Hi all,

Does anyone have any experience with PurpleBricks? It's an online-based MLS broker that was a big hit in the UK. They have since expanded to the US Market... I'm considering selling my primary residence and am contemplating using them to save almost half on commissions. They charge a flat rate ($3200) to list. I'd be paying that plus the buying agent's fees.

For those of you familiar with the process and their services, please give me the good, the bad, and the ugly.

Thanks,

Omid

@Jesse Zhu, Do you have a recommendation for an (investor friendly) attorney in the LA area? I'm looking to exactly what you're doing but would like to speak to a couple of attorneys first. Thanks!