All Forum Posts by: Patrick M.

If I was in your shoes the only motivation I would have for putting down hardwood would be for resale because it is a SFH.

We have redone 3 apartments in the last 2 years. 2 - 2 bedrooms that rent for $1650 and $1700 and a 1 bedroom for $1550. They are all below 850 sq. ft. We did .79 cent HD special traffic master on them all and they look beautiful and everyone comments on them. We use allure on the kitchen and bathroom. I personally love it- and I installed all the flooring myself.

@Mike Dymski Again- semantics aside, all of these would be treated at the same "pass through" tax rate of 25% (or Senate variations). regardless of whether they are personally owned or in an LLC, correct? And again- if not can you cite the authority? If this is not the case I would really like to know.

And if this is the case why are "some CPA's" recommending people move their properties into LLC's based on not even passed legislation?

It is my understanding that my personally owned buildings are treated as sole proprietorships for pass through purposes. Thus under the new plan treating them at the lower tax rate. Am I incorrect and if so I would appreciate being directed to the authority. Thank you.

Also- a single member LLC is treated as a sole proprietor by the IRS, no?

Personally I have been following every aspect of this tax rewrite and even when the dust settles I don't know where I will sit. I am in the AMT, so many of the deductions that people will be losing, I lost a while ago. As such, I will be scheduling an appointment with my CPA the day it passes both houses.

(BTW, My CPA would never recommend that I make a business move based on a proposed piece of legislation, that's why I like him.)

I think it is important to always be aware that we represent a very disliked group of people. My state and media reminds me of this almost daily and unfortunately they have too many scumbag slumlords to wag a judgmental finger at.

I am always aware of the optics of my posts regardless of whether they can be tied back to me or not. 

I spent an awful amount of time and money on QuickBooks. I was sold on it by a number of successful business people who use it and I also purchased Nancy Neville's book as well.

But man I just kept making a mess of things- I could not coordinate my two multi-families in a coherent way and I found it to be extraordinarily inflexible! I am computer savvy, I use MS Word, Adobe Acrobat Pro, Photoshop, Lightroom, Powerpoint and Excel etc. So I would like to think I am no dummy- but I was not at all comfortable with quickbooks and it was very unforgiving of mistakes.

So enter excel- I found this and I used it as a template- a little editing here and there. Then I grabbed some for keeping track of my mortgages etc.

I even created one which I am really proud of- To determine property tax increase- It lists each property and each apartment. Every year when I get the Property Tax figure I simply plug it in and it automatically generates the increase per month-per apartment based on square footage. Love it!

But if you are going to go with QuickBooks I highly recommend you go with the book by Nancy Neville to get you started!

When you create a listing with cozy.co they will post it to realtor.

I understand. I have an easier time controlling what my tenants do, so when I tell them I do not accept partial payments they don't try and give them to me. If they did I would simply refuse it under Cozy and draft a notice to cease. 

Also under Cozy you are never "on the look-out" you receive an email when a process has begun and the amount it is for.

@Michael Plante see:

http://helpdocs.cozy.co/article/190-how-do-i-end-a...

(Last Paragraph) Because you are noticed when a transaction has started you have the ability to refuse partial payment. Best of luck.

I noticed yesterday that Cozy is providing a maintenance feature for LL and tenants. Very cool. I used to sing Cozy's praises because it was free compared to the others- now I am so impressed with their developing the things we are all requesting. Great stuff.

@Steve Fitzgerald I just saw that Cozy added maintenance requests! Pretty awesome- and more proof that they are always listening! Love their services.