All Forum Posts by: Rich Zellmer

Can anyone recommend a good service for invoicing tenants for weekly vacation rentals and allowing them to pay via check.   The reason I mention that these are weekly rentals where my friend doesnt need a tenant management portal as he will have mostly one time tenants.   We were going to use quickbooks for the payments as that is what I use but for new clients hey charge a 1% fee for paying via ACH rather then a .50 fixed payment.  There is a $10 cap which wouldn't be awful if he just sent one invoice per customer but payments are often broken down in to 2 or 3 payments over the winter season so we are looking at fees that could be $20-$30 per week of rent.  Rents are high, over $7500 a week so the best solution is likely a cost not a percentage based solution. 

any ideas? 

for a single family that makes no sense... might be the hard money lender requirement. maybe they are doing this because they will write something in the operating agreement that they can take over the LLC if you dont pay. ie rather then foreclose set it up so that you lose the LLC to them if you dont pay.

what kind of building is it(single/multi/commerical)? what kind of loan is it? if anything I have more banks that dont want the buildign owned in the LLC.

In the mid 2000s I did a few buy-renovate-refinance deals where i cashed-out after the renovation was done, rolling the repair costs in to mortgage.   However last year I tried to do a cash out refinance on an investment property to buy out my partner/father and had a hard time finding someone to do the deal.  I ended up using a commercial lender/loan which added a lot to the costs.

Is anyone doing cash-out-refinances on multifamily?   Property is $579K.  I expect to put $80-100K.  I would expect the new value to be 800K-900K.   I would be okay with the HELOC as well but don't know if anyone offers that. 

I am a Quickbooks Pro Adviser and Inuit gave me a crazy deal on adding 5 Quickbook Online Plus subscriptions to my account.   I do book-keeping for some local landlords but I didn't use the whole bundle.    Rather then cancel the extras I figured I would offer to the group.

The Quickbooks online Plus plan is $40 a month through Inuit.  They do offer a 6 month discount but that is just to get you hooked :)   After the 6 months you are at $40 a month.   I can offer the same plan for $15 a month.  The best part is my price is locked in for life of the account.  - https://quickbooks.intuit.com/pricing/   Basically you would be getting the most fully loaded plan for the price of the 'Simple Start Plan' which lacks some features.

I can offer you book-keeping services as well, but this is not an up-sell.   Most of the book-keeping I do is for other local landlords and I like it that way.    I would just bill you via an online invoice for $15 a month and you would be all set.

I have until end-of-day on Thursday (5/4/17) to cancel an unneeded accounts.  If anyone is interested please let me know.  If you are thinking about using Quickbooks this is a great deal as the wholesale rate they charge pro advisers normally is higher then this.

If any interest, shoot me message and I will get back to you quick as I am going to cancel any that I dont find takers for by tomorrow. 

at least by me - hudson county.  The auctions they are listing is just the county auctions.  But they do put it in a nice format as I had trouble locating online one forclosure auction I knew about

at least by me - hudson county.  The auctions they are listing is just the county auctions.  But they do put it in a nice format as I had trouble locating online one forclosure auction I knew about

the costs basis is the cost needed to get the unit ready..  so the construction costs would go there as well as the purchase price. 

According to https://www.irs.gov/publications/p535/ch11.html fees for the lawyer would be deductible.

For the fines.. the above sheet says you cant claim the fees.  But I wonder if the fact that you didnt incur fines would allow you to claim them.   really from a startup cost a house that you buy for $100K with 25K in liens is just a 125K house. 

wherever you live unless you are looking to move. remote land lording is way harder.  I just had to run down to one of my rentals cause some jack*** left a Christmas tree in front of my house.  That would be an easy garbage ticket tomorrow.    I hate the idea of living more then 15 minutes from me rentals.  would never live states away.   now if you go the deal of a lifetime and can assumble a good magement team that changes things but you are then competing against other investors that have less costs that you 

Three years ago I bought a 6000 lbs SUV for $22K which I traded in this year for $12,500.  This is my wifes car, not my work truck so the business use is not 100%   I am very surprised in how this trade in adjusted the cost basis of my new car.  I think turbotax messed this up as it is telling me to add the total loss (minus the deprecation already taken) to the cost basis of the new car.  This seems right if I was using the car 100% for business but doesnt seem right in my case.   I think only a percentage of that should have transferred since I only used the truck partially for business. 

Let me see if I can explain with some numbers

• 12/2014 - Bought Used truck for 22K
• In 2014 and 2015 this truck wasn't used that much for business so deprecation when multiplied by the business use percent was only about $500 a year or  $1000 in total.
•  We used it 42% for business in 2016 and the deprecation after multiplied by 42% business usage for 10 months was $2000 (We traded it in during October)
• We traded the car in for $12,500.  This means in total we lost $9,500 ($22K-9,500) and previously deprecated $3000.   That means we have $6500 of loss that wasn't deprecated.  

Turbotax is telling me to add that $6500 to the cost basis of the new car.  I would have assumed that this $6500 would be multiplied by some percentage of business use aggregated over the tree years I had the truck.   The way this is set up now is that it seems like if I use this new car (and subsequent) cars only a small amount for business and the un-depreciated loss keeps getting added to an ever increasing cost basis of a new car.   By adding the full $6500 to the cost basis this is allowing me to get a second chance at claiming the reset of the $9500 loss on this car I traded in.   

In theory I could carry this forward a few times with a few car buys.  The carry foward could be high if my wifes percent of business use is low.   After a couple of cars I could have a 100K cost basis.  It seems I could then trade her car for a truck for me that I would use 100% for business.  This would allow me to capture the losses on all these cars as if they were used 100% for business.     That seems awesome but doesn't seem right. 

Anyone do a car trade in this year on a car not used 100% for business.  Was the number added to the cost basis of your new car adjusted due to business use percent over the usage life?