After speaking with hundreds of real estate investors about their bookkeeping, I’ve identified one common mistake that most house flippers are making. To understand the mechanics of this mistake, it helps to have a basic understanding of accounting. When classifying bank feed transactions, one overarching question needs to be answered: Should this cash outflow be...Read More
If you are a real estate investor, chances are good you have at least one LLC that you are conducting business out of. Most of the REIs I know have MANY LLCs they are using to hold real estate. If either of these statements apply to you, then you will want to make sure you...Read More
1099s are informational tax forms required by the IRS. They are used to report various types of income or payments made to individuals or entities who are not employees. For real estate investors, most often this refers to payments made to contractors with cash or check (including Zelle and ACH). Other common transactions require real...Read More
If you are reading this, you may be thinking about reaching out to learn more about my services. Just so you know, I’m always up for talking to other real estate investors and learning from their experience. Even if you don’t end up hiring us for your real estate bookkeeping needs, I’m always willing to...Read More
Whether you are investing in your first duplex, or own a large portfolio of small multifamily properties, you should always have tax plan in place. One of the biggest payoffs to owning real estate are the tax benefits that come with rental property ownership. Most new investors, and many experienced ones as well, don’t fully...Read More
