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  1. CareCPA

    For you passive rental folks, how do you handle all the debt risk?

    EXECUTION 
    That's the easiest way. You can also purchase the property and then deed it into the LLC. In PA, you'll have to pay transfer tax (2% of the fair market value of the property), and the quitclaim process that is espoused is beyond my risk tolerance, although others have successfully used it. Keep...
  2. CareCPA

    For you passive rental folks, how do you handle all the debt risk?

    EXECUTION 
    @MidwestLandlord might already do this, but a tip that makes it nice for everyone to keep track of (you and your accountant alike) is if you name the LLC with the name of the property. Example: you buy 123 Main Street in the entity 123 Main Street, LLC. Just make sure that name isn't taken in...
  3. CareCPA

    For you passive rental folks, how do you handle all the debt risk?

    EXECUTION 
    I use one for my properties because I no longer live in the city they're in, and they aren't exactly A neighborhood properties. If they were higher quality, I would self-manage, but these properties require too much babysitting. I have not found a manager that cares as much about my assets as I...
  4. CareCPA

    Anyone else FED UP with outsourcing?

    SOURCING 
    Two things I have noticed on outsourcing: 1. It will always take longer than if you do it. No matter how good your person is, they do not know the ins and outs of your business as well as you, and their priorities are never the same as yours. It is your business, and no one else will treat it as...
  5. CareCPA

    Profit First (by Michalowicz) - Does it work?

    HOT! 
    Depending on how he is set up, he may shoot himself in the foot. If he's racking up losses, but still taking a wage, he could end up running through his basis and not be able to take the losses on his taxes against the wages he's reporting. A fairly common occurrence: I've seen plenty of...
  6. CareCPA

    Profit First (by Michalowicz) - Does it work?

    HOT! 
    I guess if it helps you not spend all your money on operating expenses, and still have some to pay yourself and your taxes, then it would help. My bigger concern is why are you pulling out an amount for "Profit" and just leaving it in a bank account? Why wouldn't you allocate it to either "owner...
  7. CareCPA

    Today I got my first employee by accident

    MARKETING 
    If you're in the US (I can't tell by your profile), then you just added another layer of complexity by having to file payroll, unemployment insurance, state and federal tax withholdings, etc. UNLESS, you can legitimately structure it as an independent contractor position. The IRS has a list of...
  8. CareCPA

    What are the Preferred B2B Payment Methods?

    Hopefully I'm not breaking any rules here, but if you need any help on the accounting side feel free to PM me.
  9. CareCPA

    What are the Preferred B2B Payment Methods?

    Thanks for the rep. The accounting software you use would depend on your needs, so don't jump right to Quickbooks desktop since I know nothing about your operations. Either do the research yourself or consult with someone who knows your business/industry. Other free/cheap solutions include...
  10. CareCPA

    CPA from PA

    INTRO 
    Hi all, I was introduced to this forum by another member, and have spent the last couple days reading through many of the posts. I admire that this forum is much more action-oriented than others I have seen. I am a CPA, working on starting my own accounting/tax/investment advisory firm...
  11. CareCPA

    What are the Preferred B2B Payment Methods?

    I was in accounts payable and receivable about 4 years ago. The below answers assume you are in the US (according to your profile location): What type of checks should one use, if checks at all? Are some perceived as more professional? Use the three-part checks that you run through a printer...
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