I literally had a realization this morning that I needed this exact thing. I remembered that you and Sarah mentioned this great tool. I came back to find this video just posted, and thank you. I appreciate it!
My bookeeper bought me Profit First. Great resource!! Got a question...if you are set up as an S Corp, does your payroll come out of profit account or operations?
Glad you enjoyed it! Now, we’re not CPAs or attorneys so please consult with a professional. First, our CPA advised against having passive income from real estate flow into an S-corp. It may lead to higher taxes. We only use our S-Corp for our ACTIVE income. And within the S-Corp our payroll is paid from our team member pay account. But again, please talk to a CPA to get advice about your specific situation.
Is there a video on how you structure your businesses. Lllc, property mgmt corp, etc. also why not pay with credit cards for expenses. And if you do pay with cc, do you open one for each entity?
LOVE THIS! I’m hiring a good CPA, but this will get me started in the right direction with my bank and record keeping. Question: for tax account, is this also for real estate taxes, not just business taxes? Or do real estate taxes fall under opex, such as mortgage and other expenses?
LOVE YOUR CHANNEL FAM 😎. I HAVE A DELIVERY COMPANY THAT WILL SAVE YOU $$$ ON DELIVERY OF ALMOST ANYTHING. MINORITY OWNED AND ADW DELIVERY IS FULLY INSURED.
Do you utilize any business credit cards? Or do you only pay for things via ACH or Debit Card from the specific bank account? Great video, extremely helpful showing the step by step and details. Very much appreciated!
If they want to send invoices to us via Paypal or some other method that's fine. Be we've pretty much avoided using vendors that only want Zelle/Venmo.
I need help getting started I’m so confused. I see people who go thru the land lord and people who buy a house. I don’t have money cause I’m pay check to pay check but I been doing research and I believe I can make money. Where do I start
Great question! We realized that it was kinda unnecessary to have both, at least for our real estate business specifically. So we opted to only use the profit hold. But you can totally have the owner’s pay AND profit hold. It would just be 6 accounts instead of five
![[ ออกกอง ] วัยหนุ่ม 2544 โลกหลังลูกกรง..ทัวร์กองถ่ายหนังใน "คุกของจริง" | JUSTดูIT.](http://i.ytimg.com/vi/vB--aOkZCpw/mqdefault.jpg)
"Sequence" now allows you to do this for ANY bank. Very useful for personal and business!
I literally had a realization this morning that I needed this exact thing. I remembered that you and Sarah mentioned this great tool. I came back to find this video just posted, and thank you. I appreciate it!
So helpful! We are just starting so this was perfect timing for us! Love you guys!!
Thanks for the vid Tony! Very good explaining everything!
Thanks for this very helpful information! 👍
Do you need a separate debit card for each property's OpEx account? Great video. Thanks for sharing.
My bookeeper bought me Profit First. Great resource!! Got a question...if you are set up as an S Corp, does your payroll come out of profit account or operations?
Glad you enjoyed it! Now, we’re not CPAs or attorneys so please consult with a professional. First, our CPA advised against having passive income from real estate flow into an S-corp. It may lead to higher taxes. We only use our S-Corp for our ACTIVE income. And within the S-Corp our payroll is paid from our team member pay account. But again, please talk to a CPA to get advice about your specific situation.
Is there a video on how you structure your businesses. Lllc, property mgmt corp, etc. also why not pay with credit cards for expenses. And if you do pay with cc, do you open one for each entity?
LOVE THIS! I’m hiring a good CPA, but this will get me started in the right direction with my bank and record keeping. Question: for tax account, is this also for real estate taxes, not just business taxes? Or do real estate taxes fall under opex, such as mortgage and other expenses?
Awesome video! Thx guys
Thanks for watching!
LOVE YOUR CHANNEL FAM 😎. I HAVE A DELIVERY COMPANY THAT WILL SAVE YOU $$$ ON DELIVERY OF ALMOST ANYTHING. MINORITY OWNED AND ADW DELIVERY IS FULLY INSURED.
Would love to hear which bookkeeping software you think is best for running a STR business.
Do you utilize any business credit cards? Or do you only pay for things via ACH or Debit Card from the specific bank account?
Great video, extremely helpful showing the step by step and details. Very much appreciated!
What if your vendors do not want to give you their account number to be paid? Do you revert back to Venmo/PayPal/checks?
If they want to send invoices to us via Paypal or some other method that's fine. Be we've pretty much avoided using vendors that only want Zelle/Venmo.
Relay does not accept everyone. I tried to open an account, they deny and did not explain why. My local credit union was more than happy to have me.
Sorry if this is a dumb question, but would you set up 5 accounts for each property or just an Income and Epex account per property?
This bank I great, but what if a person needs a business credit card?
I need help getting started I’m so confused. I see people who go thru the land lord and people who buy a house. I don’t have money cause I’m pay check to pay check but I been doing research and I believe I can make money. Where do I start
If I have 1,000 properties. Do I have to open 1,000 Bank income accounts?
My man!
What happened to the 'Owners Pay Account' ? In a previous video you and your wife did, you said that it was one of the 5...
Great question! We realized that it was kinda unnecessary to have both, at least for our real estate business specifically. So we opted to only use the profit hold. But you can totally have the owner’s pay AND profit hold. It would just be 6 accounts instead of five