Quad H Properties
02-03-2012, 06:34 AM
We started a new property management LLC in 2009 but did not buy a property until 2011. This property went into service on March 1 2011.
WE have:
28K in property aquisition
About 15K in improvements (several different ones) we made to the property
650 per month rental income from March on.
Several repairs and depriciatble items.
Loan interest on both the aquisition loan and the imporovement loan (30K and 20K)
All of this probably makes us in the red, but I haven't done the books since the close of 2010 and I really am lost as to how those books should look.
How do I begin to wade through this mess? LOL I have several transactions for each improvement. Do I catagorize these and blend the totals? For instance, I have mold remediation and kitchen upgrades spread out over several invoices. I then have a furnace install over several invoices. Then an internal french drain install over several invoices. Do I gather these up into one "invoice" each? One for the furnace, one for the kitchen upgrades and mold rememdiation (both done by the same contractor I cannot split these up) and one for the french drain? What are the ramifications of having only one "total" figure for these things?
Also, at this point would you just file the 1065 instead of the individual quarterly estimates?
WE have:
28K in property aquisition
About 15K in improvements (several different ones) we made to the property
650 per month rental income from March on.
Several repairs and depriciatble items.
Loan interest on both the aquisition loan and the imporovement loan (30K and 20K)
All of this probably makes us in the red, but I haven't done the books since the close of 2010 and I really am lost as to how those books should look.
How do I begin to wade through this mess? LOL I have several transactions for each improvement. Do I catagorize these and blend the totals? For instance, I have mold remediation and kitchen upgrades spread out over several invoices. I then have a furnace install over several invoices. Then an internal french drain install over several invoices. Do I gather these up into one "invoice" each? One for the furnace, one for the kitchen upgrades and mold rememdiation (both done by the same contractor I cannot split these up) and one for the french drain? What are the ramifications of having only one "total" figure for these things?
Also, at this point would you just file the 1065 instead of the individual quarterly estimates?