It feels like I take one step forward and 5 steps back!

[Nacquata Bryson]

Am I the only one who is totally frustrated and want to quit.... sometimes!!!

I take one step forward and 5 steps back....uggghhhhh!!!

I just started my LLC to put my first rental under (it was our home that we moved out of and instead of selling we rented). We have current renters in this home and that part is going great, thank you Lord. However, when it comes to setting up/running the business, its a crap show. All this not mixing funds, insurance and administrative stuff is killing me. I can't even hire someone with out jumping through 45 hoops. I don't know if I am doing this right because of all the rules. I really want to brrrrr my way through this because I like the long-term benefits but to be honest I feel like maybe it would be better to buy and sell. I am ok with paperwork but I will admit I am not the best. I am the visionary, the creative one, the one who finds killer deals with out even trying (and I do mean killer), the one that can sell an offer in my sleep. The success is haunted in its tracks every time because of paperwork and rules that I do know how to navigate through. And I have lost some amazing opportunities because of it. Which is exceptionally disheartening. I don't shy away from work, Ill grind with the best of them but being totally honest I feel like I waste so much time running into road blocks. How do I do this? Have anyone experienced the same thing? How did you guys conquer the Admin Monster and come out alive? I have been thinking about Partnering Up, is that a good idea? I am so nervous about partnership because I don't want to be taken advantage of. Ok venting over.... Thanks in advance for listening and reading all this. If you respond you are amazing!

[Kyle Pierce]

Originally posted by @Nacquata Bryson:

With the first few months of this being a rental there were 2 hail storms and a pipe burst in the home. Thank God I have a stellar property manager who took care of the pipe burst( just took money out of the profits) but the hail damage, insurance stuff and I have a mortgage on the property that I have to go threw as well. I have heard of systems but I haven't had anyone tell me how. This is the main problem I keep running into, even when I read investment books, they tell you the what not the how. Example: You need to separate all of your business income/expenses from your personnel income/expenses. How do I do that when my plan was to take 6 months of my, go to my every day income to renovate my next investment. But based on the advice above I can't because that would be mixing funds. WHAT??? This is the type of things that are super confusing. 

As far as mixing funds, the best way to prevent this is to have a separate bank account and a separate credit/debit card for your LLC. If you want to use money from your everyday job for renovations then you need to transfer money from your personal accounts to your business bank account. This is called a "contribution" to your LLC and should show as a contribution on your books. After the money is contributed from your personal account to your business account then your business can use the money for whatever business expenses you see fit.

Also, using an accounting software like QuickBooks or Xero to help organize income and expenses will make things 100x easier with tracking and when tax time comes. If you only have 1 property then you can probably get by with doing it yourself. But if you feel like its bogging you down too much then I would just pay a bookkeeper to keep track of everything for you so you can focus on more important things