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All Forum Posts by: Ashley Cao

Ashley Cao has started 9 posts and replied 46 times.

Post: Any Wholesalers in Yucca Valley/Joshua Tree?

Ashley CaoPosted
  • Lender
  • Santa Clara, CA
  • Posts 46
  • Votes 74

Hey Kellie! Did you ever get in touch with any Wholesalers out in JT/Yucca Valley?

Post: Fire at Duplex - What next ?

Ashley CaoPosted
  • Lender
  • Santa Clara, CA
  • Posts 46
  • Votes 74

Hello!

Unfortunately there was a fire on one side of my duplex which have displaced one of my tenants. Everyone is safe fortunately.

The other side of the duplex did not have any damage aside from smoke entering their property. the fire department said they are clear to stay.

I have filed a claim with my insurance and am going to get the fire department report tomorrow. Root cause of the fire is still tbd but it might be electrical.

Meanwhile, I shared some temp housing options with the displaced tenants.

Here is what I am thinking as far as next steps, but wanted to get feedback on if I was missing something. Hoping someone can provide their expertise.

1. Talk to adjuster from insurance to understand next steps with them.

2. Send out a restoration contractor to assess the damage

3. Return prorated rent to displaced tenant along with security deposit

3a. I assume I still need to do a walk through to evaluate all non-fire damages? However, I ideally would like the displaced tenant to get back on their feet sooner, so anything I can do to help...

4. Document damaged items with notes, videos and pictures

5. Board up the property

5a. How will vendors / adjusters gain access ?

5b. Lock box on property ?

6. Call utilities to ensure they’re off?

Open questions:

*Other side seems to not have any damage aside from some smoke, however, I want to ensure safety of tenant what can I do to help ensure this?

*what kind of communication should I be sharing with displaced tenant?

*should I be concerned about water damage from the fire department ? How can I help mitigate this as things move forward?

*what other items do you suggest?

Thanks in advance !

Post: Our 1 year journey to 22 units & $10,000/mo cashflow without OPM

Ashley CaoPosted
  • Lender
  • Santa Clara, CA
  • Posts 46
  • Votes 74

@Jaideep Balekar inspiring journey! Congrats!

Post: duplex water meters

Ashley CaoPosted
  • Lender
  • Santa Clara, CA
  • Posts 46
  • Votes 74

@Remington Lyman

Would you be able to share those companies ?

Post: duplex water meters

Ashley CaoPosted
  • Lender
  • Santa Clara, CA
  • Posts 46
  • Votes 74
Originally posted by @Amanda Roderick:

I was under the impression it wasn't exactly legal to split the water bill 50/50 between tenants since you can't prove how much water each side used. If one half has more people living in it or a leak, you can't charge the other side more because of it. Even if it's not technically illegal, I imagine it could cause frustration on both your and your tenant's end and higher turnover. (I tried to do a quick search to find if it is legal or not but didn't see this issue clarified anywhere, does anyone know?) What if there are 3 people in 1/2 and 2 in the other? Do you split into 5 and charge one side 3/5 and the other 2/5? (Headache!) 

We sub-meter our duplexes. The upfront cost can be as high as $600 (for both sides) but will pay off in the long run! If you don't want to sub-meter, I would include water in the rent and increase the rent by whatever the average cost per month works out to be. 

Thanks for all your input on this thread!!

@Kaylee Walterbach I'm looking to get the new journal but do not see it in the BP bookstore. Is it discontinued, or is there a newer version coming out?

Post: Virtual Assistant / Productivity Tools

Ashley CaoPosted
  • Lender
  • Santa Clara, CA
  • Posts 46
  • Votes 74

@Taylor L. Thank you! Will definitely check him out!

Post: Virtual Assistant / Productivity Tools

Ashley CaoPosted
  • Lender
  • Santa Clara, CA
  • Posts 46
  • Votes 74

Hi BPNation,

We are looking to hire a virtual assistant (VA) to cold call and identify leads for multi-family properties. Our VA is located out of the US and Google Voice is not available.

1. What dialing service and text messaging service is best outside of Google Voice?

2. What is the best way to track leads?

3. What other recommendations / productivity tools do you have that will best leverage the ability of our VA?

Thanks in advance !

Post: Quickbooks Desktop Setup

Ashley CaoPosted
  • Lender
  • Santa Clara, CA
  • Posts 46
  • Votes 74
Originally posted by @Soh Tanaka:

John Hyre's book called "The Real Estate Investor’s KISS GUIDE TO BOOKKEEPING" and landlordaccounting.com are both old but pretty good. That said, both books are mainly for those who manage their own properties. 

The way I want to do bookkeeping for those properties I use property managers are by entering the transactions happening within the property management companies (PM) to an account called, "Funds Held By PM." Rents received, PM fee paid, repairs, etc. will be all recorded within that account with different categories and properties, which is called "class." Once the PM sends me the owner draw (left over) to my bank account, I then transfer the money from "Fund Held By PM" to my bank account in QuickBooks. 

PM me if you need more help. I'm not an accountant, but I consulted with my accountant for this setup. 

Thanks, Soh!

Just sent you a connect request - would love to get some further insight. Thank you! 

Post: Quickbooks Desktop Setup

Ashley CaoPosted
  • Lender
  • Santa Clara, CA
  • Posts 46
  • Votes 74

@Michael Tempel Thanks for the info. What are some of the other accounting programs you use?