All Forum Posts by: Ashley Cao

I'm looking to set up Quickbooks Desktop for my Rental Properties that are managed through a Property Manager. The properties are in an LLC that is disregarded to another LLC.

I am completely new to Quickbooks and admittedly am not very versed in the accounting/bookkeeping space. My goal is to properly set up Quickbooks and manage my Bookkeeping for now with the intention of handing off to a Bookkeeper down the road. Learning this side of the business is important to me, so I know what's going on in the books.

What resources do you recommend that will help ramp me up on how to set up Quickbooks Desktop for Rental Property Real Estate Investing?

Thanks so much!

1 Vote

@Donyae Coleman

I was in a similar situation ! I made a list of all the local banks in the area, made a list of questions/criteria I was looking for, and called everyone.

Took some time but got in touch with an awesome lender that fit my unique needs.

Got connected to some other investors and vendors through the process too!

Good luck !

0 Votes

@Justin Keys could you share that contact as well? Thanks!

0 Votes

Columbus, Ohio

Hello BPers !

What are some of your favorite quotes or words that keep you tracking toward your goals?

Stay well and safe everyone !

1 Vote

Originally posted by @Rick Albert:

Hey @Ashley Cao, a couple of questions.

Why are you planning on remodeling it? Does it have to do with getting higher rents?
Yes, the property is a bit worn, so looking to give the home a fresh look and increase rent.
If it is, is the delta between the increase rent versus the cost and vacancy of the rental worth it rather than just raising rent on the existing tenants?
Tenants have a history of paying late, so would prefer to choose a different tenant; Good call though - "If you don't ask the answer is always no"
What are the rent control laws in Santa Clara? How complicated is the evicting process?
This property is in Columbus, OH which I understand is not as complicated as CA.
Since you are going to remodel the unit, how much of the deposit can you give back to them?
I walked the property and it looks like there is a lot of wear, so I don't think much will be given back.

Those questions might help in directing you towards a solution. Keep in mind their financial burdens are theirs and only theirs, not yours and are not your responsibility.

Best,

Rick

Appreciate the feedback, Rick!

1 Vote

Originally posted by @Theresa Harris:

While not ideal, you can take it out of their deposit (assuming it is a full month's rent). You can give them notice and tell them you will start with an eviction, but it likely isn't worth it. Tell them they need to pay you rent or leave.

Thanks, Theresa! Does the lease have to explicitly say that if they do not pay, it can be taken from the deposit?

0 Votes

@Jennifer Pauyo

Check out the InvestHer community :)

4 Votes

Hello BP Nation!

One of the inherited tenants (month to month lease) in my first investment property was given notice to vacate as we are looking to do some rehab work on the property. It is now the last month and tenant says they can not afford to pay it since they will need to put a deposit and first months rent for their next property. We have served the late notice, but nothing.

I know I should be looking at this through the lens of a business, but I also want to be as compassionate as possible.

Is it worth starting the eviction process now that we are in the middle of the month?

What other solutions are there?

0 Votes

@Elenis Camargo

I think it was Zig Ziglar that said, “You can have everything in life you want if you just help enough people get what they want”.

Congrats on your journey so far!

46 Votes

@Nathan G.

I’ve heard the ads for Stessa. Have you compared TenantCloud with it?

0 Votes

All Forum Posts by: Ashley Cao

Ashley Cao has started 9 posts and replied 46 times.

Post: Quickbooks Desktop Setup

Post: Refinancing rental property

Post: Best deal for Carpet for Rental in Columbus OH

Post: Favorite quotes or words for real estate investors

Post: Tenant won’t pay last month’s rent. Is eviction process worth it?

Post: Tenant won’t pay last month’s rent. Is eviction process worth it?

Post: Where are all the female investors and real estate agents?

Post: Tenant won’t pay last month’s rent. Is eviction process worth it?

Post: $1.3 million in deals done in 2 years from out of state!

Post: Keeping Track of Rental Property Info