All Forum Posts by: Alexander Knox

@Markus Shobe For example, one of my properties I am a 50% owner and for another I am a 100% owner, do I have the ability to produce financial statements for the 50% ownership property as a whole?

@Simon W. I will check out Yardi as well! Thanks for the suggestion and I appreciate you sharing your knowledge with the transfer. Would it be alright if I reached out if I come across any questions? 

@Markus Shobe  Thanks for clarifying that. I'll check that feature out. Question on the partial ownership "classes" will the quickbooks generate financials for the whole entity or just my share? In other words, can I have quickbooks present the financials for myself and my partner? Or will he need to create an account?

@Daniel Dietz Awesome! Thanks for the suggestion. I'll check it out. 

Thanks all for the replies!

@Markus Shobe I was considering using Quickbooks. How would I maintain the different properties? Would I just create a new asset class per LLC? Not all of my LLCs are wholly owned by me, it seemed like I wouldn't be able to do this on quickbooks but correct me if I'm wrong.

@Simon W. I am currently using Stessa to track my income and expenses through my bank account transactions on each LLC. I have been keeping track of my loan amortization and depreciation on google sheets. For now its manageable, however when I do my taxes I would like to be able to have one file that has everything clear and cut that I can just pass along. Is Stessa and google sheets the most cost efficient way to go about this? If I decide to transition to something like quickbooks, do I need to add in all financials retroactively to when the LLC was formed and business began?

Hello BP!

I wanted to see if anyone has some advice on how to maintain clean books/records. I am involved in multiple real estate investments, all of which have varying equity interests so it is difficult to keep all properties on one account. I am currently keeping record of transactions etc. and have a Stessa account for each property which links to that property's bank account and takes record of the cashflow for each property. I also have an amortization schedule for loans as well as a depreciation calculation for the assets themselves. As I continue to scale I want to make sure my records are accurate and are going to tie out at the end of each year. What advice would you give for making sure the bookkeeping is properly maintained?

Thanks all! 

I am currently planning a remodel on a duplex in Olathe, KS. It is in need of an exterior paint job and replacement of siding and some wood rot. Eventually I would like to remodel one of the units and would like to start planning and reaching out to contractors as soon as possible. If I can help out the local contractor community, I'd love to do so. I have reached out to around three different contractors all of whom are closed due to Covid. Thank you BP family!

Hi all,

I have purchased a duplex in KC, KS and am looking to make some updates to help increase the cash flow and build up some equity. I need to update the outside, new paint, replace some wood rot, etc. as a first priority. I was also looking to make some updates to the living area, adding in vinyl hardwoods, making some minor changes to the kitchen, etc. I wanted to reach out to see if anyone has some recommendations on contractors who would be able to help with these projects. Any pictures of work they have done would also be greatly appreciated!

Thanks everyone. 

Hello everyone! 

I am looking for some advice on my next investment (that's what we are all here for right?!) and I imagine people on this forum will have better hindsight on this situation than I do.

For some background, I am a 23 year old public accountant working in Seattle, WA. I own a single family rental property in Phoenix/Scottsdale, AZ that I purchased with my friend/business partner (who lives in Phoenix). It is cash-flowing a few hundred dollars per month, which we use to pay off the mortgage at an accelerated rate. As of now this is the only real estate I own (50% ownership). I have come to a crossroads of what to do next. I have around 60-70k that I feel comfortable spending right now however in a market like Seattle, this doesn't get you too far.

I wanted to see what the community's opinion is on two scenarios:

1) Investing on another property out of state in the near future (on my own w/o my business partner) 

2) Saving up for a house further down the road in an expensive area around Seattle.

In regards to option 1) I could move back in with my parents in Seattle or continue to pay rent, and use the money (60-70k) I have saved to buy another property in Phoenix or Kansas City, KS (two areas I have been looking to purchase my own rental). Ideally I would like to find a duplex but these seem to be overpriced and rare findings in these cities - I am all ears on other areas. I pick these because I have connections here.

With regards to option 2) I am fine living in a less desirable area with a further commute for a couple years while I fix the place up, possibly rent out to friends, and build up some equity at the same time before moving to something more appealing to me and turning this into a rental. I just need to save up for a while longer to afford the downpayment. 

I would love to hear the groups opinion on this situation! Are there other markets for rentals people would recommend? Some days I feel like I find an answer and some days I feel so far from it. I need something convincing that compels me to commit to one or the other. I am reading the Bigger Pockets book: Long Distance Real Estate Investing but would love to hear any relevant book recommendations as well. This is my first post on BP and I am looking forward to any additional feedback on how I can create a more concise post too! Thank you all so much for taking the time to read this!