All Forum Posts by: Bob Smith

I will add my 2cents as well. I joined their platinum membership and their tax/Book keeping package. One thing that I haven't seen here from other clients is that you can actually negotiate the expensive rates down from what they are at retail. I took their business entity strategy and went to a different attorney to get them all set up for much less because they were a little too expensive in that arena. (However, in retrospect, now that I see how they set everything up and organize it on the site I think that it would have been worth the extra cost to hit the easy button). They still were helpful and are helping me get to the level of organization that I would have had had I had them create my entities so it's not terrible by any stretch of the imagination. When I set up platinum, I negotiated the tax/book keeping package for $2500 vs. $4000 which will last me at least couple of years based on how they set it up and the platinum membership for $500 vs the $2,500 that they advertise. They also let me make payments on that all in $3,000. I have at this point had extensive conversations with the business strategist, the CPA tax manager, the head of book keeping, and a point of contact that helps navigate you around to where you need to go and I have only once received somewhat conflicting advice on the overall strategy, which to me isn't too bad for having that many people collaborating from all different angles. Last what really surprised me on the accounting/book keeping side was if you ask them they will not only help you from a book keeping standpoint, but they will actually help you pull custom reporting from QBO to analyze your financials like a corporate controller would. That was actually sold me.

Outside of one situation when it took a bit longer than I was told to set up all of the book keeping and Quickbooks online, they have been super prompt and responsive to my questions (which was a LOT).

I hope that helps!

That is helpful Terrance. I would love to hear any more details you can provide on the tax/bookkeeping side. I have a rather complex tax/bookkeeping situation, with multiple entities, so would love to hear what level of detail they provide. Do they have different levels of charges depending on how many entities/units?

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Besides the above anybody have any great (or terrible) PM's in Memphis? Would love to get some reports (good or bad). Thanks in advance.

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I have been less than happy with some rentals I have in another state. I want to go there but not sure what I am going to actually do. For example, a have a commercial property where I visit my tenant every year or two as a way of reminding him I am a real person, checking the property, etc.... I can't do that with my single family tenants. I was thinking I could meet with my property manager and maybe also meet with a couple of possible replacement PMs I have considered switching to. Maybe drive by my properties for an external check. So my question is what would you do if you went to visit your single family rentals in another state? Any suggestions would be appreciated.

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I am interested in all those as well. Just want to follow to see what all the experts say.

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Originally posted by @Jay Grabbe:

Reedy bleeds me dry from expenses

Can you elaborate on that? I was considering Reedy. Do you feel the expenses are not legit or they charge high prices or what? Any info would be appreciated.

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I have been debating between these two markets for some oos investing. Curious how long people are finding the average vacancy times to be in Memphis and Indy these days after a tenant moves out? Let's say for decent rentals in B neighborhoods. Probably rents of $1,000 +/-. A month vacant seem reasonable? What's the longest you see on average?

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Congrats!

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I think one can analyze this until the end of time. In the end simple diversification seems like a good way to go.

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San Jose, California

I have been reading on BP for a while and learned a lot. I have interest in all the threads about cash flowing cities but the same 5 or 10 cities get named every time it seems. However, what are some good cities that balance reasonable cash flow, maybe moderate appreciation potential, and have relatively stable tenants? For example, what about Vegas or Phoenix? It seems that a lot of the cash flow meccas tend to be lower income stuff which creates instability. Or maybe I should just be looking at nicer stuff in the cash flow meccas!? Curious what you experts have to say.

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Any good suburbs to buy newer single family homes for rentals around Indianapolis? I have interest in decent neighborhood with good schools and hopefully get a nice long term home or two to buy. Any recommendations on property managers who specialize in the newer neighborhoods?

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All Forum Posts by: Bob Smith

Bob Smith has started 10 posts and replied 40 times.

Post: Anderson Business Advisors

Post: Memphis Property Management Co. Review

Post: Visiting out of state rentals - what to do?

Post: Best Cash flow market: Kansas City, Indianapolis, or Columbus?

Post: Memphis Property Management Co. Review

Post: Indy v. Memphis - rental vacancies

Post: Officially Financially Free at 32 !! - Exciting Day!

Post: Real Estate vs. Stocks

Post: Best Cash Flowing Metros in the USA

Post: Indianapolis Investing