All Forum Posts by: Cathie Kovacs

Another bookkeeper chiming in here...

If you don't have more than one LLC, I'd recommend Quickbooks self-employed. $5/mo and connected to your bank account, it guarantees that you're not missing anything and cuts down on data entry. Also tracks your mileage automatically.

Quickbooks provides checks and balances, where Excel does not (did you forget to enter anything? Or enter it twice?). Excel also provides no profit and loss and is entirely too manual for my taste. 

More than one LLC, and I'd recommend regular Quickbooks. I prefer the online version, though as a monthly subscription it's more expensive than the desktop version @ $30/mo, however I can keep up with my REI books while sitting in the waiting room at the doctors office (or anywhere else). You can snap pictures of your Home Depot receipt right into the software and then pitch the paper.

A bookkeeper can also set up your accounts at less than what a CPA charges. They are generally more familiar with the software than most CPAs (at least the dozen or so that I work with) and less expensive. 

I do what James does, exactly. 

A word of caution though. I spoke to a lawyer about this and my incident cost me $10k!

Although you can try to control who rents your place, you need to be very careful. Ask NO questions. Just open the door and show them the apartment. . If the interested party (doesn’t matter if they fill out an application) feels as though their answer to one of your questions may have been discriminatory (income, familial status, whatever), they can and will sue you. A question as conversation and benign as “how many kids do you have” counts!  Beyond that, send EVERY visitor an application via email after their visit just to CYA. 

I agree. Dogs are better than cats in terms of damage. 

However, most landlords specify small dogs only and there I don’t agree. Small dogs are more likely to urinate & defecate indoors (either on pads or since the deposits are small, owners have never taken house breaking seriously) & bark more than big dogs (often incessantly). 

Of course these are generalizations, but I’m a landlord that favors big dogs. 

I don’t want to hijack this thread but I have questions around doing this in CT as well. As I understand it, in CT, a broker has to hold your license and you have to work under them for a few years. I don’t want to do that. I only want to use as others have noted; essentially for my own use. What am I missing about the process?

Hi Ed. I’m not clear on the proper entity structure to use in CT for the following scenario....

I’m going into a partnership with 2 others. That partnership plans to flip properties. I have several multi-family rentals completely separate from this partnership. 

I’m thinking to form an S Corp for myself. Then have that S Corp own individual LLCs for each multi-family. And also have that S Corp be the partner in the flipping partnership. 

Does that seem like a good approach or do you have other suggestions?

Thanks in advance.

Hi everyone. 

I have a NOO 3 family (soon it will be the only property that I own) and have been considering a 1031 Exchange to buy an OO multi-family. NACA requires that applicants not own other real estate in order to qualify.

My question is this...

Once the existing 3 family transfers to the QI, it’s officially out of my name and I would qualify, no?

Trying to figure out how to take advantage of this program. TIA

Nextiva & RingCentral are good. Both have an app you use on your phone (like Google voice) but you can also text (without giving away your cell #) and add a fax too, if you need one.