All Forum Posts by: Cathie Kovacs

 There are certain parties with which your SDIRA cannot do business. It’s considered self-dealing. Read up on the rules if this is what you were planning. 

An otherwise intelligent friend of mine recently mentioned that she flushes Q tips down her toilet. Common sense is not common. 

Cats. I love them but don’t allow them in my rentals. They express their displeasure in the most unfortunate of ways (don’t use litter box). 

I do allow dogs, even the large ones (why the bias here? I don’t understand) but get clear on what breeds your insurance company has issue with (also unfair IMO). Have tenants get renters insurance, with a pet rider, listing you as additional insured, just in case there are issues with the dog biting someone etc. Those little dogs most landlords seem to favor bite more than the big ones & often use pee pads I don’t want on my floors!

I’m a professional bookkeeper and I have a question for those of you that use something other than QuickBooks....

What’s your Profit & Loss YTD for each property? If you can’t answer that in 2 minutes or less, you are using the wrong product to track your rentals or property management business. This is info you need to run your business and info your CPA & a lender would want as well. 

Excel, Quicken, etc. are all great tools that have their place...but not in accounting. 

There are plenty of YouTube videos on the basics of how to use QuickBooks or, if you don’t want to learn it, hire out your bookkeeping and focus on your next real estate deal.  in either case, I’d recommend getting help setting it up properly (bookkeeper, CPA). 

P.S. You can relabel the terminology from Customers to Tenants, for example. 

Thanks Charlie. It’s not clear to me however that sHB 6583 was passed.....?

I went with Riverwoods Flooring (online with free shipping). Better quality for the same price as the big box stores. 

Hi Charlie 

Can you link to your source for this info please?

Love the idea of granite tile but can’t find any!  Where are you buying yours?

QuickBooks works fine, online or desktop, but you need to use classes. One class for each property, perhaps with sub-classes for each unit (if you are so inclined). I own a bookkeeping firm and we do this all day long. Works fine. You can even use classes on your balance sheet. 

I’m confused as to why you need a CPA for anything regarding a SDIRA. Are you looking for a custodian?

Also I'm pretty sure you can contribute to a roller over IRA. I consolidated a rollover and a SEP into my current SDIRA. No issues.