All Forum Posts by: Simon W.

To piggy back off of @Max Emory with Buildium, they have Corporate Accounting so no need for another accounting software. Same with AppFolio.

This is a 7 year old thread that you just brought back to life. I am pretty sure the OP has moved on since then.

Just use the Project in QBO. I am using it for my construction business. 

It works well. I already have 60 projects on it.

EAs aren't going to focus on auditing and planning. They are strictly taxation.

If you are setting up a trust, you should get a CPA.

Find a bookkeeper for your daily driver, if you find one that focuses on real estate, then during year-end your CPA won't charge you an arm and a leg. There are plenty of us on BP just reach out to a few and review their posts and just talk to them if they are open to new clients.

It's not about EA or CPA, it is about experience and knowledge for real estate. 

For instance, at one point when I was working as a senior accountant in a property management firm, I was training a guy who was a CPA for 30+ years even though I was hired 2 months before him.

I worked only in real estate accounting and financing and became CFO. If I were to apply for a CFO role now, more than likely I have to advantage over a CFO that was in a manufacturing company for a real estate company.

EAs specializes specifically in taxation

CPAs have a broader knowledge for accounting, auditing, financial planning, and taxation.

EA must pass a 3-part IRS exam and do not require a college degree

CPA need a degree in accounting, 150 credit hours of education, must a 4-part CPA exam.

EAs often charge a lower fees

Hi @Jacob Guttman

Congrats on your job and kudos for planning ahead! House hacking in Baltimore can be a smart move, but there's quite a bit to consider.The Baltimore market varies significantly by neighborhood. Some areas offer great potential for rentals and appreciation, while others may be less favorable. It's crucial to thoroughly research different neighborhoods before making a decision.Regarding cash flow, it's best to set realistic expectations. 

Initially, covering your mortgage is a reasonable goal. If you plan to house hack, I recommend you not to expect any cash flow.

Living with friends can work, but it's important to approach it carefully. If you choose this route, make sure to have clear, written agreements in place and maintain a professional landlord-tenant relationship. This can help prevent potential conflicts down the line.

Net income is revenue minus expenses. This means all the tenants rent and other income less all the repairs and mgmt fees..

You shouldn't need to look at that many reports. Owner Statement, 12-month cash flow report, delinquency report, and rent roll.

This is a touchy subject.

If you observed specific concerning behaviors during interactions, such as rudeness, aggression, or disrespect for property, these could potentially be valid reasons for rejection if documented properly.

You should add one very important things to do on your checklist, past landlord references and it must be legit and find out why they aren't there any longer. This is more than enough to tell you what kind of tenants they are going to be. Based on a single interaction doesn't always tell you if it is good.

I think we need a bit more information. How much is the seller looking to sell it for? How much are you looking to put a down deposit?

See if you can do seller financing at the $143K and you pay the $27K immediately on the back taxes.

This way you just avoid the hassle of a bank.

 I am looking at it as a CFO perspective and not as a landlord. 

Reality is that not that many landlords will be the end users. It is usually the people who the landlords delegate them to.

Legal aspect is a good feature, but no one will rely solely on that. They will end up asking an attorney for actual advice.