All Forum Posts by: Christian Stoecklein

@Cheryl S. Look at REIhub for a dedicated rental accounting software.

If you want something free consider Wave which is like QBO but simplified.

Stessa doesn't have a balance sheet and double entry accounting. It's an Asset management tool and not a true accounting software for people who self manage, etc.

Christian

@Tyler Warner. Here's some thoughts....

Fee structure... This varies wildly.... There's a trend towards a subscription model, some charge by hour for advice, etc

What services are included and not included.

Their knowledge of Real estate. I would give them a basic question or two and evaluate their response.

Understand expectations on timing. Are they planning on extending your return, etc.

Who will you actually be interacting with. Oftentimes it's a smaller client you will just get the junior person and not have access to the named partners.

Christian Stoecklein

@LaMarr Taylor Stessa doesn't do double entry accounting. Ie no balance sheet. Try REIhub. REIhub partners with rentRedi for the PM side. REIhub has allot of automation built in too.

Christian Stoecklein

@Liron Burrack PM me your email.

Christian Stoecklein

@Shayne Williams. I second the Matt Dingus meet up. Great group.

Christian

@Jered B. The tax attorney often doesn't do the preparation of returns. That's why you often see people have both a CPA and attorney. Also the tax attorney might not cover all your bases if you deal support, estate planning, etc so you might need more than 1 attorney. Good luck!

Christian Stoecklein

@Ross Y. Glad you provided the additional information on your wife being a real estate professional. Good luck!

@Ross Y. You probably can't deduct those losses. There are some exceptions but they probably don't apply. Seems odd your CPA recommended a cost seg if that's the case though. You should definitely consult your CPA. If this is a 2021 event you have plenty of time to decide to use the cost seg or not. You could use the cost seg but elect out of bonus depreciation as an alternative.

Christian

@Michael Greenfield ditto to rex's comment and the meet up next Wednesday. It's called "pints and properties". Great way to meet and build a network. Good luck!

Christian

@Michael Scarpa that area is old Mill towns which will not appreciate and will have a good chance for deferred maintenance issues. What investment parameters are you looking for? If you want low cost and low growth then that might be okay for you.

Christian