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All Forum Posts by: Cliff Benner

Cliff Benner has started 12 posts and replied 270 times.

Post: Seeking Real Estate Bookkeeper

Cliff Benner
Tax & Financial Services
Pro Member
Posted
  • Accountant
  • Denver, CO
  • Posts 272
  • Votes 137

Quote from @Michael Thyssen:

 I just sent you a Connection Message, in case you dont get it, here is the link to my calendar, 

https://www.bennerstride.com/booking-calendar/bookkeeping-onboarding-1?referral=service_list_widget.


I would love to discuss how we can help you out with your Books.

Thanks!

Post: Boutique Hotel Investing - Financing

Cliff Benner
Tax & Financial Services
Pro Member
Posted
  • Accountant
  • Denver, CO
  • Posts 272
  • Votes 137
Quote from @Gordon Middleton:
Quote from @Earl Gaines:
Quote from @Gordon Middleton:

Hi Andria, 

I'm underwriting a boutique hotel deal in the Berkshires NY right now. I'm making a healthy downpayment cash by doing a cash out refinance on three of my established properties that I know can cover the debt service handily. Then the seller is holding a note for 5 years. I plan to refinance in two to three year once rates come down a bit.


That said, I need to be very confident in my numbers on the hotel, since I'm putting risk on my other properties and essentially wiping out their cash flow.


Happy to connect. I'm also having issue with no onsite manager, but in regards to insurance.


 Gordon, did you ever go forward with the refinance to move on the boutique hotel? Would love to connect on your underwriting if you were able to make it work!


 Hey Earl! Sorry for just getting back you. I've been so busy these past 6 months that I haven't had time to look back at the site. We did in fact acquire the hotel and are operating it as we speak. We did not do it quite as planned though. Instead of refinancing our portfolio, decided to sell our holdings that were out of state to capitalize on the stellar appreciation. We managed over half of the purchase price in cash and then the remainder was held as a 3 year seller's note. We also got over 100K in credits for repairs.

It was a killer deal. Happy to connect!


How did you find this deal? Was it on the MLS or a different listing site?

Post: Can an Ohio Lender Beat a 6.75% on an Invetment Property?

Cliff Benner
Tax & Financial Services
Pro Member
Posted
  • Accountant
  • Denver, CO
  • Posts 272
  • Votes 137

Hey AJ,

I used @Nick Belsky when I did a refinance in Dayton about 3 years ago, he was able to find me a pretty good loan for my circumstance. 

Post: Car Wash Business Analysis

Cliff Benner
Tax & Financial Services
Pro Member
Posted
  • Accountant
  • Denver, CO
  • Posts 272
  • Votes 137

Are you wondering more about the financials of it or operations? 

Post: What I Learned from Owning and Selling a Laundromat – Exploring a Different Asset Cla

Cliff Benner
Tax & Financial Services
Pro Member
Posted
  • Accountant
  • Denver, CO
  • Posts 272
  • Votes 137
Quote from @Jonathan Soto:

great write up. thank you for taking your time and going in to detail. i have been looking into a business for myself but havent seen much in biz bysell that make sense. just need to keep searching


 Try looking into Crexi and Loopnet too, I find all different kinds of small businesses for sale on those websites compared to Bizbuysell.

Post: Creative financing Mobile Home Parks

Cliff Benner
Tax & Financial Services
Pro Member
Posted
  • Accountant
  • Denver, CO
  • Posts 272
  • Votes 137

Did you find this on a Listing service like Crexi or Zillow?

Post: Creative Financing using a bank to buy a mobile home park

Cliff Benner
Tax & Financial Services
Pro Member
Posted
  • Accountant
  • Denver, CO
  • Posts 272
  • Votes 137

Did you use a local bank that agreed to a Seller Carry in second position? Or how did you find that bank?

Post: Tips on finding Existing Outdoor Hospitality Properties for Sale

Cliff Benner
Tax & Financial Services
Pro Member
Posted
  • Accountant
  • Denver, CO
  • Posts 272
  • Votes 137
Quote from @Mitchell Gunlock:
Quote from @Cliff Benner:

Looking for Tips on how to find places that have multiple cabins or additional dwellings on a property that I could live on and run. I am aware of Crexi, Bizbuysell, and Loopnet and reach out when I see something for sale on those sites. But I am wondering if there is any good Keywords for Zillow, or any websites where something like this may stand out more or any tips someone may have for finding these type of properties in CO.

Thanks!


 Please let me know if you find a good process


 So far, it has been setting up searches on LoopNet, Crexi, BizBuySell, and checking out Zillow with keywords like "Cabin, cabins, resort, resorts, multiple, venue, campground" That has helped me find some that I reach out to. I think talking with a Broker in the Industry would be helpful too

Post: How do you do bookkeeping and financial reporting for your rentals?

Cliff Benner
Tax & Financial Services
Pro Member
Posted
  • Accountant
  • Denver, CO
  • Posts 272
  • Votes 137
Quote from @Simon W.:
Quote from @Saad D.:

Hi @Simon W.Thanks for replying. At Baselane, we're going to build the custom chart of accounts and Balance sheet.

Just for my own understanding, I'd like some clarification on your statements.

1. I don't really understand what you said about edit charts of accounts. If most investors, and by most I mean 95% are not accountants, then why do they need to edit chart of accounts? I'm genuinely asking to understand the use case for my self for an individual investor.

Re. balance, as someone who is a former CPA and has prepared financial statements for multi-billion $ funds, I understand the important of a balance sheet. Based on the user research we've seen most use cash flow as a proxy for performance. Many, if not most, want to have this data, but a very high % don't calculate monthly performance. They usually tally it up at the end of the year. Has that been your experience with RE investors?

My question back to you about Balance sheet is what % of RE investors that are not accountants understand what a balance sheet is and how do they actually use it? (Do they know how to use it)? Would love some actual reference to data if you have it (not anecdotal). 

Thanks

If investors are doing multiple real estate ventures, construction and rental, it would help that they can do the accounting correctly. 


If you were a former CPA, then it should know why investors should be looking at it. If no one tells them about balance sheet, then real estate investors aren't going to focus on them.

My clients are always looking at the balance sheets after I taught them the importance of it.

There are a lot of times not just real estate investors, just regular business owners, they look at the P&L and say great, I made $100K this year, but my bank is showing $10K, where is the rest of the money. The P&L isn't going to tell you that, you need to see the Balance Sheet.

Put it simply, if an investor decided to hire someone like me to start handling their books and have to gather their financial statements, I would be charging an arm and leg to put it correctly. If they are using only P&L. I would need to figure out the building and land, mortgages, contributions, improvements and such.

@Saad D. I would have to agree with @Simon W.

If I took over, or had a client ask me to clean their books, first thing I do is make the Balance Sheet crisp and clean. Everything touches the Balance Sheet and it is the only way to judge if everything is accounted for. Then coding the p&l can happen. without the Balance Sheet, I don't know if I am missing transactions. This is where about 75% of my time is spent cleaning up. 

Post: Tips on finding Existing Outdoor Hospitality Properties for Sale

Cliff Benner
Tax & Financial Services
Pro Member
Posted
  • Accountant
  • Denver, CO
  • Posts 272
  • Votes 137

Looking for Tips on how to find places that have multiple cabins or additional dwellings on a property that I could live on and run. I am aware of Crexi, Bizbuysell, and Loopnet and reach out when I see something for sale on those sites. But I am wondering if there is any good Keywords for Zillow, or any websites where something like this may stand out more or any tips someone may have for finding these type of properties in CO.

Thanks!