All Forum Posts by: Cliff Benner

I have not tried Baselane but I did try Stessa for a few minutes.

As an Accountant, I need to be able to make Journal Entries and that is something Stessa does not have so I deleted it right away.

For all my clients we sign them up with QuickBooks Online. Yes the Class feature Cost a bit extra which is a bummer bet the support for it is amazing, and it is easy to allow access for Tax Accountants to pull the reports they need rather than my clients playing middleman.

Hi Michelle!

I use Bridgestream and they have been great for me since. I had a terrible PM before them but Bridgestream worked with me on getting my SFH Tenant Proof, gave me one contact person who knew my rental, and reports any issues monthly.

I will continue to use them when I am able to add more!

I was able to speak with the Owner Mike directly which was amazing!

I like Kevin's Idea, I would like into Relay for this. 

you can have around 20 Checking accounts and 2 Savings accounts, they allow you to pay with checks that they said and ACH Payments, both free, and it connects to QBO with ease.

They also allow you to have multiple EINs(LLCs) under one log in. 

you might have to make transfer, but having a Bookkeeper who is on board with your structure would allow you to not have to focus on that part as much.

This sounds like an idea I may use for future clients I would have.

Good Question!

@Adam Berlinberg You could find someone who wants or has the ability to do the work and you could partner with then to be the funds. It would be more Passive to you while getting the tax benefits and some Profit too!

Maybe look into purchasing a whole Portfolio or a bundle in one market from an investor whos looking to retire.

I see you are in Denver too! I will reach out and we could meet up to talk Real Estate!

@Scott Bogue

Sounds like you might be in need of a Bookkeeper soon, three at a time, receipt/job tracking, etc. That might not be the best use of your time if you don't have a financial background. A Bookkeeper can set up your Accounting system, sync your bank accounts and would be able to work with you to make sure everything is being tracked correctly and you can keep an eye on your balances.

Let me know if you need any help with your Books, I would be happy to have a chat.

Otherwise, QuickBooks is the most common Accounting Software and I set up all my clients with a BOX account for document storage, since it is free up to 10 GB. 

I did Seller Financing for a business I purchased.

We did their price and did a 2% Down Payment with Terms that we called "Step Up" we started with a low monthly payment but every 12 months we increase the monthly payment too. This allows us to stabilize, then grow without worrying about a high debt payment in the beginning.

I tried to BRRRR my first one, made so many mistakes and haven't been able to purchase another since i bought it 09/2021.

It taught me a lot on business and I have purchased a business with seller financing in the mean time but it's been hard to expand my real estate with all the money I had to put in. Should be able to get rid of bad debt this year, then I could do another one, but regardless on how you decide to move forward; find a good team first, then trust but verify everything, question their answers and demand proofs on ARV, rent amounts, any numbers. Then if you are Out of State, fly there, spend that money.

$1,000 trip would have saved me $45,000

Check out episode #610 of the BP Podcast to hear what I did wrong and the advice to move forward/how to avoid it.

I guess my goal is two types.

Looking to purchase a small cabin resort in CO for STRs. 

Need to pay off some debt, then will look at purchasing another LTR!

@Michael Baum I appreciate it.

Sounds like find what I am looking for then call lenders until i figure out a loan.

 What website did you find it on?