All Forum Posts by: Courtney Oldrin

Scott Mac... so what you are saying is hiring a book keeper to handle this function is an option and there are real estate investors who hand this off/use bookkeepers to track all this stuff.  I can track and collect all the data.

I was given the name of an accountant who works with real estate agents.  I would happily pay for book keeping assistance.   Maybe the accountant can recommend one.

Thank you!

Hello from cold and windy mid-coast Maine!

I'm a newbie in the landlording business and I desperately need help figuring out how to set up a system to track the finances for the properties we have.  My strength is identifying great fixer upper properties, scooping them up and rehabbing them.  I now own one commercial property and 4 residential properties -- all rented by GREAT tenants, but I have no clue how to handle the finances for them.  There's a zillion articles on how much money you can save through deductions etc, but I have no idea how to track this stuff or what to track.   I have a lot of financial insecurity and IMHO I suck at budgeting.  

The articles, podcast hosts and guests make it seem like ya'll were born with innate knowledge on and love of forecasting financial goals, building and employing sophisticated processes to collect data and analyze results and are all financially brilliant. And I am a financial knucklehead.

Would love recommendations for coaches, classes, mentors (human assistance may help stop my self doubt), software programs, how you have set up your systems, step by step guidance, anything.  I have an excellent long time personal accountant -- but I have tracked nothing this year in terms of my expenses, because I dont know what to track or how to track it.  And i dont think he's the guy who can help me learn how to account for my finances and budget.  

And I just passed my real estate exam -- so I'm going to pivot my career to a long time passion. So I'll be self employed...

I am so grateful for BP - because I am pulling my head out of the sand, swallowing my pride and throw out an SOS.   eeeekkkkk!

Courtney

Hi Scott M!   You are preaching to the choir! Before moving to Maine (YAY), we lived in CT and renovated and sold several properties, plus we still own a commercial property there.  We have the bestest real estate attorney AND accountant. They are  a joy to work with. My poor NJ based accountant did our ME taxes because I have a hard time parting with him.   I know I'll find my peeps here.  Courtney

Dear Bigger Pockets colleagues.  I am SO incredibly grateful and humbled by the outpouring of emails and support.  When I wrote this note, I was like "these guys are going to kill me - how many landlord newbies have asked the same question...why can't I just figure it out."  But as everyone knows so well, sometimes it is a mental game, and I really needed the human connection.  I called in from my W2 job to have the day while my kids are in school to sit and read and get myself educated and do some needed planning on our investments.  THANK YOU so much.. I'll pay it forward some day, promise.

Is this the famous Ryan Murdoch from Bangor Maine??????  So happy for you to be crushing it at an awesome career in HI but I wish I was around when you were working in Bangor area.  Unfortunate timing on my part.  :) Second thank you for the recommendation for the membership group.  Absolutely no problem paying for access to great resources and support.

Yay for @biddeford is right!  My parents have been there for a long time!  I will dm u when I figure out how to do that🤓

@Stewart Beal Thank you!!!! This investor stuff is so much fun but it is hard work. Labor of love sometimes. I will DM you.

@Donald MacMillan. You are THE best... thank you - just your comment about having an attorney review is a gem. Having someone to provide some feedback brings my anxiety level down.. will DM you! PS my mum lives in Biddeford.. :)

Help! I am up here in mid Maine (properties in Old Town and Appleton) stuck in the fetal position- would someone help me up?

Specifically, how do I write a lease and how do I screen? Is there an online service that people like? I would be so grateful if a veteran landlord would help me with specifics and what tools you use.

I read a bunch of posts and and bought BP books and listened to a bunch of podcasts a while back but now I am paralyzed. I am overwhelmed so I am not doing anything.

I need a kick in the pants to take the first step.

BACKGROUND

We have three investment properties - so we are off to a great start investment wise. (we already had to fire our contractor so we checked that box as investors.) We have always been flippers never been a landlord.

OLD TOWN ME STUDENT OR FACULTY APT

We are renovating a cute two family house in Old Town Maine with the intention of renting to university of Maine students. We are going to have no problem - great street that is a mix of owners and renters.

SMALL APT IN RURAL MAINE (inland from Camden)

I also bought a cute small apt in Appleton Maine - the building use to be the Appleton General store. The upstairs is a tidy little apt and bottom is raw space.

COMMERCIAL PROPERTY in CT

Our real estate attorney is helping us write a lease for our commercial space. (Use to be my husbands landscaper yard and now he has retired :) )

Thank you so much!