All Forum Posts by: Dina Lewis

I have a contact for a good plumber. He is in Pearland. A friend recommended him. He is honest and he does good job. 

Hey, does KW have special split/flat fee for agent personal transactions?

I used an agent to get my initial rental agreement for 2 years. Now it's about to be renewed with the same tenant. I am confused. Do I have to use my agent (same one) or just renew it myself? Thanks in advance

If you have just one rental property and already is doing your taxes, you can just follow instructions in your tax program. I use H&R Block online and basically just follow the program step by step. 

@Josh Calcanis I would say it depends on person. Quickbooks is good when you have lots of checks to make, you have contractors, employees, etc. It's easy to enter all expenses, very often you can download credit cards charges from credit card websites, reconcile bank statements, set depreciation amounts, and see how your business is doing. But you can shop around CPA companies because they provide this kind of service for small businesses as well. It's nice to have a bookkeeper and keep everything on your own computer. I do this kind of bookkeeping for small businesses and then at the end of the year I give reports to CPA to check. 

So you can do it by yourself or find someone who can just come and organise everything for you - once a week, twice a month or once a month, depends on your load.

In my personal opinion if you don't have much checks to pay and can have one separate credit card for business expenses, you can keep your records in Excel. Maybe make folders for each month and put all expenses there, then review or hire someone to review it for you. 

If you have one credit card which you use strictly for business, you can just allocate expenses every month and credit card statements will be a proof of your expenses. To allocate your expenses look at your tax report from CPA, this way you will know what they are asking for and allocate accordingly. 

I hope it helps.

Let me know if you have any questions.

Quickbooks is the best but if you don't have too many transactions you can keep tracking all your expenses in Excel spreadsheet. Basically when you go to CPA office all that they want to know all your money in and out. Then they can figure out what they are going to use and what they are not going to use. 

I love excel spreadsheets because you can make a different spreadsheet for different purposes and then connect them all together. 

@Josh Calcanis why you didn't like your experience with CPA?

@Nick Costello you can try to call all your credit cards and ask them to increase your limits. Say that you need to make a purchase or something like this. I have 4 different chase cards, which I opened on different promotions for different occasions, chase usually likes to give 0% and they send checks. My highest limit is American Express but I use this card for day to day purchases and pay it off every month. Usually if one card increase limits, other starts asking you if you want to increase your balance. Discover has promotions for 0% transfers. 

Did anyone try to ask credit card for "convenience checks"? one guy told me its a great way to move money around without paying any percentage on purchase but I didn't try it myself.

@Danielle C. if you have a good credit score don't you get offers from credit cards for 0% for 12-15 months? You can open these cards just when you are about to do your rehab and you can call them and ask for checks. They usually charge 2-3% but you can use these checks to pay your hard money lenders or put these checks into your LLC bank account and then pay your hard money lender directly from your LLC. This is part of my plan when I find my fix and flip deal.

@Mercathea Hughes how did it go with your deal in Clear Lake? did you get it under contract?

Wholesalers!

I am not sure if I supposed to post it here or somewhere else.

I am looking for a small house/condo in Galveston please inbox me if you have a property.

This property is going to be buy and hold.

Thanks and regards.