All Forum Posts by: Eric Hempler

@Kim Lisa Taylor, I'm going to reach out to you on LinkedIn for some clarification. 

It depends on what you're aiming for. QuickBooks is highly customizable and if done right your P&L can be a built-in Rent Roll. 

For the clients I work with, I recommend QuickBooks until they outgrow it. That also means each property has its own QB account. When I say property I'm referring to apartments and commercial space. 

There's not much out there for accounting books specific to this, but there are a few videos that could help get him started. Otherwise, I've setup files for others and they're comfortable enough to do their own bookkeeping. 

From what I hear it's pretty easy for investors to increase their rents. All they do is fill out a form and it's approved 99% of the time. 

In my accounting practice, the most popular property management software I see clients use is AppFolio. 

Otherwise, if they're small and just starting out they use QuickBooks Online. 

The management software out there is usually pretty basic when it comes to accounting. It just depends on what you need for functionality. 

In my accounting practice, the most popular one for my clients is appfolio

- sorry, I read that as software and not company

If I'm raising capital from individuals, is there any paperwork I should be putting together? such as something like a commitment letter that states how much the person is willing to invest in the deal. or any other paperwork?

Or do you just make a list of people and what they say they'll invest? 

Are you 1000% sure? 

Because what I'm hearing from syndicators is that I don't need a license. 

I'm receiving an ownership share and a return 

If I'm assisting with raising capital for syndication is there licensing, etc I need to be aware of before I proceed? 

It probably depends on the deal, but I wanted to get a better idea of how I might want to structure a partnership on a purchase. 

I'm also looking for some resources if you have recommendations. 

How this started was I was looking at the idea of starting a syndication. Then as I was moving along looking at things I thought about a partnership instead. 

I think for the most part I would be borrowing funds for the down payment. 

I could charge an acquisition fee to find the property, which I would use to pay for the closing costs, and then an asset management fee. The asset management fee might be my only monthly income and the cash flow would be 100% for the investors. So they would have a cash-on-cash return in the case. That's about as far as I got with the idea since I"m not sure how I would split the cash flow, if at all. 

I would probably refer out the property management so I can focus on finding more deals. 

My background is in accounting for the past 20 years at real estate companies, I've done some property management and appraised apartments. 

Looking for some ideas I should think about or maybe some resources I should look at.

Thanks

I'm leaning towards looking into other real estate investment options. I may consider retail space. 

For me, I want cash flow and looking to hold long-term. I've already met a few investors that are interested in partnering with this same philosophy. So I think I may switch to a different asset class.