All Forum Posts by: Forrest T Schue

Quote from @Paul De Luca:

@Forrest T Schue

Stessa is free and I think it's a pretty good software for tracking expenses/receipts. Otherwise you could use Quickbooks.

I looked into those, quickbooks especially and I found that it was far too complicated and non real estate specific for my small portfolio, and I’m only doing one flip at a time. 
I use an excel spreadsheet to track expenses. Is Stessa a way to store receipts in the case of an audit?

Hello everybody,

What methods do you recommend for tracking and documenting businesses receipts? 
shoebox? A software?

My thought with that is that if a renter isn’t serious enough to pay 40$ for the application they may not make the best tenant. Are they concerned they will not pass the checks and be out 40$?

I live nearby(Jackson area) and might be able to do that for you. When are you looking to start?

I found myself in the same situation with my primary residence. I wanted to free up capital for new deals but I didn’t want to lose my 2.8% rate! 
I'm currently using the Heloc for a flip, same will work for BRRRR's!

Thanks @Simon W.

@Simon W. I plan to track the accounting myself. I'm in the free trial now in QuickBooks and I don't like that the language and terms don't translate to real estate well. For example listing properties as "customers" and so on.

Have you ever used Rentastic to manage a flip?

Is the plan for it to be a couple night Vacation stay in the whole house? Or are you renting each room out to traveling workers\etc? 
That could could be a major factor.

Would a value add work for you?

Quote from @Cason Acor:

My advice would be to lease to a local advertising company. They’ll bear the cost of approvals and construction. Your rental income will be lower since you don’t own the billboard, but you also save on the cost and headache of setting it up yourself, finding clients to use it, etc. Plus, an advertising company will have all the processes and relationships in place already to streamline approval and construction.

That’s a business strategy I love. Make a little less income but leverage OPT and OPM. When you can afford it