All Forum Posts by: Kevin Polite

Quote from @Hussain Harun:

I"m a big fan of Xero as an alternative QuickBooks for rentals mainly due to much lower cost and still having a robust accounting software. In my opinion, anything that's not QuickBooks or Xero is just a watered down accounting software.

I made a video about this on my YouTube channel, BP isn't letting me share it but PM me and I can send you the link

I'll PM you. QBO pricing keeps increasing and now they no longer allow downloads from Home Depot which mean you have to manually upload them. I do like most of the features of QBO and at the end of the year my Accountant can get everything he needs very quickly, but have been curious about Xero. 

is this zip code 30030 or 30032?

Quote from @Justin Parham:

Quote from @Kevin Polite:

The hardest part is getting set up in QB. I had an Accountant who specialized in real estate and was a real estate investor himself. If you do turn it over make sure you do this. It's like you wouldn't go to a foot doctor for a heart problem, no offense to foot doctors. After a while I decided to take it on myself and but needed training and there was a local QB trainer. I'm sure there are in San Jose as well. When I run into a problem or don't have time I outsource on Upwork.  

 Currently struggling through quick books 

Just received an email that GAREIA is having a class April 27, 9am-12pm.Virtual, 

Location: Virtual

Date: April 27, 2004

Objective:By the end of the class, you will have a good idea of (a) the output / reports from QB, (b) how that helps you as an investor both improve your management and insights, and assist with taxes, and (c) how to get started, get the inputs right the 1st time. You will be confident to avoid major mistakes and use best practices, whether you hire this out or do it independently.

Quote from @Justin Parham:

Quote from @Kevin Polite:

The hardest part is getting set up in QB. I had an Accountant who specialized in real estate and was a real estate investor himself. If you do turn it over make sure you do this. It's like you wouldn't go to a foot doctor for a heart problem, no offense to foot doctors. After a while I decided to take it on myself and but needed training and there was a local QB trainer. I'm sure there are in San Jose as well. When I run into a problem or don't have time I outsource on Upwork.  

 Currently struggling through quick books 

 Sorry hear, but once set up it's pretty much a breeze and tremendous help. 

@Damon Moore Georgia REIA (google as I don't think I can post the website) has an entire calendar of events each month from their monthly member meeting to the group meetings based on interest, e.g. Landlord, Land, Before&After, Intown Rehabbers, Dealmakers, etc. Events are free for members and I believe you can attend free 1 or 2 before joining. This is my favorite.

Atlanta Real Estate Investing (Facebook)  is another great group to join to meet other investors. They have a monthly meeting held in Buckhead. 

Best of luck in your journey.

Quote from @Wayne Brooks:

@Chad Herring If you are lending under $100k, I am assuming it is just for the renovation funds, or for the down payment.….meaning it is likely that some Other lender has lent money for the purchase and possibly the renovation costs. This means You will be in Second position behind the other lender. This is Absolutely the Best way to lose all of your money.  Being in second position (a Gap loan) is Extremely risky….do Not do this.

I did my first deal of private lending similar to this situation for about $40k this year. I knew the contractor/investor, had seen his work and would be willing to work with him on a project. On a house I was an agent for the seller, he was the contractor for the investor. So basically, I'm saying I knew him fairly well. Also, I toured the house and checked out the comps for the ARV. He allowed me to follow the progress. Everything checked out. I think it helped that I had some experience as a flipper myself. Still, as I was the second and it was my first time, I was a bit nervous, but I got good a really good return of funds. But I don't think I would do this for someone I causally knew.

@Chad Herring How well do you know the investor? How good is the deal? Have you checked the ARV? Was the purchase of the property at a good price? How long for the return of investment? What interest rate? Things to think about before investing.

I do real estate agency and occasionally flip plus self-manage and Quickbooks and apartments.com work best for me. I like Stessa but it wasn't able to do the other accounting that I needed. 

When planning for retirement with rental property, it's essential to consider your long-term goals and peace of mind. Imagine being 70 years old and still receiving calls from tenants on Christmas Day about maintenance issues. Ensure you have enough passive income and capital expenditure funds set aside. By that age, you might consider hiring a property manager (though finding a good one can be challenging) or liquidating your investments to enjoy a more relaxed retirement. Your decision may also depend on whether you have children who are willing to manage the property after you're gone. Plan wisely for your retirement and future legacy.

Quote from @Account Closed:

Quote from @Kevin Polite:

Quote from @George Red:

Where to begin... stock up on tin foil!

 Good one. Also, note it's from the New York Post so pretty much stopped reading after that. 

Interesting, curse the darkness instead of turning on the light?

Wouldn't it strenthen your case to explain why it isn't true, if indeed it isn't true? Or, that you know how to avid those areas?

Seems to me there must be some truth to it. To deny it or ignore it, doesn't solve it or convince others. I get it though. If you grow up in stuff like that, you don't realize that it's a problem and you don't know what to do, so you ignore it. But ignoring it doesn't make the problem go away, it's still a problem.

 When I had squatters, they left fentanyl pills all over the floor when they dropped their bag. Some rolled into places we didn't notice right away. Babies crawl along the floor. They eat what they find. Still no problem?

Squatters = drugs = problem.

Georgia legislators are stepping up with HB 1017, the Georgia Squatter Reform Act, aiming to clarify in Georgia law that squatting constitutes criminal trespassing, thus shifting it from a civil court matter to a police issue. While not explicitly labeled as a problem, much of this phenomenon seems to stem from a company known as 1TimePaymentHomes, believed to have conservative political ties. They provide individuals keys and leases to squatter homes for a one-time fee of $1,400. This practice has significant repercussions, particularly impacting large hedge funds, apartment complexes, and smaller investors with vacant properties lacking proper oversight. While acknowledging this issue, my primary concerns lie with the potential ramifications on increased property taxes and insurance rates for my properties. I find it unsettling that a political agenda seems to be intertwined with this matter on this platform.

Quote from @George Red:

Where to begin... stock up on tin foil!

 Good one. Also, note it's from the New York Post so pretty much stopped reading after that.