All Forum Posts by: Jake Kinoshita

@Joanna Lilly

I use a software called Beaver and I like it. This is focused on property management accounting and you can track multiple properties. The best part of this software is that you can do tax preparation at the same time. 

@Don Pearson I use a software called Beaver. It's focused on accounting and easy to use!

@Kate M.

I use Beaver for that. They prepare Schedule E automatically. it works great for me. 

@Simon W.

Oh great. Yea, i spoke with him as well. he is a nice guy. About the accounting, not right now but I am wondering if i need to learn accounting for flipping business. 

I do bookkeeping myself but if i buy more properties, maybe outsourcing bookkeeping is a good option. I wonder if any BP users use Bench. Bookkeeping for rentals is easy but are they good at Flipping and Development as well?

@Kyle Neff

Awesome strategy. I should be doing the same! 

I am not an expert to maybe you should consult with lawyer and accountant but if its sole-ownership LLC, it doest not really matter for tax purpose if you are filing schedule E.

If you are on a partnership and file 1065 and K-1 for your individual tax return, if you send money from your LLC to your personal account, it could be considered as equity movement. You can consider it as a loan to you but then you have to pay the interest even its your company. Maybe pay as a salary? Your accountant will be able to help you out for sure.

Good luck!

@Anne Whalen

That is very tough. You are a nice landlord. My case was different so I charged the late fee and collected the remaining amount. 

But you can't just let the tenant stay there for good without paying the rent.... I recommend you to talk to a lawyer and file things properly already as everybody says.  You have been generous so your tenant may understand the situation. If you try to fight, they may fight back for no reasons.. Maybe you can be nice and have an agreement that they will pay you even later so that you can at least cover your loss? 

Good luck.

@Camille T.

I use cozy for rent payment and beaver for accounting. It is good enough for Schedule E. 

I have never used a VA. I am actually interested tho. I wonder if Bench is good.

@Chris Taylor

I use Cozy for rent payment and Beaver for property management. This is good enough for schedule e filing. 

I think you can use any software as long as it fits with you budget but just keep every single doc even receipt for your record. CPA may not allow to enter the information if you do not have any supporting documents.

@Ari Siesser

I use Cozy for rent payment and beaver for property management. If you file Schedule E, its a good choice.