All Forum Posts by: Jake Smith

That is what I was worried about. I usually use Excel, but with 13 properties in the mix, its getting harder to keep track of. I guess I will have to bite the bullet and have multiple subscriptions. This is going to be a large cost soon. we usually only do a max of 5 properties per LLC. and our property management side has LLC's associated with the owners as well. I wish QB would design something for this.

Good morning BPers. Question I had only resulted in 4+ year old results. I know quickbooks updates frequently so I figured I’d start a new thread. In 2022, Does anyone know if QB supports multiple EINs? I have 2 llcs with 9 properties and manage 4 properties. As we are scaling quickly, I want to lay a solid foundation now while I have the time and MANY recommend quickbooks. 

Afternoon all, I’m just starting back into the rental business after about a 15 year break. Over the past  3 months we have gotten 9 amazing single family homes under contract. My plan is to Burrrr them and hold them. So getting to the point. The houses we bought are in rough shape and need a whole interior / exterior upgrade. They were built in the 60/70s.
My question is. What materials are cheaper to buy wholesale, and what is easier to just pick up at the big box store? I have found many deals for wholesale LVP / light fixtures etc. Any advice is welcome. 

I use the RUBS (ratio utility billing system) and my LLC pays the water bill. Some states mandate it if not already sub metered. Easily pass the bill on to tenants.

Hello all! I'm new real estate investor in the south east GA area. I came from a family of real estate investors and grew up around the business. At its peak, my family owned a couple hundred properties, and in high school, I helped manage a significant portion of them. But this is my first venture into buying them myself. Unfortunately, all of those family members have passed away and sold the properties before I got interested into investing myself (wish I would have asked more questions). Having said that. I have an LLC that currently owns four properties. I have been using the BRRRR method for these properties and it is working out very well. (Thanks BP) The first four deals I partnered up with a good friend to help split the down payment / reno cost. I find and analyze the deals, negotiate with the realtor, (Testing for my real estate agent license in the next couple weeks), find lending, hire the contractors, manage the properties, and fix maintenance issues as well. My partner has other business ventures and is hands off with our company. We currently had a 50/50 profit split and our LLC pays me 10% to manage. (I'm paying myself 5% if you think about it.)

I have a solid lead on 10 great value added single family homes in the area that I am hot on the trail to get under contract. As a package deal I'm looking at around a $650,000 purchase price and $1,270,280 ARV. its looking like I will have to raise about $180,000 cash in for the deal (I can cover renovation expenses from proceeds of the first four deals). Since I only like to have a max of four properties per LLC, I am working on opening up three more LLC's.

So, question is. Should I bring my partner in at the same 50/50 for the next deal seeing that I do all of the leg work?

What would you do.