All Forum Posts by: Jeff Stein

@Scott Mac

Thank you. I think this product is just what i need.

@Nick Lovrovich

Welcome to the community! Good luck with your wholesaling. Let me know if you find property in Milwaukee, WI

I was hoping to get a sense of what people do in the BP community. I have measured square feet of new buildings to purchase with a tape measure, but this seems very inefficient. I’m currently under contract on a 20,000 square-foot office building and want to make sure that the square footage on the leases and in the purchase documents are correct since commercial buildings base leases on price per square foot per year

@Matthew Otto

Its awesome that you are already thinking about investing at your age. Great Job!

Step one is always make sure you max out your match. I recommend putting the max into your 401k because that is pre-tax money if you can afford it.

After that I would make sure you pay off any debt.

Make sure to make a budget.

Finally, congratulations on the new job!

@Mike S.

Those rates do seem on the high side. I like to still run my numbers on new purchases staying on the conservative side so it leaves a little room for the unexpected. If you are buying commercial property, you may need to put up to 30% down on your first property. For me they required 27%

@Shane Melanson

Thank you. Those all sound like very good ideas. I currently have a broker and the building is under contract. Communication has been poor in my opinion so I am always looking for a back up option.

I recently lost a tenant in a small four unit strip mall. Approximately 1200 ft.² of 5500 is vacant. I have been able to fill one other building fairly easily with referrals from other people, but I don’t have someone lined out as of yet. I have an idea of reaching out to local accountants to see if they have clients looking for new locations. Has anyone done this in the past? Any thoughts on this idea?

Anyone have some recommendations for property management in Milwaukee? I currently own 2 commercial properties. I want to continue expanding, but I do not believe I can manage a larger portfolio by myself.

You are incorrect Nancy. Although you can mark different classes with Pro and do P&L by class, you must have premier to create a balance sheet by class.

UPDATE!

I want to update this thread on my progress. Thank you all for the input. I  went with Quickbooks premiere. Initially i went with quickbooks pro. This is the desktop version. No online capability. As my strategy is mostly buy and hold, most transactions are large and I have relatively few so the need for constant updating and checking is really not there.

After approx. 1 week I realized Pro was not what I needed. Many buy and hold investors like myself will use a new LLC for each property purchased. Every LLC then needs to file a tax return and should be showing profit and loss and balance sheet separately. I have it set that each LLC is different class and you must buy the premier version to get a balance sheet by class. I am now very happy with the software, but it does take some time to get used to if you are not familiar with bookkeeping.

Hopefully this was helpful. I’m happy to answer other questions if this is not clear enough.