All Forum Posts by: Jeff Stein

@Joel Owens

Thank you, I did end up finding an inspector to do this. The building is a small 22,000 square-foot office building with one retail location. 

@Robert LaPrelle

It is a little harder to find on the quickbooks website, but you do not have to pay for the subscription model. There is a desktop version that it just a one time payment. The disadvantage is it is only on one computer and not mobile, but for me this doesn't matter. Happy to help you find it if you need. I love the class feature to separate out my properties.

@Naheed Ansari

$1000-1500 for tax preparation may be an accurate amount based on how many forms you need filled out for your taxes, especially if you have multiple real estate properties. I am not familiar with weathability, so I dont really know what they are providing for that extra $19.5k.

Any else have trouble finding building inspectors that do commercial properties? I am in Milwaukee area and it seems like most inspectors shy away from buildings. Unfortunately the one I used to use retired this past year. Any help would be appreciated.

I don't know of any landlords currently accepting crypto. There's nothing stopping you from doing it, but it does add some complexity and some market risk. 

Everyone's situation is a little different, but I can try to explain how I handled this situation. I started with Jaybird Properties LLC. It owns 97.5% of Jaybird Properties 2, 70% of Jaybird Properties 3 and 70% of Jaybird Properties 4 LLC since I brought in other investors to those subsequent deals.

My original entity (Jaybird Properties LLC) does the management so it absorbs the costs of property mgmt, accounting and property mgmt staff. I think this is the easiest way to take care of the accounting and keeping separate sets of books for each company.

I use my original LLC as the managing entity for the others. It owns the accounting and property management software.

Possibly unrelated answer, but have they been long term tenants or new to this property? Is there a way to get this deal without owner occupied and keep the tenants if they will be good. Otherwise I recommend consulting a lawyer who specializes in this area so everything is done properly.

There are many things to be aware of depending on your exact situation. One overall thing to keep in mind with selling is depreciation recapture depending on how long you have owned some of these properties. There are other smaller things to consider as well, but would require a closer look into your finances since they are much more individualized.

@Luke Baumbach

I started with cozy.co, quickbooks and google sheets for my start. I now manage with podio, but just started recently.

@Luke Baumbach

Congrats on your upcoming deal. I would start with are you planning on managing the properties yourself, otherwise start screening property management companies in the area. There are a number of different ways to do the accounting and record keeping for your business. I went from one unit to 5 to 26 and made some big changes with each step. Happy to go into detail if you’re planning the do it yourself route.