All Forum Posts by: Josh Copeland

@Simon W. Thanks for the response.

I have in writing from the lender that they have no issue with me transferring the title. Let's assume for the sake of this discussion that everything is peachy from the lender's side, and the note remains in my name. 

Do I still add the Building as an asset and note as liability? 

I hear of people transferring their property into their single-member LLC while keeping the note in their own name. In these situations, how are the note payments accounted for?

I intended on transferring a property in my name to my LLC. I've done this before with a free and clear property but for the one I plan to transfer I have a note.

Since the LLC will be paying a note that is in my name, is there any special accounting I need to do?

Does the note need to exist on my LLC's accounts payable? If not, how do I log the payment?

Do I just do a owners draw each month for the amount of the loan and pay it from my personal account?

I am not an accountant, I probably need one, I just want to understand a few things a little better.

Also, I couldn't find a forum for Accounting, this may be misplaced but it felt like the best fit. Let me know if there's a better place for this post. 

Thanks in advance,

Thank you - I'll take a look

What sort of Cap Rate should I target for 4 family units in the Southhampton and North Hampton areas?

Thanks!

Both of my condos are A/B+ class and in the fastest growing part of the fastest growing county in the region. They aren't necessarily in the most prominent rental market, but I'm yet to have a vacancy in 5 years.

I like the condos vs sfr because they are really low maintenance for me as a self manager. The condo fees cover the big ticket exterior items, so I view them as forced capex savings. They also cover pool, trash, sewer, snow removal, and landscaping. It's easier to sleep when a hail storm is rolling through the area, as I am only responsible for "studs in".

The newer age of the units has provided very few maintenence requests and the neighborhoods attract very good neighbors and have a great school district.

All that being said, my CoC returns leave some to be desired (7.xx%), but I have had great returns on appreciation with the areas boom.

I am elaborating on the info I provided earlier regarding QuickBooks not accepting my tenants bank.

A BP member emailed me for a list of acceptable banks, so I did some digging. Here is what I found. (Copied from PM I sent the BP user:

------------------------------------------------------------------------------------------------------------------------------------

Advancing a step further I see that the service QB uses is called "Plaid". Perhaps you'll get better search results by looking for information regarding Plaid's linked banks.

Here is their site, https://plaid.com/

Good luck on your search! I use cozy to receive payments and QB for accounting. Works for my 2 units. I'm sure it won't scale too well.

Hello from St. Louis. Welcome aboard. 

There seems to be a big presence on the forum from the KC area so you should be able to get some good advice.

It looks like you have your WHY figured out, -- an extremely important motivator. Good luck to you on your transition into the world of Real Estate investing.

Good afternoon Brent.

I own my 2 properties in Lake St. Louis. I have chosen the locations by proximity to my primary residence. I've always eyed the beautiful multi-family units in South City but can't justify managing them from my home out in Western St. Charles.

I am really limited on multi-family options if I wish to stay relatively close to my area. Downtown St. Charles might be the closest practical place for me to look - it's booming. Wentzville downtown is up-and-coming and when you walk the streets you can feel the change.

I avoid giving any serious consideration to north county (mostly D class) and the ritzy areas around CWE that I'm simply priced out of.

Thanks for starting the discussion.

I use Cozy. There's about a 5 business day delay between the tenant making the payment and it posts to my bank account, but I don't need to money immediately anyway and it's free.

I've also used Quickbooks invoicing but they have a select list of banks they can draw from and if the tenant doesn't use one of those banks, it's back to check payments.

Pros: Both Cozy and Quickbooks can also be used to manage expenses

Cons: one of my old tenants refuses to give online companies 'electronic access to her checking account' so she just sends me a check still and I use mobile deposits with my bank.

@Carl Hawke Thank you! It seems you live in the superior Missouri market. I really enjoy your city.

Go SportingKC!