All Forum Posts by: Account Closed

@Bruce Weyer Good question! I would recommend @Frank Chin's advice to not get too fancy for the 1st couple of properties. Income when received and expenses when paid=cash basis. Also, one strategy would be to transfer 50% of rents to a savings account to start building up reserves.

In QuickBooks Online this reserve build up would just be marked as a transfer between accounts if you have both checking and savings linked up to bank feeds.

@Henry D West Welcome to Charlotte! 

@TeErinn Chenevert Welcome to BP! Accounting is a great profession! I'd recommend working on the CPA exams as soon as you are eligible. 

Here are some resources I've enjoyed:

Podcasts

Episode 108 - Grant Cardone... Just listen…

Episode 283 Paul Thompson - Quite a new episode but I would think everyone would agree this is a top episode. Mainly, the systems implemented are fascinating (VA, automated offers, etc.) Plus...escape velocity...

Episode 113 – Jay Papasan - Very practical slow and steady advice

Episode 221 - Tim Shiner - his concept of equity build up and "shearing the sheep" shows some of the flexibility of real estate vs a 401k

Last but not least, I also recommend all the tax advice given by my fellow CPAs on the BP Podcast.

Amanda Han

Brandon Hall

Tax Reform Update – Brandon Hall and Amanda Han

Linda Weygant

Guides

Ultimate Beginners Guide

Forum Stickies

BP Calculators or spreadsheets uploaded by members

My Favorite Books

I have to say all of the BP books…right? :)

The Millionaire Next Door

The Millionaire Real Estate Investor

What Every Investor Needs to Know About Cash Flow

Hope this information can give you a good start. Feel free to reach out with any questions. 

@Mike Greenwood 

Welcome to BP! I grew up in Waukesha the first half of my life. Miss the custard (and cheese:)!

Some resources I enjoy passing along:

Podcasts

Episode 108 - Grant Cardone... Just listen…

Episode 283 Paul Thompson - Quite a new episode but I would think everyone would agree this is a top episode. Mainly, the systems implemented are fascinating (VA, automated offers, etc.) Plus...escape velocity...

Episode 113 – Jay Papasan - Very practical slow and steady advice

Episode 221 - Tim Shiner - his concept of equity build up and "shearing the sheep" shows some of the flexibility of real estate vs a 401k

Last but not least, I also recommend all the tax advice given by my fellow CPAs on the BP Podcast.

Amanda Han

Brandon Hall

Tax Reform Update – Brandon Hall and Amanda Han

Linda Weygant

Guides

Ultimate Beginners Guide

Forum Stickies

BP Calculators or spreadsheets uploaded by members

My Favorite Books

I have to say all of the BP books…right? :)

The Millionaire Next Door

The Millionaire Real Estate Investor

What Every Investor Needs to Know About Cash Flow

Hope this information can give you a good start. Feel free to reach out with any questions. 

@Brian Leady Welcome to BP! Awesome story! Glad to hear you're jumping in!

If you'd like more resources, the ones I've enjoyed are below:

Podcasts

Episode 108 - Grant Cardone... Just listen…

Episode 283 Paul Thompson - Quite a new episode but I would think everyone would agree this is a top episode. Mainly, the systems implemented are fascinating (VA, automated offers, etc.) Plus...escape velocity...

Episode 113 – Jay Papasan - Very practical slow and steady advice

Episode 221 - Tim Shiner - his concept of equity build up and "shearing the sheep" shows some of the flexibility of real estate vs a 401k

Last but not least, I also recommend all the tax advice given by my fellow CPAs on the BP Podcast.

Amanda Han

Brandon Hall

Tax Reform Update – Brandon Hall and Amanda Han

Linda Weygant

Guides

Ultimate Beginners Guide

Forum Stickies

BP Calculators or spreadsheets uploaded by members

My Favorite Books

I have to say all of the BP books…right? :)

The Millionaire Next Door

The Millionaire Real Estate Investor

What Every Investor Needs to Know About Cash Flow

Hope this information can give you a good start. Feel free to reach out with any questions. 

@Tim Johnson

Welcome to BP!

Some of my favorite resources:

Podcasts

Episode 108 - Grant Cardone... Just listen…

Episode 283 Paul Thompson - Quite a new episode but I would think everyone would agree this is a top episode. Mainly, the systems implemented are fascinating (VA, automated offers, etc.) Plus...escape velocity...

Episode 113 – Jay Papasan - Very practical slow and steady advice

Episode 221 - Tim Shiner - his concept of equity build up and "shearing the sheep" shows some of the flexibility of real estate vs a 401k

Last but not least, I also recommend all the tax advice given by my fellow CPAs on the BP Podcast.

Amanda Han

Brandon Hall

Tax Reform Update – Brandon Hall and Amanda Han

Linda Weygant

Guides

Ultimate Beginners Guide

Forum Stickies

BP Calculators or spreadsheets uploaded by members

My Favorite Books

I have to say all of the BP books…right? :)

The Millionaire Next Door

The Millionaire Real Estate Investor

What Every Investor Needs to Know About Cash Flow

Hope this information can give you a good start. Feel free to reach out with any questions. 

@Alexander N. Welcome to BP! 

Some of my favorite resources:

Podcasts

Episode 108 - Grant Cardone... Just listen…

Episode 283 Paul Thompson - Quite a new episode but I would think everyone would agree this is a top episode. Mainly, the systems implemented are fascinating (VA, automated offers, etc.) Plus...escape velocity...

Episode 113 – Jay Papasan - Very practical slow and steady advice

Episode 221 - Tim Shiner - his concept of equity build up and "shearing the sheep" shows some of the flexibility of real estate vs a 401k

Last but not least, I also recommend all the tax advice given by my fellow CPAs on the BP Podcast.

Amanda Han

Brandon Hall

Tax Reform Update – Brandon Hall and Amanda Han

Linda Weygant

Guides

Ultimate Beginners Guide

Forum Stickies

BP Calculators or spreadsheets uploaded by members

My Favorite Books

I have to say all of the BP books…right? :)

The Millionaire Next Door

The Millionaire Real Estate Investor

What Every Investor Needs to Know About Cash Flow

Hope this information can give you a good start. Feel free to reach out with any questions. 

@Caleb Clay Answers to your questions:

-Should I have separate accounts for each property?

I would recommend an account per LLC.

-How or where do people scan in physical receipts?

Some prefer attaching receipts to each transaction in QuickBooks. I prefer having folders (physical or DropBox, Google) set up by month so that you can just drop each receipt (preferably in order by date) in each month for the year.

-What is the best way to calculate and keep track of all expenses and cash flow both monthly and yearly for each property?

QuickBooks or other accounting software via bank feed (set up classes for QuickBooks Online) with receipts being your ultimate back up.

-What is the best system to be best prepared come tax season as far as having everything organized for my CPA and having the documentation I need in case of an audit?

See receipt documentation above. Keep for 3 years. 

-Where are state specific lease agreements that I can access for land lording? 

Check out BP's new section on leases or discuss with lawyer. 

@Joshua Dees For a single member you could look at the state's website and set up the LLC yourself. Make sure to get your EIN from the IRS after your LLC is created. For multi-member or if your time is more valuable elsewhere, I'd coordinate with your CPA and lawyer to set-up your entity.

@Richard D. Sanders III Welcome to BP!

Some of the resources that I have enjoyed:

Podcasts

Episode 108 - Grant Cardone... Just listen…

Episode 283 Paul Thompson - Quite a new episode but I would think everyone would agree this is a top episode. Mainly, the systems implemented are fascinating (VA, automated offers, etc.) Plus...escape velocity...

Episode 113 – Jay Papasan - Very practical slow and steady advice

Episode 221 - Tim Shiner - his concept of equity build up and "shearing the sheep" shows some of the flexibility of real estate vs a 401k

Last but not least, I also recommend all the tax advice given by my fellow CPAs on the BP Podcast.

Amanda Han

Brandon Hall

Tax Reform Update – Brandon Hall and Amanda Han

Linda Weygant

Guides

Ultimate Beginners Guide

Forum Stickies

BP Calculators or spreadsheets uploaded by members

My Favorite Books

I have to say all of the BP books…right? :)

The Millionaire Next Door

The Millionaire Real Estate Investor

What Every Investor Needs to Know About Cash Flow

Hope this information can give you a good start. Feel free to reach out with any questions.