All Forum Posts by: Karina Busch

 How do they know what expenses go with what properties? I figured I would still have to be very involved in this aspect, especially doing more than one rehab project at once. 

 Thank you. I've been biting the bullet today and trying to get caught up on my spreadsheets and they will have to put it into QB for my CPA. Just part of it I suppose! 

 Thank you. I've been biting the bullet today and trying to get caught up on my spreadsheets and they will have to put it into QB for my CPA. Just part of it I suppose! 

I'm SO glad I live in a LCOL area. Septic systems here in KY are about 6k. Personally, I would fix it, but I'd get several quotes. This will come up later anyway. 

 My CPA feels that my bookkeeper is capable and I won't need someone different, but I did not share with him her recent health troubles as it's not my place. 

Corporate formalities are taken care of and minimal as a single member LLC. I have a totally separate LLC bank account for all REI expenses as well as a separate business CC and Lowe's CC. So it's not that it's hard to do, I just dread it and looking for ideas that others use to simplify or motivate myself to stay more on top of it to make end of year bookkeeping and taxes easier. Thanks!

 Thank you, I will!

Hello BP community. I am a newer investor with a few properties now, started my LLC in Jan 2024. I have a Bookkeeper for my farm expenses/income but I am not sure if she has any RE experience and has not gotten back to me if she will do it or not as she has suffered a health crisis this year and has cut back some.

Basically, I get very overwhelmed by the bookkeeping side of things. IDK why, I am an intelligent professional but as soon as I get behind I just kind of give up and get more behind. What is the best strategy for me to look into? I am small still so don't want to spend a fortune but am happy to pay for this service. BUT I feel like I still have to have a ton of involvement especially with multiple rehabs etc, to dictate what expense is from what property and what the purchase was for etc. to be sure deductions and depreciation are correct. Am I overcomplicating this? Any advice is appreciated. I enjoy looking for deals and figuring out how to rehab the properties etc, but I hate the accounting side. Any advice is appreciated. PS: I have an excellent CPA, not looking to change, just looking to figure out a better process to streamline expense/income tracking and allocation to different properties. Thanks!

 Thank you, that makes sense. I figured that was the case but just curious!

Getting ready to buy a very distressed property through a wholesaler. I have family in construction who have looked at it and feel it has fairly solid bones and I like the location and think it's on the way up. This is not my first huge rehab so I am ok with that and the price. But is there no requirement for a seller's disclosure in this case? He has a contract with the seller which will then be assigned to me for a fee. There is no other paperwork. Obviously I will have a title search and get title insurance but I assumed they would still be required to fill out a SD but maybe not. Obviously the place is totally derelict so not much to disclose (basically check yes to everything being wrong lol) but I was just curious for the future. Thanks!

I'm in a similar boat, also 50 with good paying W-2 looking to build a portfolio to help replace that sooner than later. Appreciating everyone's advice and wish you the best moving forward Doug!