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All Forum Posts by: Keith Hebert

Keith Hebert has started 4 posts and replied 10 times.

Post: [Calc Review] Help me analyze this deal

Keith Hebert
Pro Member
Posted
  • Rental Property Investor
  • Swoope, VA
  • Posts 10
  • Votes 0

Hi Jaysen, Thanks so much for your reply. I wanted to circle back around and let you know that the seller decided to accept a higher offer for the 15 unit building they were selling. However, we did actually purchase the smaller 6 unit building which is the one we wanted anyway. Very nice, 3 up/3 down, all brick, 2 bd/1 ba units in a great area. Since we already own many properties in this area and our crews are in place for management and maintenance, it just made sense to snag it. Just wanted to fill you in. Hoping to buy some larger complexes soon and hope to be able to reach out for more insight then. Thanks again. 

Post: [Calc Review] Help me analyze this deal

Keith Hebert
Pro Member
Posted
  • Rental Property Investor
  • Swoope, VA
  • Posts 10
  • Votes 0

Repairs and closing costs are included in purchase price. I did not see a place to include them in the financing so I added them to the purchase price. 

Post: [Calc Review] Help me analyze this deal

Keith Hebert
Pro Member
Posted
  • Rental Property Investor
  • Swoope, VA
  • Posts 10
  • Votes 0

View report

*This link comes directly from our calculators, based on information input by the member who posted.

Post: Remote Locks for airbnb door locks??

Keith Hebert
Pro Member
Posted
  • Rental Property Investor
  • Swoope, VA
  • Posts 10
  • Votes 0

Hey Andrew, thanks so much for the input. I decided on a company called Virtual Key and will be using all Yale touch pads as well as deadbolts. They will sync them at their office and send them already programmed and ready for installation. It’ll come along with a hub and a repeater to extend reach to a basement laundry room. I was thoroughly impressed with their operation when we did an online consultation. If you’ve ever heard of Vacasa homes, that’s who they use. They serve Over 200 cities and 10,000 plus short term properties. Very robust back end use with several fail safes in place for lock outs etc. they should arrive this week. Fingers crossed! 

Post: Remote Locks for airbnb door locks??

Keith Hebert
Pro Member
Posted
  • Rental Property Investor
  • Swoope, VA
  • Posts 10
  • Votes 0

Has anyone used a company called Remote Locks for your short terms (Airbnb) rentals? I've researched this to death it seems and landed here. The company is based out of CO.  Almost finished with renovations of an old Victorian in Virginia that has a main entry door and then 4 separate 1br units inside. Also have 2 owners closets for cleaners that will be electronic. One upstairs and one down. I need a total of 7 remote access locks. This company has software that links directly to both Airbnb and Vrbo booking which automatically generates entry codes for the duration of the guest's stay. This same access code will also temporarily let them access the front door as well as their unit for the same booked stay. Quote is $1871 for all 7 electronic locks and includes one year subscription for the software which is $203. I want this to be as automated as possible. Any experienced thoughts before I pull the trigger? 

Post: WHOLESALE DEAL - $92K below ARV & $64K below as-is (appraised)

Keith Hebert
Pro Member
Posted
  • Rental Property Investor
  • Swoope, VA
  • Posts 10
  • Votes 0

We are pleased to present you with 1101 Slate Hill Drive, currently offered at $237,700. We just had this property Professionally Appraised for an AS-IS value of $302,000, and we've determined a Conservative After Repairs Value of $330,000. We're offering this property for more than $92k below the ARV and more than $64k below the AS-IS value with only minor repairs/renovations needed!

1101 Slate Hill Drive is a 3 Bedroom, 2 Bathroom home set on 2 acres with additional storage and Studio Apartment downstairs, accessible via a separate, external entrance. This property is EXTREMELY well built and maintained by the previous owner. It has a massive fenced-in yard for entertaining, 2 outdoor sheds and multiple decks which require very little for repairs. The whole property needs only minor repairs and renovations to realize its full potential! The property is centrally located in a gorgeous up-scale, rural area between several notable wineries and vineyards including Trump Winery, and is a short and scenic 15-minute commute into Charlottesville. Go to www.WholesalePropertyHub.com/1101-slate-hill-drive... for more info!

Post: need pro advice on whether to hire an in-house bookkeeper

Keith Hebert
Pro Member
Posted
  • Rental Property Investor
  • Swoope, VA
  • Posts 10
  • Votes 0

Thanks so much Frank. I appreciate all of your insight. She's going to present a plan and offer to me within the next few days and I feel like this may be a good opportunity to expand on many fronts. The software is Quickbooks (not the online version). Each individual house is broken down into a chart of accounts as per Real Estate Accounting guru Amanda Hann. I hired Amanda a couple years back to look over our accounting and returns to make sure we were heading in the right direction. I learned several years back that not all CPA's know or specialize in real estate not are they adept at strategy. I've also hired Diane Kennedy in years past for the same reason. Good stuff. 

Post: need pro advice on whether to hire an in-house bookkeeper

Keith Hebert
Pro Member
Posted
  • Rental Property Investor
  • Swoope, VA
  • Posts 10
  • Votes 0

We have 40 long term tenant doors between 4 entities and just about to dip our toes in short term Airbnb with an additional 5 doors which are being renovated right now. Bookkeeping is currently housed in the same office as my CPA now. It is done by her staff with her oversight. I appreciate all of the feedback. You guys are awesome! Been at this for a some time now but don’t know what I don’t know. Just want to streamline and improve where needed. I’ve had a close relationship with her office with very open  communication and she would like to talk about efficiency and capping the rates. Hope this additional insight answers some of the questions. 

Post: need pro advice on whether to hire an in-house bookkeeper

Keith Hebert
Pro Member
Posted
  • Rental Property Investor
  • Swoope, VA
  • Posts 10
  • Votes 0

Thanks For the input Frank. 

Bob, thanks for your reply, at what point would you say the tipping point is for adding a part time Bookeeper in the future as you suggested?

Post: need pro advice on whether to hire an in-house bookkeeper

Keith Hebert
Pro Member
Posted
  • Rental Property Investor
  • Swoope, VA
  • Posts 10
  • Votes 0

Hello fellow investors,

I need some professional insight. We have several dozen rental properties, flip a few houses per year and are just getting ready to add a new venture with a few short term Airbnb's. I've had and still currently have a local CPA/Bookkeeper who just raised their rates from $100 to $125 per hour for CPA and from $35-$45 per hour for bookkeeping. My total bill last month was $2800 which put's me on track thus far for over 33k per year not including tax returns.I should disclose that I have another business that keeps me traveling pretty much half the year.

Our Real Estate business operation looks like this:

Property manager handles tenants and collects rents, he deposits all rents into our accounts and coordinates the rent roll with bookkeeping, they cut him a check for his gross collected rent management fee, bank statements are automatically sent to CPA's office for them to reconcile against business credit card statements, they also handle 95% of day to day financial operations from there to include paying contractors, setting up utilities, paying company bills ,bank deposits etc. for 4 and now 5 entities with the short term rental llc.

We have a initial goal of 100 doors so I it's pretty easy to see this cost jumping significanly in the not so distant future. What is reasonable cost for these activities? At what point in time should I consider hiring in house? If I do hire in-house, what should expect to pay?

Thanks in advance for any feedback!