All Forum Posts by: Kevin Brown

Hi,

We own and manage two AirBnb's.  We have previously tracked all expenses manually in google sheets and produced financials statements manually, also in google sheets.  

Transcribing transactions from bank statements, posting transactions to the correct accounts, and then manually creating an income statement, statement of owner's equity and a balance sheet is a fairly time consuming process and I have not been able to keep up with the book keeping between my regular work responsibilities.

What accounting software do people recommend?  I would prefer something I can buy once - software subscriptions are a nuisance.

Something that automatically downloads transactions from my online banking portal and that can be used to easily categorize expenses for financial statements would be excellent.

Thanks,

Kevin

Hey!

I am just wanting to connect with any investors or agents in the Bourbonais area.

Anybody active around there?

Thanks!
Kevin

Investment Info:

Single-family residence buy & hold investment.

Purchase price: $132,000
Cash invested: $23,000

Contributors:
Justin Sheley

We just purchased our first STR after a succesful rent arbitrage agreement.

What made you interested in investing in this type of deal?

The cash flow on our previous STR was very impressive.

How did you find this deal and how did you negotiate it?

FSBO on Zillow. We negotiated through our excellent realtor Justin Sheley. We ended up in a bit of a bidding war and accidently made an offer higher than our lender was okay with. We lowered our offer before they made a decision and they came back asking for our original offer. We refigured the deal, added more down and won the bid in somewhere the middle with some seller credits thrown in.

How did you finance this deal?

conventional investment loan with %15.

How did you add value to the deal?

Adding furshings

What was the outcome?

About to open the doors! So we'll find out soon.

Lessons learned? Challenges?

We lost one deal because we we're trying to minimize downpayment and didn't think enough about what other deal we were going to buy if the first one didn't work out. On the second one we were more agressive because time was of the essence heading into the busy season for the STR.

Did you work with any real estate professionals (agents, lenders, etc.) that you'd recommend to others?

Justin Sheley