All Forum Posts by: Kole Kingslien

Hey Everyone,

I'm looking for suggestions and tips on how to do bookkeeping properly and what you recommend for a bookkeeping software. I am primarily interested to know if anyone uses Quick Books Online for rental property bookkeeping and how they like it. I would like to be able to keep everything separated for each property, and be able to pull individual reports as well as a total report. 

Thanks in advance for the tips and advice,

Kole 

I am looking for advice on hiring a tenant to do work at a property. Here is the situation:

I have a 4-unit property with a common area that needs to be swept monthly, as well as pulling weeds in a small area in front. Both tasks will only need to be done 1-2 times per month, so all in all it's only about 2hrs of work/mo (around $20/mo). Is there anyone out there that has a similar situation? I have two main concerns:

1. How do I log a right off this expense how do I/do I need to track this payment/expense?
2. Would I be putting myself at a risk from a liability standpoint of injuries or accidents that occur during such tasks (for example- falling down the stairs while sweeping)? Would a homeowners insurance liability policy protect me in this case. If I am at risk, is there a way around it, where I can still hire the tenant for certain tasks without being liable?

Any advice in much appreciated.

Thanks,

Kole

Thank for the advice Everyone! this was some very helpful information!

Hi Everyone,

I have a question about current deal I am working on. I am buying a property on Land Contract, and am buying it with equity. My plan is to buy the property on Land Contract, and then refinance out as soon as possible to pull as much equity out as I can. From what I understand, when a bank does a REFINANCE, they lend up to 75% of the VALUE, rather than the COST, allowing me to avoid a 25% down payment, and making it possible to pull equity out.

Should I file the Land Contract with the Register of Deeds?

Is there a "seasoning period"?

Should there be any problems that come up in this strategy?

I am curious as to if anyone has done this before, and how the process worked? 

Thanks!

Hi Everyone,

I am hoping that there is someone with experience who can help me out. 

I currently have one rental property (in the middle of buying my second right now), and have some questions about bookkeeping. My questions are:

• Should I keep a separate income/expense spreadsheet for each property (and should I include mortgage principle in those spreadsheets, or would a CPA rather me leave it out?)?
• Should I organize my receipts by property, or is it fine to keep them all in one folder?
• I also keep a mileage log, should I organize the miles I drive by property, and include them on the spreadsheets, or can I just keep a general mileage log?
• I also have expenses that are not related to particular properties, should I keep a separate spreadsheet for these expenses? (Direct mail marketing, inspections on properties that I don't end up buying, miles driven to look at potential properties or meet with potential sellers, and so on)

I am still new to investing and bookkeeping, but I want to make this as clean and simple as possible for myself, and a CPA when the end of the year comes around.

Thanks,

Kole

Interesting @Account Closed, did he have a change of mind about selling? 

If everything turns out in the next couple weeks, I will post the details here on BiggerPockets! 

Thanks for the advice everyone!!

Yes,  I think he told me about you,  he said there was one guy wanting to buy like a year ago or so!

Hi Everyone,

I am writing this because I recently came across a potential deal, and am looking for advice. I found a home in Janesville Wisconsin (I live 20 minutes away) that has been converted into a four unit. Though I don't usually like converts, The layout of this one works pretty well. Each unit is 1 bd 1 bth, has a sun porch, and a detached garage stall that goes with.

The building is about 2600 Sqft, and needs a new roof (it would be a 3 layer tear-off, 2 layers of shingles and 1 layer of cedar). All units are occupied, and landlord pays heat and water. 

The main concern I have, is that the property has asbestos siding, and I have never dealt with this. Can I go over it with vinyl, or maybe just leave it? I have no idea what it would cost to get it removed and re-sided. 

The owner is willing to do a Land Contract at $85,000 with $5,000 down for 25 yrs at 7% Interest, and the property taxes are $2,600/yr. The total rents are $2,300, and heat in the winter runs $200/mo, and water runs $100/mo. I'm estimating the ARV to be $120,000-$140,000.

Again, my main concern is the Asbestos Siding.

Any insight would be helpful, Thanks!

@Scott Sklare,

Is this deal still available, and would you consider selling one of the properties individually? I am looking for a 4-unit to owner occupy in Janesville. Please let me know,

Thanks,

Kole 

Hello BP Marketplace,

I am looking for a Four Unit in Janesville Wisconsin. Ideally, I would like there to be good potential for value add. I am not looking to buy for cash, I will be getting owner occupied bank financing.

I would also be interested in areas slightly north of Janesville ( Edgerton Wisconsin area ).

I would not be opposed to Duplexes/Triplexes, if the numbers work.

If anyone has a property that fits this description, and is considering selling (or knows someone who does), please get in touch with me.

Thanks,

Kole Kingslien