All Forum Posts by: Kole Kingslien

Does anybody know of a good CPA in Southern Wisconsin? Janesville or beloit area. 

Thanks! 

Hey guys,

I'm starting out, and have 1 property, and I am trying to figure out how to do the books. I have decided that I want to use Excel for the first year, to get comfortable with bookkeeping. 

I currently have one rental property, with a tenant moving in at the end of December. I just opened a Business checking and Business Savings account (I formed a DBA), with my personal funds. I plan on growing in 2018 (I'm hoping to acquire 10 next year), and have decided that I do not want to open a bank account for each property, I'd rather run them all out of one account. Here are my questions:

• Do I need to create a separate spreadsheet for each property? (I can't figure out how to add more than one property to excel, while still being able to separate the expenses to the corresponding property)  

• Should my spreadsheet/spreadsheets match my bank account balance exactly?

• How do I track expenses that are not tied to a particular property? (Direct mail marketing expenses, printers, lawyer fees ect.) 

• Should I have two business accounts? One for rental properties, and one for the business expenses (direct mail costs, acquisition costs, gas, paying private lenders)? My idea is that money will come into the rental property account, and all of the rental property expenses will be payed out of that account (including what I will be saving for reserves); Then the cash flow (profit), will be payed to the business account, and then the business account will "pay" me my personal income from everything. 

If someone could help explain this to me, I would really appreciate it!

Thanks much,

Kole

@Brie Schmidt,

Awesome! Thanks helping to clear that up! I will definitely go that route for the landlord side! 

One other thing I had a question about; When I take before and after pictures for condition purposes, do the need to be printed or date stamped? We have a camera that doesn't date stamp anything, so I was wondering if this was important?  

Also, what verbiage is used on the check in/check out sheet? I have the lists, I just cannot find a guide for verbiage used when filling it in?

By the way, I just realized why your name sounded so familiar, I listened to your podcast on Thursday, loved it!

Thanks again, 

Kole

Hi guys,

I am posting on here in search of some answers to a few questions I have about legal contracts. I will start this off by explaining what it is I am looking to do; I am basically wanting to find out what exactly I will need, as far as legal documents and/or any license, to do this.

I am looking to buy off market properties, from leads generated from direct mail marketing. Since I am going this route, an agent will not be involved, so I will be writing all my own offers, and dealing with the title companies. My intention for these properties is to buy and hold them for my own rental portfolio, wholesale them, or for fix and flip them for myself. I am not exactly sure what I will need for these purposes. I know that in Wisconsin (that's where I live) it is illegal to "assign" a contract unless you are an agent, because of how our state defines brokering; For this reason I plan to do double closings, using "Bridge Loans" using either private, or hard money, to complete the transaction for the wholesaling scenario. 

What I am looking to learn:

• How do I obtain Offer to Purchase contracts when not using an agent?

• What types of contracts and or license will I need for flipping, wholesaling, or buy and hold?

• Will I need anything from sellers as far as legal documents?

I know that WisconsinLegalBlank offers purchase contracts and more, but it seems like these are worded for agents, and I don't know that I can use them; Even If I can, I don't know how to fill them out, verbiage and such.

I am really just looking for guidance on everything I will need for what I have described above. Any advice is much appreciated!!

Kole 

Thanks @Brie Schmidt, I will definitely check it out again! The one thing I noticed on the PDF versions was the following statement on their website.

"  These forms have an expiration and are not sold for permanent use. The downloadable forms are for one time use, 

once activated the forms will expire in the time period indicated in the product listing. You will be able to make corrections and save the
form during this time. Once expired the form can no longer be used and/or the word "Expired" is printed across the page and is no
longer fillable. There is a limited number of print cycles (9 unless otherwise stated), sufficient to print a draft and copies for all tenants/parties
and your copy of record." 

This indicates to me that I will still have to buy them an re-download them each time. Is there another way around this?

@Marcus Auerbach @Brie Schmidt, 

Thanks fro the advice! I have been on Wisconsin legal blank, and looked through all of their packages. The reason I haven't got a package from them yet, is that there is no way to download them into a word document or PDF, so I would have to buy new ones every time I have a turnover, or obtain a new property. What I'm really trying to find are Word Doc/PDF forms that I can put in a digital folder on my desktop, which will have everything I need in it for when I have a turnover or new property to rent. This way, I would also be able type in all the information I need, instead of hand writing it, and then just print it, and sign at the bottom. I am trying to set up an efficient system, so that when I start to grow at a quick pace, it will be made easy and simple.

In regards to the Lawyer drawing up contracts, I don't think I explained what I'm looking for very well. I am looking for a Lawyer who also draws up offer to purchase contracts, and contracts for private money lending and owner financing transactions. All the contracts on WisconsinLegalBlank seem like they are designed for agents; Since I am not an agent I don't know if I can use these, or even how to fill them out if I could. I am wanting to target off market leads through direct mail marketing, so there will not be agents involved, and I will be making the offers. I just want to make sure that I have the right types of contracts for this scenario, and everything I'm doing is legal and binding.

Kole

@Bettina F.,

Thanks for the information! Super helpful!

@Daniel Hyman,

Thanks for the reference! I am hoping to stick to my area though (Milwaukee is 1hr 45 min away).

I am looking for an attorney in the Janesville / Beloit  Wisconsin area, who specializes in working with landlords. I am also looking for someone who can draft real estate contracts, and private money contracts. I am a first time rental property owner, and am seeking someone who can look over some of my rental contracts, and advise me on other steps I may need to be taking. I would also like an estimate of what this service would cost.

Thanks! 

@Jason Bott @Peter B.,

Thanks for the info, I have been on Wisconsin Legal Blank, but I did not know they had a "Landlord Packet", thanks for the heads up!

I am really trying to get an organized system in place!