All Forum Posts by: Kyle Pierce

Originally posted by @Nacquata Bryson:

With the first few months of this being a rental there were 2 hail storms and a pipe burst in the home. Thank God I have a stellar property manager who took care of the pipe burst( just took money out of the profits) but the hail damage, insurance stuff and I have a mortgage on the property that I have to go threw as well. I have heard of systems but I haven't had anyone tell me how. This is the main problem I keep running into, even when I read investment books, they tell you the what not the how. Example: You need to separate all of your business income/expenses from your personnel income/expenses. How do I do that when my plan was to take 6 months of my, go to my every day income to renovate my next investment. But based on the advice above I can't because that would be mixing funds. WHAT??? This is the type of things that are super confusing. 

As far as mixing funds, the best way to prevent this is to have a separate bank account and a separate credit/debit card for your LLC. If you want to use money from your everyday job for renovations then you need to transfer money from your personal accounts to your business bank account. This is called a "contribution" to your LLC and should show as a contribution on your books. After the money is contributed from your personal account to your business account then your business can use the money for whatever business expenses you see fit.

Also, using an accounting software like QuickBooks or Xero to help organize income and expenses will make things 100x easier with tracking and when tax time comes. If you only have 1 property then you can probably get by with doing it yourself. But if you feel like its bogging you down too much then I would just pay a bookkeeper to keep track of everything for you so you can focus on more important things

Provo Assignable Contract. Needs mostly cosmetics. Great rental or Quick Flip. Newer Furnace (2013), Roof is in good condition, Water heater is newer. Big lot. 

Contact Kyle for more details [email protected]. Sign up for our buyers list at saltlakewholesalehomes.com and see current inventory.

Great buy and hold or quick flip opportunity. Very minor repairs needed to make this home rent ready. In a very desirable area in Sandy, Utah. Message Kyle for details at [email protected]. Sign up for our buyers list at saltlakewholesalehomes.com

WE ARE SELLING OUR ASSIGNABLE CONTRACT FOR THIS PROPERTY 

I would say $280/month is not that expensive. I agree with Natalie, if you go super cheap with your bookkeeping you're probably using someone that just knows how to put transactions into categories and doesn't really understand the relationship between a balance sheet and PNL or proper accounting. You'll end up with inaccurate reporting and will need to clean it up for the end of the year.

Great opportunity for Flip or Buy and hold in Orem Utah. Smaller home sold just 7 days ago got 435k. See pictures at https://saltlakewholesalehomes.com/deal-details.ph...

PM Kyle Pierce for more details or Email [email protected]

Home in very desirable area of Holladay, Utah. Home much smaller are going for 750k or more. Contact Kyle Pierce for more details [email protected] or call/text 801-810-8756. See pictures at link below.

https://saltlakewholesalehomes.com/deal-details.ph...

Does anyone have experience flipping homes that have ARV's over 1 million in Salt Lake City, Utah? We have a property that we are thinking about flipping ourselves or wholesaling, but I would love to chat about these kinds of flips with someone who's done them before. The profit potential is huge.

Great flip or buy and hold opportunity in Salt Lake City, Utah. Asking 210k, Comps showing ARV at 310k-350k!

Contact Kyle by calling or texting 801-810-8756 or emailing [email protected]. To see pictures of the property or to sign up for our buyers list go to https://saltlakewholesalehomes.com/deal-details.ph... 

I believe in utah the house would only go to the siblings if there are no spouses, parents, or descendants. So in this case the house would go to the granddaughters. Good Luck 

@Jess White How much time is it taking you each month to do the books. I think you just need to assess if you can get a better return with your time. If your spending 10-30 hours per month in the books I would just pay the $400-$800 a month to have someone do it.