All Forum Posts by: Landon Mizuguchi

@Ryan Leake Thanks for the great post! One thing I have also seen investors do is have too many personal use days which can have lead to a similar situation as Jackson. Overall I would recommend talking to other investors or professionals familiar with the strategy and having a solid system for tracking material participation.

Absolutely - that's a great point! Seems like you're well versed in this subject Kelly. Curious to hear the system you'd recommend for tracking material participation?

I made a tracker based on the IRS audit guide. Its free on our site, but happy to share a link if anyone is interested

@Kelly O'Keefe Thanks, can you send me you template for tracking material participation?

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Quote from @Nathan Harden:

Just hop on the ole Google and start interviewing CPAs and their knowledge in Real Estate. Word of advice, don't always listen to strangers advice on who they go with. I've had run ins with people on here telling me to use "their" contractor.

Make a couple phone calls, turns out the contractor is their son who's done about 2 jobs in a year.

My 2 cents

Thanks for the 2 cents!

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I'm based in Virginia. I have have a couple multifamily and 1 STR in LLC.

Any recommendations would be helpful. Local or remote is fine. My current CPA doesn't understand real estate.

1 Vote

I'm based in Virginia. I have have a couple multifamily and 1 STR in LLC.

Any recommendations would be helpful. Local or remote is fine. My current CPA doesn't understand real estate.

4 Votes

@Sean O'Keefe can I get a copy of the real estate professional logbook?

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Quote from @Simon W.:

Quote from @Tania T.:

Thx - everyone. I am definitely considering an online bookeeper after all of this. It also looks like alot of the tax accountants use quick books.

I second everything Michael said. QB isn't quick and easy.

I wouldn't stress so much about what Tax Accountants use. All they really need is a Balance Sheet & Income Statement. If they have any questions, the bookkeeper should be able to help out.

Totally agree, Digb and Stessa are more focused on helping real estate investors. This is what the Real Estate CPAs prefer for the reasons Michael already mentioned.

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I like Buildium and went with them.

Would steer clear of RentRedi https://www.biggerpockets.com/forums/899/topics/1154114-5-mo...

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Jacksonville, Florida

Quote from @Cathy Bell:

I live and die by Rental Hero. I've been using this software for years for my rentals and it's the best. My tax accountant loves it, too. I don't think I can do anything else now. Rental Hero is so user friendly and so easy! Nice reporting features. Highly Recommend!

This sounds like a commercial on TV :)

Never heard of this software and also a little sketch that this post is from 6 years ago. This may have been the top solution 6 years ago -> top software for real estate investors doing this now Quickbooks, Digb, and Stessa.

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Quote from @Brian Van Pelt:

Quote from @Landon Mizuguchi:

Quote from @Taquana Hudson:

Hello is it necessary to have Property Management and Accounting Software for landlords? if so what software would be recommended as easy to use?

Looked at QB and it doesn't;t handle multiple properties well. I looked at Stessa and Digb and decided to go with Digb because they also support with taxes.

Quickbooks does handle multiple properties and multi unit properties and taxes. It all depends on how you initially set up the the GL,AP,AR,IN. You have to remember it's just setting up the correct chart of accounts.

I looked into this. QB that supports multiple properties is $85 per month. This is a lot more expenses that real estate focused software and you don't have to "setup anything" it just works for real estate out of the box. I'm not a finance person so I want it to be straightforward.

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Quote from @Taquana Hudson:

Hello is it necessary to have Property Management and Accounting Software for landlords? if so what software would be recommended as easy to use?

Looked at QB and it doesn't;t handle multiple properties well. I looked at Stessa and Digb and decided to go with Digb because they also support with taxes.

0 Votes

All Forum Posts by: Landon Mizuguchi

Landon Mizuguchi has started 3 posts and replied 95 times.

Post: Navigating STR Loophole Tax Strategy: Success Stories and Cautionary Tales

Post: Looking for CPA I have a couple multifamily and 1 STR

Post: Looking for CPA I have have a couple multifamily and 1 STR in LLC

Post: Looking for CPA I have a couple multifamily and 1 STR

Post: Real Estate professional logbook example

Post: Recommendations for RE Accounting Software

Post: Property Management Software

Post: Best accounting software to track rental property income/expenses

Post: Accounting software for real estate investors

Hello is it necessary to have Property Management and Accounting Software for landlords? if so what software would be recommended as easy to use?

Post: Accounting software for real estate investors

Hello is it necessary to have Property Management and Accounting Software for landlords? if so what software would be recommended as easy to use?