All Forum Posts by: Markus Shobe

Sounds like they are bitter. Looks like you made the right move to move on from them. Better to do it now than later. 

I would not sell. You could do a cash out refinance or even look at a balance transfer at 0% for a couple of years. Only do that though if you can pay it off or get close to paying it off within a couple of years before the interest rate changes. 

I would start with a sole proprietorship first. Once I got a few more I would then start to look at an LLC.

Your best bet would be creating it yourself in excel. It may take time to learn the formulas but you will have our spreadsheet just way you want it. 

You want a bookkeeper that specializes in real estate. It will save you a lot of headache down the road. Upwork and Fiverr are okay, but you want to do your due diligence. Most people looking to hire on there are looking for cheap bookkeeping. Cheap bookkeeping=cheap results

You would want both. Bookkeeper to do the day to day transactions and an accountant or cpa to do the taxes. You want both of them to be real estate experts so the process will be smooth. 

You do not need a local accountant for that. You can hire a remote one for that. There are plenty of them on BP. 

You want to keep personal and business transactions separate. Whether you use paypal, venmo, cashapp, or etc just make sure to use it just for business. You can just have one business account and run all business transactions through there. There is nothing wrong with that.

If it overwhelms you it is time to hire someone to take that off your hands. It's not going to get any easier the more properties you add. If you are worried about how much it cost I would look into having one do updates every quarter. I have a few clients that do that. 

You could use the projects feature in Quickbooks or you could use excel. Since you are already using Quickbooks I would suggest using the projects feature in Quickbooks.