All Forum Posts by: Markus Shobe

I have Ally's saving also and it gets better interest rates than the banks. I just found out about Ally's this year and I have earned more interest on my money than I have for the last 5 years. Automatic transfers are easy to setup and it only takes 1 business day to get your money. 

@Justin Foster

With 14 properties, how much time would a bookkeeper spend on keeping my books up? I would hope to get financial statements on a monthly basis

There are so many factors to consider that its nearly impossible to give you an accurate answer. Some factors to consider are how many loans do you have, how many mortgages, do you have bank accounts for each property, and how good are you with receipts. 

What's the advantage of a local bookkeeper vs virtual? Is there a benefit to looking for a virtual assistant that does more than bookkeeping?

There really is no advantage in my opinion, unless your going to have the bookkeeper mail checks and do deposits. 

How much do different scenarios cost?

It depends on what you have the bookkeeper do. I would call or email around and see what you get quoted and tell them about your business and what you need them to do each month. 

What's a good way to setup a system with expenses and getting the bookkeeper this data?

It depends on what accounting system you are using? For example with Quickbooks online you can snap pictures and it goes directly to Quickbooks for your bookkeeper to categorize. If you have an in house bookkeeper just bring your receipts to him or her and write on the receipt what property it was for. You cold also email precepts but with 14 properties but I am not sure how much activity you have. 

How much tax prep does a bookkeeper do?

Usually none but there are some CPA's that can do both bookkeeping and tax prep. CPA's bookkeeping services are usually higher. 

@Ryan Runchey There is not really any good information out there on setting up Quickbooks online the right way for real estate investors. You are already ahead of other beginner investors by using a specific bank account just for the rental and uploading receipts. I would look into hiring a bookkeeper, as they can save you time and money in the long run. The biggest tip I can give is to use classes for each property that you have so you can see how each property is performing.