All Forum Posts by: Matthew Beans

@Zach Westerfield You'll like QBO. It's very user friendly, and gives useful reports. Especially when you bring on a bookkeeper... QBO is the way to go.

@Simon W. Yes, and we just started the website. It will improve!

As a loan officer... I can do loans using Bitcoin :)

@Zach Westerfield, you are a rare breed. How big has your operation grown in the last 4 years?

Over the last two to three years I have been flipping houses, and wholesaling real estate. I have done everything from acquiring a property to dispositioning property for wholesale.

I have built relationships with real estate investors. Not only locally in Phoenix, Arizona, but nationwide. After wholesaling for a little while, I eventually got into flipping. 

I flipped my first property, and kind of ran into a couple problems financially.

My girlfriend, Cat, has been bookkeeping and transaction coordination for real estate investment companies over the last year and a half. 

On the first property I flipped in central Phoenix. I bought it for $145,000. Then sold it for $255,000. I was 50/50 with the partner on that deal. I was using a spreadsheet for bookkeeping and accounting. I had all my expenses down to a "T".

I was super solid.... I thought.

I was taking all his receipts from Home Depot, Amazon, and other vendors, and entering them into a spreadsheet.

The day of closing, July 31st, 2020, I received a call from my partner and he says, "Matt, how much have we spent on this property?" 

I gave him the number.

As I signed all the documents at the title company there were a couple thousand dollars in fees I wasn't expecting!!

About a week after closing, I started finding all these receipts that totaled $3500.

So, My partner ended up making a couple thousand dollars more than I did on this deal.

How did this happen!? After Cat helped me get setup in Quickbooks and get things dialed in, we realized a major need in the industry.

Soooo....We started a bookkeeping business for real estate investors!

Not sure why the rest of the pics didnt post: https://www.redfin.com/AZ/Phoe...

@Tom Tran, If you hire a bookkeeper VA, be sure they know what they are doing. The most common problem/trouble with VA bookkeepers (especially overseas) is they promise they know how to do what you are expecting them to do, but then they don't.

All of my bookkeeping clients are Virtual (even the local ones) and they are all real estate investors, developers, wholesalers, and real estate agents. If you need any help with this, I'd be happy connect with you. 

@Colin Reid, You're on the right track. Most people's regret is that they wish they would've set the proper foundation up front. The expense of QBO for the few months that it's "overkill" could be virtually irrelevant for the profit you'll make by being able to more smoothly scale up the business and produce income. 

I'm not sure if you plan to bring on an assistant or team members, but having to retrain (or relearn) could be a giant headache as well. 

All of our clients are on QBO. Even the guys starting out with 1-2 deals per month. I want my clients to grow their business, and make it as smooth as possible. Having to transfer all the data from 1 thing to another costs time and money. 

I agree, our clients also use classes as properties to track the expenses, and ultimately profit on each property. 

Definitely have a lawyer agreement/contract drafted.

The Go Giver meeting was yesterday. Not too far from the house you are house hacking. Great Value. Let's connect and get you into some of the meetups!