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All Forum Posts by: Monica Kovalsky

Monica Kovalsky has started 28 posts and replied 58 times.

Post: LLC Accounting Questions for New LLC Owners

Monica KovalskyPosted
  • Real Estate Investor
  • Amherst, NH
  • Posts 59
  • Votes 14

Hi @Brian Stinson

  1. I'm no expert but I'll let you know what I've been doing...
  • How do we pull money out of the LLC to put toward a down payment of another building?
    1. We either take an owner draw and then do an owner contribution to the new llc OR loan the money from 1 LLC to the other, then you have the benefit of charging interest to yourself
  • How do we pay ourselves from the LLC's?
    • Owner draw
  • How do we put money into an LLC to fund a project if there is not enough there already to cover it (i.e. new roof)?
    • Owner contribution
  • Does it make sense to have a bank account for our parent LLC? What would you use this account for?
    • We did not set this up... still not sure if this is necessary or not

Hope that helps!

Post: Time Tracking Software with GPS

Monica KovalskyPosted
  • Real Estate Investor
  • Amherst, NH
  • Posts 59
  • Votes 14

Thank you @Thomas C Perry Jr! I will check that out.

Post: Time Tracking Software with GPS

Monica KovalskyPosted
  • Real Estate Investor
  • Amherst, NH
  • Posts 59
  • Votes 14

Do any property management companies utilize a time and gps tracking software to keep tabs on their property managers and tasks? 

I am currently looking into to Clockshark but wondering if anyone has any other recommendations.  

Our goal is to identify if too much time is spent on certain tasks so we can reduce costs and improve efficiency.  

We currently have 3-4 PM's working across 30 properties \ 150 units (all same city) and for example a lot of time is spent collecting overflow trash and bringing it to the dump so with some time information we can evaluate if we should invest in a large dumpster.

Post: Quickbooks Online for Rentals with Multiple LLCs

Monica KovalskyPosted
  • Real Estate Investor
  • Amherst, NH
  • Posts 59
  • Votes 14

@Carl Fischer thanks Carl! Never heard of it but that sounds awesome... I'll look into it!

Post: Quickbooks Online for Rentals with Multiple LLCs

Monica KovalskyPosted
  • Real Estate Investor
  • Amherst, NH
  • Posts 59
  • Votes 14

@Michele Roberts

Thanks Michele! Curious why you recommend Customer/SubCustomer over classes for tracking different LLCs?

Also, do you know if you would need separate Buildium subscriptions for each LLC? Or does their accounting functionality include Balance Sheet reporting by LLC all under one subscription?

Post: Quickbooks Online for Rentals with Multiple LLCs

Monica KovalskyPosted
  • Real Estate Investor
  • Amherst, NH
  • Posts 59
  • Votes 14

I recently converted to Quickbooks Online for 2 main reasons: 1) peace of mind in case my computer decides to crash 2) may eventually hire a virtual bookkeeper so thought online would be easier.  

I thought I could just track each LLC in a separate class but accountants keep telling me I need a separate QBO company for each LLC which requires another paid subscriptions. Bottom line: doesn't make financial sense to me.

No one however has been able to explain to me in a way that makes sense (at least to me) why I can't use classes for each LLC? I think I heard it has something to do with the balance sheet but it appears to me that QBO has Balance Sheets by Class so I don't see the issue?

Can anyone help???  Thank you!!

Post: Best tool for Online Rental Applications?

Monica KovalskyPosted
  • Real Estate Investor
  • Amherst, NH
  • Posts 59
  • Votes 14

Hi,

Is Cozy the best tool for online rental applications?  If not, what do others recommend?  We have about 150 apartment units (low income housing) and have only done paper applications to date but looking to set up an online option.

Thanks!!

Post: Manchester Tenants Displaced by Major Fire looking for 2 BR Apts

Monica KovalskyPosted
  • Real Estate Investor
  • Amherst, NH
  • Posts 59
  • Votes 14

Hi landlords, 

My tenants have been displaced due to a major fire in my 6 unit building and are looking for new housing.  If you have any 2 BR units available, please let me know so I can pass along the info.  Their rents were in the $750-900 range.

Thank you,

Monica

Post: Task Management Software

Monica KovalskyPosted
  • Real Estate Investor
  • Amherst, NH
  • Posts 59
  • Votes 14

Hi everyone, 

What software do you use to keep track of tasks and maintenance projects with your team for your rentals?  For context, our team maintains 127 units. 

Thanks!
Monica

Post: Communication Tools for Low Income Tenants

Monica KovalskyPosted
  • Real Estate Investor
  • Amherst, NH
  • Posts 59
  • Votes 14

Hi all,

For those that have several units, what have you found the most effective way to communicate general communications to your tenants?  For example, we want to share our new snow removal policy.  Do you mail letters, post on a corkboard, send a text, email?

Thanks!