All Forum Posts by: Monica Kovalsky

What do you include in your new tenant welcome letter / package?  

On occasion we @Kevin Kovalsky may want to reconfigure the layout of one of our apartment units.  Can anyone recommend some software (free or inexpensive) that would work well for this?  Thank you!

Hi @Dan RosenbergThanks for the response.  But I don't see bookkeeping or quickbooks listed on your website?

Hi @Daniel Hyman - thanks as well for your response.  I briefly looked at your website as well.  Looks like this is something you might be able to help with?

Hi all, 

What software systems do you use to manage your buy and hold business? 

•  Accounting software? ie. Quickbooks for financial statements - desktop or online?
• CRM? 
• Property Management? 

Thanks!
Monica

@William S.

Hi William, your website is awesome.  Did you build it yourself?  

Hi everyone!

I'm interested in exploring the idea of using a Virtual Assistant for bookkeeping for our buy and hold business. Does anyone have any advice or VA recommendations?

Thank you,

Monica

Thank you @Linda Weygant!   I think that makes sense.    Can you do those adds and withdrawals as needed and as many times as needed or does it need to be setup as a regular (i.e. monthly or annual) transaction? 

Hi everyone!

My husband @Kevin Kovalsky and I have been in the process of setting up a business structure for our rental properties where each property is in its own LLC and then all the individual building LLC's are owned by a parent LLC.

The purpose of the LLC's are for asset protection but from what I understand, it can all be for naught if you screw up the accounting and since we are brand new to this we have a few questions and I'm not even sure who to ask! Would you mind pointing us in the right direction? Are these questions for a lawyer, tax accountant or some other resource? Does anyone know these answers?

1. How do we pull money out of the LLC to put toward a down payment of another building?
2. How do we pay ourselves from the LLC's?
3. 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)?
4. Does it make sense to have a bank account for our parent LLC? What would you use this account for?

Thanks so much!

Monica

Hi everyone!

My husband @Kevin Kovalsky and I have been in the process of setting up a business structure for our rental properties where each property is in its own LLC and then all the individual building LLC's are owned by a parent LLC.

The purpose of the LLC's are for asset protection but from what I understand, it can all be for naught if you screw up the accounting and since we are brand new to this we have a few questions and I'm not even sure who to ask! Would you mind pointing us in the right direction? Are these questions for a lawyer, tax accountant or some other resource? Does anyone know these answers?

1. How do we pull money out of the LLC to put toward a down payment of another building?
2. How do we pay ourselves from the LLC's?
3. 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)?
4. Does it make sense to have a bank account for our parent LLC? What would you use this account for?

Thanks so much!

Monica

@Kevin Kovalsky