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All Forum Posts by: Mo Nueman

Mo Nueman has started 4 posts and replied 9 times.

@Max Emory. Thank you for the feedback. I think I am leaning towards QBO.

@Jake Baker, Thank you for the feedback. I like the idea of the QuickBooks online. I really do not like Excel. it's just too much work. I would rather pay a little more now to build a foundational system for growth. 

Hi everyone,

As a newbie in the world of Real Estate Investing (REI), I'm eager to establish a strong foundation for managing my finances.

To streamline this process and stay organized, I'm seeking recommendations for user-friendly online bookkeeping tools specifically designed for REI. Ideally, the tool would help me effectively track:

  • Income generated by each property
  • All associated expenses for each property (e.g., mortgage payments, repairs,maintenance)

I'd appreciate any insights you have on reliable and user-friendly tools that meet these needs. Additionally, if there are any resources or tips you'd recommend for a beginner like me to excel in the REI bookkeeping realm, I would be grateful for them.

Thanks in advance for your guidance!

Mo.

Quote from @Alexander Yates:

Hi @Mo Nueman,

Depending on what exactly you're doing/looking for, there are a few options. The easiest one is to find an investor-friendly agent (which you can do here on BP), as Michael mentioned above. This is typically the method for on-market/MLS properties, as I'm sure you know, but you could also offer a commission to your agent if they help you with an off-market property. Agents are a great resource for the neighborhood insights you're looking for and are typically more than happy to take photos and videos of properties you're considering. Agents will have inspectors they know/have worked with in the past as well if you need recommendations and have a network they can lean on if you need more specific inspections (e.g., sewer line, septic, pest, mold, etc.).
Another great service that can help with all of these things comes from property managers. Even if you don't have a property to manage, you can start the conversation with them, explain what you're looking to do in their area, and they will be able to advise you on neighborhood insights, inspectors, and, once you have a property for them, have them go out for photos and videos.

Regarding photos and videos, another option I've used is a 3rd party platform such as TaskRabbit. The key is to be very specific about what you're looking for in regards to quality of photos, whether you want full walk-through videos or have them broken up by area, etc. When I hired this type of work out, I put together a full job description as if I were hiring a photographer/videographer. It's best to set expectations upfront and ensure they're going to cover all of the areas that you need to see.

For inspections, while it depends on what your main goals are (e.g., price vs. quality & comprehensiveness), you can usually find plenty online. I recommend starting with a certifying association such as InterNACHI, ASHI, NAHI, etc. (searching "home inspectors association" will give you all of these as top results), and then searching for a home inspector based on location. From there, narrow your results by checking out their services, costs, and many even provide report examples of actual inspections they've completed so you can know what to expect as a final product. There are typically local inspection companies that provide investor-focused inspections that are a bit more basic (e.g., testing main components, general mechanicals condition, basic roof condition, any major red flags, etc.) for a lower cost. These are the type of inspections you usually find wholesalers using because they're around half the price of a full home inspection (e.g., $200 vs $400, depending on your market and their services). Many home inspectors will also offer add-on services for the more specific inspections I mentioned above. I recommend putting a spreadsheet together as you're doing this research so that you only have to do it once. Choose your top ~3 inspection companies, contact info, etc. and then when you're ready to start due diligence on a property, start with your top choice and then utilize your backups if needed for availability, coverage area, or whatever other reason. Use this same spreadsheet and build it out anytime you're looking for new professionals in all of the trades. That's how you start an introductory vendor/contractor list. Then the next time you need to hire a plumber, you just go to your list instead of starting over with a Google search.

Finally, regarding neighborhood insights, if you're not using an agent, and don't find another boots-on-the-ground type person in your area, networking is the way to go. You can do that here on BP, for example. Use the search function to search the forums and blog posts first for information on the market(s) you're interested in. Chances are, there is a thread or 20 that already contain(s) discussion on what you're looking for. If not, start a new thread and/or connect with people that you see are active in the market(s). You can also search for real estate associations in the area, utilize websites such as neighborhoodscout (there are several others like this, which I'm sure you will also find in forums/blog posts), and sometimes even local entities such as title companies will put out information on their local market that has great info on demographics, price points, growth areas, etc.

Long story short - there are ways to get all the information you're looking for but in some cases it may take some extra effort if you're not working with an agent or property manager.

In any case, wish you the best of luck! Keep us posted on how your journey goes. And if you're looking at the Northern Nevada or Northeast Ohio markets (I live in Reno, NV and invest from a distance in the Cleveland, OH area), feel free to connect and message me for more specific referrals.

Cheers,
Alex

Thank you @Alexander Yates. This is a wealth of information and I will be looking into them. Never used TaskRabbit but will give it a try.

@Michael Smythe 

I'm looking for recommendations for online services or platforms that connect me with individuals who can perform specific tasks on properties I'm considering, such as:

  • Taking detailed photos and videos
  • Conducting basic inspections
  • Providing neighborhood insights
Quote from @Steven De Lange:

Hi Mo, 

If you narrowed down your market to a few markets and are pre-approved and ready to buy, but haven't decided on the exact market yet because you want to get a better feel for it, I would recommend starting to build your team. Teams are essential for local investing, but even more so for long distance investing. I would start by finding an investor-friendly agent, which you can find in Bigger Pockets. They can connect with you and be your boots on the ground offering you a chance to see properties with video showings and talk to you more about the market. Another way to get a good idea of what's out there is by reaching out to property management companies in those markets. They will have a great idea of what rents are and times on market, etc.

Hope this helps!


Thank you Steven. These are great approach.

Post: Seeking Advice on REI Bookkeeping Tools

Mo NuemanPosted
  • Posts 10
  • Votes 5
Hi everyone,

As a newbie in the world of Real Estate Investing (REI), I'm eager to establish a strong foundation for managing my finances.

To streamline this process and stay organized, I'm seeking recommendations for user-friendly online bookkeeping tools specifically designed for REI. Ideally, the tool would help me effectively track:

  • Income generated by each property
  • All associated expenses for each property (e.g., mortgage payments, repairs,maintenance)

I'd appreciate any insights you have on reliable and user-friendly tools that meet these needs. Additionally, if there are any resources or tips you'd recommend for a beginner like me to excel in the REI bookkeeping realm, I would be grateful for them.

Thanks in advance for your guidance!

Mo.

Hi everyone,

I'm interested in investing in properties outside of my current location. While online research is essential, I sometimes need someone local to help assess potential properties in person.

To bridge this gap, I'm looking for recommendations for online services or platforms that connect me with individuals who can perform specific tasks on properties I'm considering, such as:

  • Taking detailed photos and videos
  • Conducting basic inspections
  • Providing neighborhood insights

Ideally, the platform would allow me to:

  • Browse profiles and reviews of available assistants
  • Clearly outline the tasks and desired outcomes
  • Receive quotes and schedule appointments

I'd appreciate any insights you might have on reliable and user-friendly platforms that meet these criteria.

Thanks in advance!

Mo.

Hi All,

I am interested in out of state property investment. While reviewing properties online is a great start, sometimes I need some boots on the ground to help me with them. I am looking for recommendations for an online service or platform to help me find someone that can do a few task for a property that I may looking into. What are you using or know of that works the best?

Thanks,

Mo.