All Forum Posts by: Nelisa Lee

We've done hundreds of flips and have always used Quickbooks Online Plus. I like the projects feature available in Plus that Simple Start and Essentials doesn't have. But, if you're trying to stay more cost effective, I believe that the lower tiered subscriptions would still give you what you need as long as you set up the system with all the necessary accounts you need.

That makes sense Max! I also try to limit JEs where I can but sometimes it's the easiest route to the same result just not as clean haha I'm wondering though if you use the bank feed to split those transactions, won't the cash balance show specific to that property? That's the only reason I choose JE to allocate the mortgage payments. Since we have a cash account for the business entity, not each individual property. 

I'm new to the Bigger Pockets online community although listening to one Bigger Pockets podcast episode is what kicked off my original investing journey many years ago! I've been a full-time real estate investor since 2019 and have flipped hundreds of houses and currently own a 50+ SFH rental portfolio (including short-term & long-term rentals).

I'm also a CPA and love the accounting aspects of real estate, probably more than the real estate investing itself! We've managed to keep all of our accounting and bookkeeping in-house so I'd love to connect with more investors and to especially hear from those investors who are doing their own bookkeeping and accounting and any of your current struggles. Happy to try and help with any questions or find solutions to make things simpler :) 

Welcome Gavin and congrats on starting your Real Estate journey! I'm a CPA and full time real estate investor, have flipped hundreds of properties and own a rental portfolio (both short term and long term). Happy to help answer any questions you have along the way. I think you found yourself in the right place - soak up as much knowledge as you can but don't forget to take action!

First off, congrats on making it half way through your first flip!

Agree with all the points Ty has already made above as well. I would also say it depends on your goals and what your business currently needs. Do you need more quick capital? Can you afford to hold onto the property even if it sits vacant? Even if you BRRRR it, you might not get as much out of it as you could flipping it. I'm not familiar with the Scottsdale rental or retail market so that might also impact your decision. There's no right or wrong answer here and will highly depend on your current situation. There are properties I wished I kept but needed to sell at the time, (especially in the beginning of my investing career) and vice versa. If it was my first, I personally would flip it. Focus on building up more capital before holding onto rentals even if you BRRRR them out but every investor is different!

 haha I gotcha!

I'd recommend Matt Lents for this! He's local to Jax and an investor himself so he would definitely be a great person to connect with. https://www.taxadvantage.org/

We also have a relatively small team. We have REISift as a CRM and use what's referred to as "Siftline boards" to create flows for different teams members (i.e. lead management, acquisitions, transaction coordination, etc.) and automated tasks are set up depending on where the property falls on the Siftline board. For all of our renovation projects, we use slack for communication.

Hey Gregory, I'm curious about why you mentioned Quickbooks excluding things like mortgage principal payments. I'm thinking if you create a simple journal entry to allocate the amount of interest paid, principal paydown and any lender required escrow, that this would help that limitation. I might be misunderstanding what you mean by that though. 

Hey David, this is a great point! As a Quickbooks ProAdvisor, I spend a lot of time in the system. Based on my understanding of the Customer functionality in Quickbooks, I agree that for real estate investors who might want a more cost effective option can utilize the Customer features (available in the Simple Start and Essentials version) instead of classes.

Since reports are able to be displayed at a Customer level, you would be able to run individual reports for specific properties as well as whole company reports broken down by property.