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All Forum Posts by: Nicole Heasley Beitenman

Nicole Heasley Beitenman has started 165 posts and replied 2833 times.

Post: Fund / Syndication Checks and Balances

Nicole Heasley Beitenman
#5 Medium-Term Rentals Contributor
Posted
  • Investor
  • Youngstown, OH
  • Posts 2,920
  • Votes 2,409
Quote from @Chris Seveney:
Quote from @Dani Beit-Or:

I'm looking to partner with a builder to raise funds for a syndication holding long-term rentals. We've worked through most of the financial aspects, built in buffers, and taken a cautious approach.

One key priority is setting up checks and balances to reduce the risk of fraud, especially when it comes to handling funds. I want to make sure there are multiple layers of oversight to prevent issues caused by a bad actor or rogue employee.

Here are some ideas I have so far, but I’m looking for more:

  1. Two signatures required for checks over $1,000 – Does the bank actually enforce this? And what happens with electronic payments (Zelle, wire, ACH, etc.)?
  2. I hold the account in my name and grant them access – Would this create any liability for me?
  3. Legal agreements – Of course, I’ll have an attorney draft and review them, but I want to come prepared with ideas to strengthen protections.

What other safeguards or ideas do you suggest?


 Just hire a third party bookkeeper and have them make sure the books are updated on a monthly basis


Hey Dani! I'm a bookkeeper specializing in real estate. Please let me know if I can answer any questions.

Post: What is the Most Useful Graduate Degree for Real Estate Investors

Nicole Heasley Beitenman
#5 Medium-Term Rentals Contributor
Posted
  • Investor
  • Youngstown, OH
  • Posts 2,920
  • Votes 2,409
Quote from @Estela Legaspy:

@Estela Legaspy probably not very feasible as with accounting or auditing you work a lot. 

I disagree. I have a bachelor's in accounting and worked in commercial real estate accounting for 7 years. I also have my own portfolio I've been managing for 10. Now I'm operating my own bookkeeping business specializing in real estate. It's wonderfully flexible.


Post: Seeking Advice on Rental Property Tax Preparation

Nicole Heasley Beitenman
#5 Medium-Term Rentals Contributor
Posted
  • Investor
  • Youngstown, OH
  • Posts 2,920
  • Votes 2,409

I have an accounting degree, and I still outsource my taxes. I was able to handle them myself until I hit about 3 properties. I'm in Northeast Ohio where the cost of living is lower than most of the country, but my CPA charges us $400 a year (I'm down to 2 properties now).

Even if you decide to handle them yourself this year, go to your local REI meetup and find out who investors around you are using. Get connected with them so you have someone in your pocket to reach out to when you're ready.

Post: Which tool do you use to calculate net income yoy

Nicole Heasley Beitenman
#5 Medium-Term Rentals Contributor
Posted
  • Investor
  • Youngstown, OH
  • Posts 2,920
  • Votes 2,409

I'm an accountant and bookkeeper specializing in real estate. For my own portfolio, I use Wave. My clients are on Quickbooks or Stessa. 

Do you have a separate bank account for your rentals?

Post: CPA Learning to help REI with Taxes and Bookkeeping

Nicole Heasley Beitenman
#5 Medium-Term Rentals Contributor
Posted
  • Investor
  • Youngstown, OH
  • Posts 2,920
  • Votes 2,409

Hey Kristie! I'm also a real estate bookkeeper. I've been investing and hanging out on BP for almost 10 years now, so please reach out if I can help with anything. Always happy to network with fellow REI enthusiasts.

Post: Investor looking to connect and help using Real Estate Bookkeeping

Nicole Heasley Beitenman
#5 Medium-Term Rentals Contributor
Posted
  • Investor
  • Youngstown, OH
  • Posts 2,920
  • Votes 2,409

Hi KP! I'm also a real estate bookkeeper. Would love to connect. I've been investing and hanging out on BP for close to a decade now, so please feel free to reach out with questions.

Post: Bookkeeper v. Accountant

Nicole Heasley Beitenman
#5 Medium-Term Rentals Contributor
Posted
  • Investor
  • Youngstown, OH
  • Posts 2,920
  • Votes 2,409

So much gray area. I have an accounting degree, can read financial statements, and can give light advisory based on financials because I've been in the REI space for a decade now. I don't have my CPA, and I want nothing to do with tax prep. While my company name only contains "Bookkeeping," if you ask me what I do, I say "accountant and bookkeeper."

Post: Bookkeeper Advice Needed

Nicole Heasley Beitenman
#5 Medium-Term Rentals Contributor
Posted
  • Investor
  • Youngstown, OH
  • Posts 2,920
  • Votes 2,409

@Benjamin Larabee Hey Benjamin! I have an accounting degree, 5 years of experience as a property accountant in the commercial space, and 10 years of managing the books for my own rentals. I launched my independent bookkeeping practice last year. I'll PM you. 

Post: Youngstown Real Estate Connectors Monthly Meetup - February 2025

Nicole Heasley Beitenman
#5 Medium-Term Rentals Contributor
Posted
  • Investor
  • Youngstown, OH
  • Posts 2,920
  • Votes 2,409

This group was established to help real estate investors and other real estate professionals in the Mahoning Valley grow their business through networking. We meet on the 2nd Wednesday of each month at Buffalo Wild Wings in Boardman. While you are welcome to bring your deals and services, there will be no sales pitches by the organizers. Our only aim is to help build connections within the Youngstown real estate community.

We welcome current and aspiring real estate investors, contractors, agents, lenders, and anyone else who could benefit from connecting with like-minded individuals.

There is no structure or agenda--simply come in, grab a drink, and a grab a seat next to some one new. Bring your questions, your deals, your business cards, your contractor recommendations, your needs, your best practices, your experience, your lack of experience--whatever you have (or don't have!). Find a partner, a mentor, or just a new friend. Share, learn, and grow.

Post: Alternatives to full security deposit

Nicole Heasley Beitenman
#5 Medium-Term Rentals Contributor
Posted
  • Investor
  • Youngstown, OH
  • Posts 2,920
  • Votes 2,409

I only charge $500. My MTR tenants are less risky than my LTR tenants were.