All Forum Posts by: Nicole Heasley Beitenman

 I'll second Wave. I still use it for my own bookkeeping.

@Max Emory has a list of referrals for tax preparers. I can help with the bookkeeping and accounting, but I don't do tax prep.

You can always start your own! I started one in January 2020, and it's still going strong. It was one of the best financial decisions I ever made. If the local brewery you bookkeep for has space, that's a perfect spot for a meetup.

To bolster your accounting knowledge, I recommend accountingcoach.com.

Welcome! I encourage you to check out the events section of BP and meetup.com for local meetups. That's the best way to meet people in your area. 

As for accounting knowledge, are you looking to expand your knowledge of accounting in general or specifically accounting for REI? I'm an accountant by degree and worked for a decade in commercial RE in addition to managing my own properties. I'm happy to help with any bookkeeping or accounting struggles. I now operate my own bookkeeping and accounting firm.

You've gotten some great responses from locals! I recommend also going to a local REI meetup. You'll either meet someone who does student rentals or someone who knows someone who does student rentals.

Hey Oliver! So excited you're house hacking. It's such a huge boost to your financial health.

I'm a bookkeeper/accountant, and I house hacked a SFH for 3 years. I did tell the tenants I was the owner. I didn't set up a separate checking for the property, but looking back, I wish I had. I would have set up a separate bank account and credit card for that property. All utilities, repair/maintenance expenses, reserves, mortgage payments, and rent payments would flow into/out of that account. You may also want to connect your cell phone and internet to those accounts too, as those expenses are deductible.

The other thing I would have done differently is set up a formal rent collection system like RentRedi. Since your tenants aren't in the same unit as you, that will also be handy for maintenance requests.

Set yourself up with a good bookkeeping system. I use Wave, but I also work in Quickbooks and Xero. 

You can probably manage taxes yourself for just one property, but if you intend to acquire more, it definitely won't hurt to find a tax preparer now who specializes in REI.

Good luck!

Disclaimer: I'm not a CPA or attorney. 

 I agree.

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.

Join us on Facebook to continue networking outside of events! https://www.facebook.com/groups/ytownreconnectors/

I use DealCheck. First, regardless of the strategy I plan to use, I make sure the numbers work as an LTR. If I'm aiming for an MTR and that doesn't work out or regulations change, I know I can rent it out as a traditional LTR. Then I throw in utilities, internet, trash, and snow removal. If the increased MTR rent covers those additional expenses, I'm set.

I would also list on Zillow, AirBnb, and VRBO.