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All Forum Posts by: Nicole Heasley Beitenman

Nicole Heasley Beitenman has started 166 posts and replied 2855 times.

Post: New to STR/MTR What do we need to know?

Nicole Heasley Beitenman
#5 Medium-Term Rentals Contributor
Posted
  • Investor
  • Youngstown, OH
  • Posts 2,944
  • Votes 2,422

I am my MTR management. My biggest headaches are cleaning, which I still do myself, and mitigating vacancy. I use RentRedi.

Post: MTR Advice to Increase Activity

Nicole Heasley Beitenman
#5 Medium-Term Rentals Contributor
Posted
  • Investor
  • Youngstown, OH
  • Posts 2,944
  • Votes 2,422
Quote from @Jeremy Jareckyj:

I would post on turbotenant !! It is free to use and has been fantastic for me in finding new tenant, even for furnished rentals


I hadn't heard of this one before! Thanks for sharing. OP, I would add Zillow to your list.

Post: San Francisco & Sacramento MTR

Nicole Heasley Beitenman
#5 Medium-Term Rentals Contributor
Posted
  • Investor
  • Youngstown, OH
  • Posts 2,944
  • Votes 2,422

I highly recommend using the "Events" area of BP and meetup.com to find meetups in the Sacramento area. Local meetups are the best place to gain market insights.

Post: Building my MN REI team!

Nicole Heasley Beitenman
#5 Medium-Term Rentals Contributor
Posted
  • Investor
  • Youngstown, OH
  • Posts 2,944
  • Votes 2,422
Quote from @Max Emory:

Congrats, @Lindsey Konchar! Great job taking action!

I'll DM you the list of REI-savvy CPAs I recommend.

Once you guys scale and the cash flow is there, you can weigh getting your bookkeeping workload off your plate. It's worth it for some but not for others so it will come down to your specific situation and goals.

I'd love to know your recommendations as well. I have three clients who need a new tax preparer, two of which are in REI.

Post: First Equity deal CPA advice needed

Nicole Heasley Beitenman
#5 Medium-Term Rentals Contributor
Posted
  • Investor
  • Youngstown, OH
  • Posts 2,944
  • Votes 2,422

Great response, @Ashish Acharya. I'm going to bookmark your website. I have at least one client, maybe two, who could use your help with tax prep next year if you're accepting new clients.

Post: Stessa - Software Review

Nicole Heasley Beitenman
#5 Medium-Term Rentals Contributor
Posted
  • Investor
  • Youngstown, OH
  • Posts 2,944
  • Votes 2,422

I'm a bookkeeper that specializes in real estate. I've never used it myself, but I have a very good friend with a large portfolio (or what I consider large--probably around 50 doors by now) who's been using it for years. They sing Stessa's praises every time the topic comes up.

Post: This is why I invested.

Nicole Heasley Beitenman
#5 Medium-Term Rentals Contributor
Posted
  • Investor
  • Youngstown, OH
  • Posts 2,944
  • Votes 2,422

Oh Nathan, I'm so, so sorry to hear this. You'll be in our thoughts and prayers.

Post: Tax Planning and to create an LLC or not?

Nicole Heasley Beitenman
#5 Medium-Term Rentals Contributor
Posted
  • Investor
  • Youngstown, OH
  • Posts 2,944
  • Votes 2,422

Go to a local meetup. That's the best place to get referrals to call after 4/15. Like Stephen said, calling any earlier won't be fruitful. I'd even wait til a week or two after the 4/15 deadline just so these folks have some time to breathe.

Post: Bookkeeping Treatment of Postposession Holdback

Nicole Heasley Beitenman
#5 Medium-Term Rentals Contributor
Posted
  • Investor
  • Youngstown, OH
  • Posts 2,944
  • Votes 2,422
Quote from @Michael Plaks:

The best way to treat it, you ask? Not a doctor, but I'd leave it untreated, it should heal on its own.

I don't think there's a clearly prescribed (pun intended) answer. Personally, I would trea..., err, consider it current income. Post closing, your client became the owner, and the seller remained on the property essentially as a tenant. Presumably subject to eviction. I think the payment your client received is an equivalent of rent.

Interesting to hear what my colleagues think, particularly since trea..., err, recording it as a price concession is slightly more beneficial tax-wise.


 I agree completely.

Post: Alternative to QBO with about 100 SFH

Nicole Heasley Beitenman
#5 Medium-Term Rentals Contributor
Posted
  • Investor
  • Youngstown, OH
  • Posts 2,944
  • Votes 2,422

I have friends using Stessa that love it.