All Forum Posts by: Patrick J.

@Russell Brazil

The Arizona MLS is crap too. It looks outdated and something from the 90s. They need to take the billions we give them and renovate it to something more user friendly.

I use Realtor.com for all my investment searches since it's more accurate than Zillow.

@Jacob Peistrup

Watch Ricky Carruth. 6 hours calls Mon-Sun and 2 hours educating yourself on the market, processes, etc etc etc.

Now is the perfect time to make phone calls. Also a lot of the part time agents and agents who weren't doing good will leave the business in a down market and focus on their full time jobs. More business for you. Old realtors will think about retiring and enjoying retirement before they catch Covid 19.

@James Baker

There are excel templates online or just pay $10 on Udemy to learn the basics. Then just track all of the income and expenses and for the expenses put a note on excel on what the cost was for. Make your life easier and stay away from quickbooks, multiple bank accounts and multiple credit cards.

You don't need all of that yet. Maybe in the future.

@Lance Lvovsky

I think having 20 credit cards for each rental is absurd. Managing multiple bank accounts would be stressful enough.

I would just learn how to use excel and keep everything under one account unless you're scaling towards huge apartment complexes or 8+ units.

As far as liability goes, just have insurance. LLCs provide a false sense of security either way.

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@Larita Thomas

Whats the contingent

@Heath Jones

You're paying for a professional at the highest caliber. Do you know how difficult it is to become a CPA?

1. BS in Accounting- $40,000 & 4 years.

2. Masters in Accounting- $30,000 & 1-2 years.

3. Working behind a cpa for 1 year.

4. Study materials- $3000 & 1 year studying.

5. Passing an exam that 50% of people fail which can take another 1 year.

In my opinion, people who have a cpa license shouldn't work with clients for the typical $250-$500 fee. They should be working with high end clients and charging $1,000+ along with a monthly tax planning, bookkeeping and payroll fee.

I know a guy who has 60 units and pays his CPA $25,000/year for tax planning, bookkeeping and tax preparation. He can afford it though with 60 units. That CPA probably has a million dollar firm. The big bucks come from packaged monthly deals, not just taxes.

@Andrey Y.

Once again, you didn't realize any gains. You just borrowed more money and increased your liabilities. If the property were to go down in value, you would be in trouble without having any cash flow over the years.

@Scott Louis

Stop following Grant Cardone. Stick to BiggerPockets and Mark Ferguson.

@Scott Louis

Stocks are riddled with accounting fraud, ponzi schemes and insider trading, I'm surprised you survived it.

Don't have to worry about any of that with real estate.

@Andrey Y.

And you'll never realize any gains until you sell. Why can't you have both cash flow and appreciation?? Your logic is ridiculous and there is no need to over analyze numbers down to per sqft.