All Forum Posts by: Pavlos Kasselouris

When every property gets its own report it makes sense. Basically he is charging you $350 per dwelling. Imagine two inspections for double the systems, two AC units, two water heaters, two electrical panels and so on...

 Try Dream Home inspection Kris Skirrow. Google them :)

I've used them for few properties and usually do the 4 point and wind mitigation for insurance purposes with very good rates 

 Never unsupervised,  but almost always I have good tenants that will show themselves to other prospects. They are my best sellers almost. 

 Yes, since I'm showing only rentals, I either setup an appointment with the tenant that is leaving, or the unit is already empty. 

I just dont want to give a lockbox code that I cant control who will go and when, and has access anytime, any day after I give it out.

I want to automate the showing process, by having prospects registering (sending maybe a copy of the DL) and providing them a unique code within a specific time window to go and see the property. 

I know some big investment funds do it this way. I don't mind being present during showings to vet the prospect because the time consumed is considerably a lot and only a few will actually be really interested. At the end of the day whoever I decide to put in the property will be thoroughly vetted. Plus rental properties are empty...

Do you have in mind any lockbox providers that can do this?

So far I found only the "codebox"

 Thank you Cameron,

Both of you were a great help to figure out how to enter the amounts correctly to reflect the amounts moved around and reported correctly.

Now I just have to figure out to is the best way to enter a property with building cost, capital improvements from actual work, capital improvements costs from refinance, accumulated depreciation, costs amortized over the life of the loan, record mortgage payments automatically etc...but I think this might be a different trend.   

Yes I understand. Its an LLC.

In my simple mind "distributions" are money going in our pockets, and not taxable net income. I'm just trying to understand how to keep the equation Asset=Liabilities + Equity, when essentially you take out the cash from the bank account (which are money from the refi) and Equity goes down from the distribution since its a negative number, and how all of that appears in my QBO books.

Actually the more I read what you are saying the better picture of what's wrong I have. I think it has to do a combination of equity "investments" that are not showing when we bought the assets, the fact that I created the LLC after we had already bought two properties, and things got involved with our personal taxes. I think I have to start from my last tax return and go from there in order to incorporate correctly the debits and credit in the accounts. (My head will explode...lol)

 Thank you for quick response!

What if the cash out did not go to our business account, or simply went there and then got distributed to our individual accounts? Will I Debit a Cash in Hand account? Also what happens to the Equity Partner distributions when you cash out refi and the retained earnings?

Hi everyone!

I recently had a bookkeeper from India, setup QBO for my 4 rentals. Properties are under a LLC with a partner and we have bought, made capital improvements, cash out refinanced. I feel things got a little too complicated for the virtual assistant. Overall he did a good job, so I dont complain.

My question is how do you log a cash out refinance on a property like the one I referenced.

I had him log under the property, the actual cost (split land-building),  capital improvements(which includes closing costs from cashout refi), accumulated depreciation, loan costs that gets amortised over the life of the loan, and setup an escrow account that all the prepaid taxes and insurance went. 

Of course under the long term liabilities went the actual mortgage.

What I don't understand is under what account does the actual cash go to, since its not a taxable event?

Usually how do you get a deal from a wholesaler in a double closing situation?