All Forum Posts by: Account Closed

I use Quickbooks online and my accountants recommended setting up my properties as fixed assets, then keeping track of Labor and Materials separately for each property using product and service classes (Labor and materials must be separated on a Schedule C, line items 37 and 38). Seems complicated but its the best they could come up with, I called quickbooks and they said the same thing, They didnt know a better way. 

When I first started I did it once a year...I DONT recommend that approach!  Now I do it daily, Quickbooks takes a couple hours to get familiar with but once its set up it takes seconds a day and helps you stay on top of your properties. The setup is the hardest to do. I hired a company, Maxim Liberty  (https://bookkeeping-services.com) to set up my chart of accounts and manually enter a couple hundred transactions to get me up to date. Cost me $250 to get completely reconciled and up to date, worth every dime! 

@Sam Newell can you explain the math on 1% being a 7.8% cap? Does this assume a factor for insurance, taxes, vacancy?

I'm from Bham Alabama where you can buy a nice house for 100k. I have a guy that's been paying 1000 a month for 8 years at a house I paid 79k for.

Congrats! All the best

Can you give me more details. What is your payment on the property and loan terms? What are you going to be using the 100k for?

Flip 12 houses

Interesting post.

What are you looking for ?

Based on current civil forfeiture policies I'd evict Immediately. Read the article below, the son was arrested with $40 worth of drugs. The police confiscated their house and kicked them out. http://www.cnn.com/2014/09/03/us/philadelphia-drug-bust-house-seizure/ If You know illegal activity is taking place doing nothing is complicit.