All Forum Posts by: Robert Lindsley

Hey there!

I’ve been using QuickBooks Online for my property management and I’ve come to realize it’s the wrong tool for the job.  So I am looking for new software and wanted to ask for your thoughts.

There are a few things I am trying to do:

- Manage multiple properties through multiple LLCs

- Keep track of invoices and payments from tenants (bonus points for accepting CC payments)

- Automatically be notified of late rent payments and apply late fees

- Give a book-keeper access so they can keep all the accounts reconciled

- Be able to hand off data to my accountants at the end of the year

- Online only preferred, but could download a client to my Mac if needed

Hopefully that’s not too tall of an order.  I’d love to get your thoughts and use QBO for just basic accounting.  Thanks in advance for any recommendations.

Thanks!
Robert.

Hi there,

I am getting ready to purchase a multifamily property in FL.  The listing agent is arranging the financing through a private lender so it's a fast closing.  I've never gone through the private lending process before and the contract feels very burdensome.

Could I ask one of my fellow BP members to take a look at the agreement and let me know if there's anything weird or that you wouldn't be comfortable with signing?  I'm not asking for a legal opinion, but rather somebody who's been through the process before and their thoughts (and knows what to expect).  I'm not sure if all agreements are like this because it's my first time going through private lending.

I need to make an offer ASAP and no lawyer can look at it in time for me to get an offer in before the two other buyers nipping at my heels.

If you are willing to take a quick look I'll send you the agreement via PM.

Thanks!
Robert. 

Thank you @Erin Legler.  I will PM you.  I really appreciate it!

Thanks!  I'll give Randy a try -- thank you.  

I'm not sure what the contract looks like yet.  I'm not using an agent, rather the selling agent will be providing the docs.

Thanks!
Robert.

Hi there,

I'm getting ready to buy a 24 unit multifamily property near Orlando and am looking for a lawyer to review the P&S. I'm planning on making an offer on Monday and am looking at a 5 day closing.

Does anybody have recommendations for a lawyer for this transaction?  Flat-rate would be best if possible.

Thanks!
Robert.

Hi Christopher,

Thank you for that. I did the math assuming a 6.45% Cap Rate for Orlando, along with $115,544 NOI but I don't believe this building could ever be worth $1.8M. Is my math incorrect?

Thanks!
Robert.  

Hi there,

I'm looking at buying a 24 unit apartment building in the Orlando area.  The building cost $699k and needs around $200k in repairs.  The building has 15 efficiency units, 3 1BR units, and 6 2BR units.

What process should I use to determine the ARV of the building? Any thoughts would be greatly appreciated!

Thanks!
Robert.

Thanks a ton for the advice.  @Matt K. I already have a couple of properties owned in a corporation — I agree it is a hassle, but after my next purchase I’ll have close to $2M in properties and I want to be as protected as possible.

@Wilson Lee Thanks so much, and it totally makes sense.  I have a registered agent in WY as well but will need to get another for the PA properties.

@Jerry W. It seems like multi-owner LLCs have more protection. I think the idea of an anonymous LLC is cool but ultimately seems like too much of a headache to pursue. I would definitely be using a property manager for all this stuff.

If anybody has more thoughts on this I’d love to hear them.  Thanks for the terrific thread!

Robert.

Hi there,

I am getting ready to purchase a property in PA and I live in MA. I'd like to buy the property through an LLC but need some advice.

I am forming an LLC in Wyoming which will own the LLC in PA. The LLC in PA will purchase the property. These LLC have not yet been set up.

I have a couple of tactical questions for forming the LLCs:

- Should I form the Wyoming LLC anonymously? If not, should I form it with one or two owners?

- How do I set up the PA LLC so that the Wyoming LLC owns it? Is there a section in the PA site that allows me to do that while forming the LLC?

Any help would be much appreciated!  Thanks!

Robert.