All Forum Posts by: Ryan Guffey

@Whitney Hutten yeah that makes sense, that's pretty much how I was looking at it, I guess not so much an expense, but something I have to be sure to account for

@Nicholas Gessner Thats not a bad idea either, would be nice having 1 account per property and still sorting it like that. Ill have to check my bank and see if theres anything like that around here

@James Ma when would you recommend getting an accountant involved? Right away or after I get a few properties?

I want to invest the profits instead of letting it sit but I wanna build up some reserves first

@Cody Benedetto Thanks that makes sense. I would definitely rather be prepared for worst case scenario then blindsided by it, though just starting out ill probably have to start with lower reserves and build that up first and hope my DD and inspections catch anything so nothing happens for awhile

@Cody Benedetto That makes sense, kind of along the lines I was thinking. For that base amount do you get to that and then just take less per month for the expenses or just keep adding to it? and is that a specific amount that your comfortable with or do you try and hit a certain percent?

How do you track it in your notebook? do you track income and expenses based on the property or do you do a total income total expense?

How do you separate income and save for expenses? If everything lines up and its a good property what do you do to set money aside, hypothetically if your income was 1000 and you set aside 100 each for 10% for Maintenance, Cap Ex, Vacancy, and Management what do you do with it as far as collecting and separating it?

Is there an app for that?

Do you put it in a single account for the property to use as needed, or only use what's collected for Cap Ex just for Cap Ex etc.?

Do you collect rent put it into an account for that property and just keep track of how much is designated for what?

Would it be better to put it in separate accounts for each category so you would have 400 for those variable expenses and the other 600 in its own account?

What about when you get 3+ properties or multifamily? Do you make an account or 2 for each property, or each door?

I haven't got any properties yet but I'm curious how everyone keeps track and keeps everything separate so when I do I want to make sure I'm organized the best I can be right away so I don't get overwhelmed or anything as I get more properties.

@Steven May Ah gotcha, yes I would hopefully see it beforehand, and I would definitely get an inspection to cover myself especially with just starting out. Didn't know if there was some way to figure that out  for my initial analyzation. 

Thank you, yeah I would definitely appreciate it!

@Steven May I am not looking for anything overly specific yet, just trying to practice for now. I just wanted to make sure I was analyzing them correctly. One seemed high on the coc. I did use the 5% for vacancy and 10% for Cap Ex, Maintenance, and Management to hopefully be correct or maybe overestimate. I would like to self manage if I can but with my 401k job i want to make sure I account for it. I also used the BP Property Insights to determine the rents and tried to check it at what it came up with and lower just in case. Is there any way to determine those big ticket items if it doesn't give me that info, just says year built.

I have been trying to practice analyzing deals around the Kansas City area and I found some I thought were good deals, but I want to make sure I'm doing it correctly and using the right numbers. Is there a good way to verify I'm doing them correctly? Or is there anyway to analyze one someone has already done before seeing it so I can make sure I'm coming up with similar numbers while not influenced much by what someone else came up with?

Is there anything you did to help you when you stated analyzing deals?