All Forum Posts by: Satyam Appadwedula

@Cory Cox do you have a excel spreadsheet template you can share? Do you import transactions from your bank accounts or manually do data entry. How do you create balance sheets and equity calculations etc? I would like to find one solution that allows me to manage all financial statements in one software without having to think too much:)

@Cory Cox, what did you end up doing? I tried Wave and Stessa. Wave is great if you only have one property per LLC. I have 3 under one LLC (one bank account), So its not possible to separate expenses by property. Stessa gives income statement, net cash flow by property and allowing assigning expenses to particular properties. But it sucks at some asset/liability setup for balance sheets.

With Xero and Quickbooks, you can allocate capital expenses (Like a new HVAC etc) so it doesnt show up in your income statement? And other complications like a cash out refinance or a 1031 and how it affects your balance sheet? 

I assume both these applications can generate an income statement, balance sheet and cash flow by property? (I have 3 properties under one LLC and currently in Wave its a pain to allocate expenses by property, stessa is doing a better job but the balance sheet is not generated properly in Stessa as its difficult to create an asset and liability etc.

I usually buy a package on WI legal blank and have tenants sign them. They are pretty comprehensive and you can write down any additional conditions of tenancy for you. Not too expensive. https://wilegalblank.com/. Also, recently I just scanned the applications and been trying to use docusign for electronic signatures. This keeps everything filed away nicely and establishes the email communication with the tenants too. Hope that helps

I have a commercial tenant (bakery). We used to run the bakery and to get out in a rush when my partner moved back to Israel, we sold the equipment (ovens, refrigerators, Proofers, mixers etc) and rented the space to this tenant. We wrote a note for the equipment sale and wrote a lease for 1 year and handed over our bakery accounts (we were profitable). Soon after he took over, he messed up orders with some major clients and ran the business to the ground. He was behind on rent and his guarantor covered the balance when I showed him the door in October. The note for equipment did not see any payments beyond the initial down payment (10k of 30k sale price). I told him to remove all equipment by end of November and I will waive the note and not go to court as I just wanted the space back. Otherwise he will have to sell all equipment and pay my note with the proceeds. 

He is not making any attempts to sell the equipment (or telling me he has no buyers and he will remove it when he find buyers). I am stuck as I cant rent the space. Can someone advice me on what I can do the equipment? It is not cheap to remove the equipment. The note is in default but I dont want to pay back the original 10K down payment and keep the equipment and he is not paying any rent to hold the equipment. Can I sell whatever I can and keep the money as part of the payment to my note? Or does he still have ownership on the equipment. Can he just go to court if I do a fire sale? When is it considered abandoned? If there are some attorneys on this board to talk to me about this, I would like to connect with you. 

@Rebecca Knox, are these public groups and when do these groups you run meet? Are you still meeting in person? I would like to attend some networking events with investors, lenders, contractors etc. Any advice is appreciated. Thanks.

@Chaim Lampert. Thanks for taking the time and your response.

@Rebecca Knox thank you for your response. Appreciate it. Care to share what type of savings you missed in your past tax returns review? That seems like a big amount. Is that one specific change in strategy or a combination of small things missed?

Hello Brock, I would definitely like to connect with your CPA. Can you let me know who you use or PM me if you cannot post here? Thanks. 

@Basit Siddiqi, thanks for the response. I have done it already. And we used the intermediary. We both knew about that. And most hopefully do. But when I had to send him online research about using the funds to buy more than one property and other questions he did not know about, I got a bit worried about what tax savings or other opportunities I am missing. But he doesn’t focus on RE. So I think he is a great guy but we may not be the right fit.

My CPA does not specialize in real estate investing. I am looking for someone to help with tax strategies and help file my Real Estate LLC's and W2 taxes. I live In Milwaukee, WI and would like someone who is close so we can meet if needed and possibly owns some real estate themselves. I am worried that I had to explain some aspects of 1031 to my CPA right now through my own research over the internet. He did not fully understand all the nuances of the exchange properties.