All Forum Posts by: Travis Buchanan

@Aaron H.  Thanks Aaron.  So, if I understand you correctly, since I have used carbon-copy checks, I have a transaction record.  And as long as I have the details of that transaction noted in my Quickbooks entry, I should be OK?

@Jamie Yoder  Thanks Jamie.  I just had a look at Cozo.co.  I am not using any services like that, only keeping paper receipts, and entering into Quickbooks on a regular basis.  It looks like a very comprehensive solution for landlords.

Hi all,

I think I got some advice on tracking expenses and such when I started out, such as "never pay in cash, always write a check" etc.  I was hoping to get some better defined guidance from the community.

1) For the most part, I have receipts of supplies/materials I bought at Home Depot.  They have an ability to register there, so I can see all my business receipt history.  I may not have kept the original receipts, but will I be fine just to print out any that I may be missing from the online portal?

2) I have traditionally paid my landscaper by checks, but I have no receipts.  Will I need to create them for him?

3) I used a local contractor for hanging exterior doors.  Similarly, paid in checks, but no receipt.

4) Drywall/paint/trim paid by checks, no receipt

5) Plumbing work (resetting drainage/p-traps/ventilation), paid by checks, no receipt. 

I am assuming that I will need receipts for every transaction that came through my business bank account, or credit card charges.  I am envisioning opening up all my repository of receipts, and ensuring that I have one, or able to print one out, for every transaction.  Is there an easier path to rectify all of this?  Creating receipts for my landscape or plumbing help?

Also, I overheard someone saying that any expenses over a certain amount would require a higher level of scrutiny, or formality, as a business-to-business transaction.  Is this true?

@Lance Lvovsky  Thanks Lance!  I heard about something like this in other reading I had done, but did not think about this at the time.  This circumstance certainly makes the advantages of this clear to me now.

As one payment has already been processed, would this be an issue to implement now?  Subsequently, is there any paperwork I need to draw up to formalize this loan between my business and I?

I am finishing up the rehab on a property, and in order to do this, I took a signature loan to acquire the last bit of capital needed.

I transferred the full amount of the loan into my business checking, and setup auto-draft from my business checking.  Though this has been successfully debited in the past, my bank has just informed me that they can no longer debit the business account, as the loan was done in my personal name.

Seeking guidance for options here, as well as tax/accounting implications.  I am thinking about a couple options:

A) Setting up the auto-draft from my personal account, and paying "me" back each month with a recurring transfer from the business account, just before the payment is due.

B) Opening a personal checking account at the bank where I secured the loan, and transferring the money from the business account to the new checking account.

C) Open for suggestions.

Is there a recommended way to do this, without causing too much complication for tax filing and accounting at EOY?

Thanks in advance!

@Jordan Decuir

Thanks Jordan!  I actually went to one lastnight in Clear Lake area, and it was exactly the type of environment I was looking for.  That being said, I'll definitely head out to Katy, schedule permitting, for the the next meetup out there.

Same question for me as well.  I see a lot of Meetup activities, but most tend to be tied to fees and membership, and ultimately appears to be selling a service/training/stuff.

Curious to understand a better mechanism to network with other investors, and openly share info in a benign way, without the concern that someone is trying to sell you on the "next tier of membership".

I'll let you know if I find any good ones!

Hi all,

I'm a new investor in the Friendswood, Texas area (South East Houston).  My wife and I have four kids, and are quite active with sports or other activities with the kids on the weekends.  It is rare that we have a weekend without plans.  

After flooding in Harvey, we ended up buying our neighbors house once we got done getting our own house back in order.  Along the way, I really started re-prioritizing what was important for me, and our family.  It's funny how events like these can refocus and reconstruct your perspectives on a lot of things.

Suddenly, I started remembering the "Rich Dad, Poor Dad" book I ready a decade ago, and how much that changed my perspective of assets at the time, yet took no action about it. I started listening to podcasts on the way to work and back, and watching YouTube videos every night. I started taking an active interest in learning to evaluate ROI and cash flow, and creating my own exotic spreadsheets and algorithms laying out my own personal strategies. I've joined the local REIA, created an LLC, and am thirsty to learn all I can about the aspects of real estate, deal structuring, and how to analyze and take advantage of situations and opportunities as they present themselves.

I'm focusing on generating passive income for our family, and pursuing a level of financial freedoms. SFH acquisition would likely be my immediate area to understand thoroughly, with the intention for holding long term. But I also don't want to ignore any other options that may present themselves as well.

I'm looking forward to meeting many of you, helping where opportunities present themselves, and hopefully learning as much as I can along the way!