BP Nation,
I am curious to get your feedback. When is the right time to start hiring out the bookkeeping? Of course I realize that this answer is different for everyone depending on your goals and what you hope to achieve so I'll give just a little bit of background as to where I'm at and where I'm hoping to go. Maybe someone out there can relate and share your thoughts.
I am a working professional in Fort Wayne, Indiana who loves his day job. I invest on the side to generate additional passive income, but I do not want it to become or replace my full time job. Over the past 6 months I have grown from only two single family residences that I rent out, up to 11 SFR's currently. The growth has been great, but it's starting to wear on me a bit. I already have property managers, bankers, lawyers, laborers and mentors in place, and being a broker I can search for and purchase my own properties easily enough. That said the bookkeeping is getting old.
I'm curious to know from those who have hired a bookkeeper when they implemented the switch was it terribly costly and would you advise it for other Investor as we grow and scale up our business? Would you advise using someone locally that I can meet with and work with or is it reasonable to use someone out of town or even overseas to help with this task?
Thx!
#AskBP
