Rene Hosman
How do you do bookkeeping and financial reporting for your rentals?
4 December 2024 | 30 replies
Hi Rene,It’s great that you’re planning to level up your bookkeeping!
Nicholas Woo
what are your thoughts using Anderson advisors?
23 December 2024 | 30 replies
With enough knowledge you can make a educated decision on which approach you take.My experience:I personally don't sign up for any program who take you aside during events and try to sell packages that is just blatant sales strategy.Once you sign up there is every attempt to make you sign for their programs for bookkeeping, registered agent, LLC or corp setup fee which have ridiculous even with platinum membership.Basic standard structure they suggest to take advantage of multiple deductions can be easily achieved by proper education or work with a good firm like https://wcginc.com who is local to you.A umbrella C-crop to manage all other LLC properties and take advantage of many tax deductions that are not available with a llc, its also used to take losses up to 100K as startup expenses and dissolve the entity after few years.Few LLC entities for investing in Real Estate, etc preferably in Wyoming or Nevada ( you can find many companies online who can do this for $150 compared to anderson $1500-$3000) , they will claim they have a secret Operating agreement which is bogus.They certainly try to take advantage of tax loopholes and claim to be smart people, my view they are just taking advantage of numbers as per their own statements.
Dave DeMarinis
Stessa and Buildium for Accounting and Prop Mgmt
14 December 2024 | 13 replies
I’ve not used them (Stessa is working for me) but I’ve read positive things from others using those as a DIY book keeping solution.
Brandon Morgan
is an LLC necessary?
16 January 2025 | 29 replies
This also helps with asset protection, monthly bookkeeping and annual tax return preparation.
Nicholas Nakamura
Investing in Ohio-Specifically Section 8
5 January 2025 | 33 replies
Realtor referred to the GC who was terrible at bookkeeping and communication.
Hussain Harun
Switching FROM Quickbooks to other accounting sofwares (Xero, Freshbooks)
15 December 2024 | 25 replies
Any time I have a client who did their bookkeeping for rental properties with QBO, it's it's always a lengthy process to try to sort it out.
Jeremy Jareckyj
Mid Term Rental Agreement
29 December 2024 | 15 replies
I use the lease feature from Rocket Lawyer as it's part of my tools stack from Baselane - my banking/bookkeeping/tenant management platform.
Xavien Rafael
Why Structuring Your Bank Accounts Is Key to Real Estate Success
13 December 2024 | 5 replies
I am the only real estate investor with my bookkeeper and at first she thought this was a little overboard but once she started setting rules in Quickbooks to simplify her work she quickly realized how simple this method makes things.
Christopher Morris
Is Relying on Cash Flow Feasible?
13 January 2025 | 57 replies
We do all phases of the operation through. buy, rehab, rent, repairs, bookkeeping, tax preparation, etc.
Keith Richardson
Should I open an LLC for each property?
24 December 2024 | 9 replies
LLCs can help streamline bookkeeping, but they don’t offer tax advantags unless structured as an S-Corp.