Jennifer Jackson
Tenant Resisting Autopay
I purchased a property with existing tenants. Currently, each of them puts their rent in a dropbox. We changed this method to an online system. All of our tenants have signed up except one, who refuses to use the syst...
Grant Francke
Best time of month to close.
What is the best time of month to close? I know I've heard it on the podcast before but I can't remember. Looking to take advantage of the amortization schedule to get the most rent before a payment. Thanks!
Danae Meurer
Accounting for seller concessions
How does one account for seller concessions from the HUD-1? Is that amount subtracted from the basis, or is that money allocated proportionally to each item in the closing costs it covered?Also, if there is a Lender ...
Marian Fine Frueh
Bookkeeping Question - How to record a property purchase
Dear BP community,Perhaps this is a basic and easy question, but I am not an experienced bookkeeper. I understand debits and credits and income statement accounts vs. balance sheet accounts. But I am new to real est...
Tracie Van
Need help with Quickbooks desktop - Willing to pay!
I switched from QB online to desktop because I could not justify the pricing any more. I am running into a few issues.I have two tenants who pay rent three months at a time. I am stuck on how to apply the existing cre...
Zachary Caudill
Collecting rent from low income tenants
We are closing on our first apartment building! (Only 15 units) but it is in a low income area where not all of the tenants have bank accounts. What is the best way to collect rent without driving to the property ever...
Vania Nettleford
Ideas for Collecting Cash Payments
I have a 6 unit building and I'm trying to move away from having to go down to the building monthly to collect rent. I was able to move half of the units to paying online/cashapp but a few of my tenants still don't ha...
Andrew Z.
How to set up accounting and banking for reserve funds.
Hello, everyone. I have a newbie question about reserve funds. Let's say I have a number of rental properties, each with income, actual expenses, and reserve funds for capex or vacancy.1) Do you have separate bank acc...
Joanne Tsai
who screwed up here?
Hi BPers:I have a situation here, and this is not the first time it happened... We purchased a property in Aug 2020, closed on Aug 31st to be exact. We prepaid the property taxes for the remainder of the year (Sep-Dec...
Ryan K.
Equifax hacked, 2/5 of Americans breached
EQUIFAX SUFFERS MASSIVE SECURITY BREACH Equifax, one of three nationwide credit-reporting companies that track and rates the financial history of U.S. consumers, says a giant cybersecurity breach compromised the pers...