Investor · Sammamish, WA · Member since 2013 · 94 posts · 84 votes
10y
For Quickbooks: Set up each tenant as a "Customer" and each owner as a "Vendor". Enable and use "Classes". One class for each property. Use an IRS Schedule E Form as a guideline for a Chart of Accounts. If you match up your Chart of Accounts to the exact same Income and Expense names that the IRS uses, it will make filing your tax return much cleaner and easier.
Investor · Seattle, WA · Member since 2015 · 90 posts · 13 votes
10y
I'm also looking for an accountant and inspector that has experience with multiunit properties. I'm considering giving Brandon Turner's accountant a call, but I'd rather have someone local I could sit down with.
Specialist · Kirkland, WA · Member since 2013 · 1k+ posts · 817 votes
10y
@Enrique Jevons is a Pretty Awesome Property Manager, I'm not sure he is down in Federal Way.
I don't invest locally but local accountants is a topic that is asked frequently at some of the meetups that I host, maybe some of our Buy and Hold people like @Alex Chin, or @Albert Bui, or @Jiri Vetyska might have some suggestions?
Investor · Sammamish, WA · Member since 2013 · 94 posts · 84 votes
10y
Hello Ben,
I'm sorry I don't go as far south as Federal Way, but I would be able to help you out with the accounting portion. I'd be happy to answer any questions or simply give some advice on setting up Quickbooks, AppFolio, etc. I currently manage over 620 units in both King County and Yakima County.
Investor · Olympia, WA · Member since 2015 · 97 posts · 31 votes
10y
Integrity Property Management. They manage 70 doors for me and I'm at 100% occupancy, I'm very satisfied after trying a couple other companies that did not work out
Investor · Seattle, WA · Member since 2015 · 90 posts · 13 votes
10y
@Troy Fisher I'm guessing you must be referring to yourself for the home inspector? Do you inspect small multifamily properties? What would an inspection for a quadraplex run?
Are you going to manage the Spokane property yourself?
Investor · Seattle, WA · Member since 2015 · 90 posts · 13 votes
10y
@Enrique Jevons I'd love advice and setting up Quickbooks...a sample COA would be really helpful. I imagine when working with an accountant I would do the actual bookkeeping and they would do the true accounting.
By the way, if any of your owners are looking to off-load a 2-4 unit property I am all ears.
Investor · Sammamish, WA · Member since 2013 · 94 posts · 84 votes
10y
For Quickbooks: Set up each tenant as a "Customer" and each owner as a "Vendor". Enable and use "Classes". One class for each property. Use an IRS Schedule E Form as a guideline for a Chart of Accounts. If you match up your Chart of Accounts to the exact same Income and Expense names that the IRS uses, it will make filing your tax return much cleaner and easier.