All Forum Posts by: Scott F.

Hi Ed,

How funny this post shows up today, we just finished a job about three hours ago that had oak floors that were previously carpeted. Go with oak floors, solid surface like vinyl plank, or vinyl, avoid carpet when you can, it always wears out, stains and smells after a year or two.

Ben Roberts

@Ben Roberts

Starting small, implementing rules and procedures is a recipe for success. Plus it will allow you to make the mistakes you’re bound to make in QB before they become fatal. There are a ton of books and YouTube videos on QB so you shouldn’t have too many problems. PM me if you need help or one of the CPA / Accountant’s on BP for more in depth help.... and probably the correct answer :o).

Hi @Douglas Skipworth,

Thank you for the kind words, and thanks for the Jay Papasan’s book I’ll have to pick that One up, (pun intended)!

Hi Ben,

I use Quick Books online (QBO) so my accountant can access the books and I can also have my debit card automatically upload all purchases made (with the card) to my QBO. About $30.00 per month, very simple to use and set up. They can also do my reconciliation from their end and prepare my 1099’s at year end.

I also have QB desktop for three other business I own. QB online you can only run 1 business with 1 subscription – QB Desktop, you can run several business but your accountant can’t access it via the web (if that’s important).

I also drive a ton but just keep a pre-printed form from MS Excel that I track my mileage with. I simply give the total mileage at the end of the year to my CPA and he works his magic!

Hi Mitzi,

It looks great, I love rehabs, especially with before and after pictures. I can tell you have a ton of pride and passion in this project. 

Good luck!

Wow, all great advise and just to think it cost you nothing Louis, I love BP!

What additional charges do you have for your tenants? We have about 15 separate documents that have to be read and signed for each new Client at lease signing day. 

One that always pays off is the:

"ADMINISTRATIVE CHARGES AGREEMENT"

Administrative Charges that you may be billed for and will have to pay

if you do not agree with these fees -DO NO SIGN THIS FORM OR ACCOMPANYING LEASE

This covers things like:

• Pick up rent - $25.00
• Unlock house due to key being left inside or locked out due to tenant - $25.00
• Replacement key for lost key - $25.00
• Add new person or remove person from lease - $100.00
• Unclog toilet due to obstruction caused by tenant - $25.00 plus sewer cleaning fee if applicable
• Prepare eviction documents - $50.00
• Eviction filing fees $200.00
• Utility transfer fee for not transferring utilities - $50.00
• Any trash or debris picked up in yard or around property left by tenant - $50.00 plus hauling/dump fees

Resident agrees that subject to the conditions above and will pay immediately when invoiced for any charges.

It’s understood that the above amounts are minimum charges.

Hi Chris,

I use Quick Books online (QBO) so my accountant can access the books and I can also have my debit card automatically upload all purchases made (with the card) to my QBO. About $30.00 per month, very simple to use and set up. They can also do my reconciliation from their end and prepare my 1099’s at year end.

Nice job Mitzi,

Is the flooring in the LR Alure from Home Depot or original? Any basement or on a slab?

Hi Mike,

Hang on you’re on the ride of your life!

Growing is great, controlled growth is better than explosive growth. Sometimes 50 under control is better than 100 out of control, work on putting your systems into place, run it like a business. You’re a lucky man to have your wife on board!

Best of luck to you two!