All Forum Posts by: Simon W.

Welcome fellow NYCer. Am I correct that you are doing a house hack ex. buying multi-unit and living in one?

I didn't even know lenders care about job distance. I was living in Astoria, NY and moved to Lehigh Valley and nothing about that criteria

Are you using another bookkeeper? I think you need to find one that understands flipping business. If you get a COA from here it might not fit to your needs. If the current bookkeeper doesn't know how to create a COA for flipping then it's pointless to give you a COA because that bookkeeper wouldn't know how to use it in the first place.

As a certified advisor for both QBO and Xero, I have to say QBO wins however, you are talking about 6-7x the cost of QBO Plus. 

Xero will work since I have clients that uses them and well I helped them convert to it. My only gripe is that the bank feed connection is horrible. If you are using local banks, there is a high chance it won't connect. You can do a trial and see if bank feeds connect, if it does, I would then recommend using it over QBO.

One of my client that just started in development is short on funds so Xero was the only best option and they are using a local bank so we couldn't connect and a lot of manual entries. 

STR is a different animal. Buildium wouldn't work so well with that.

You might want to check out Buildium (affordable) and then AppFolio (you have to find out if you qualify with 60 units, I think min might be 100 units though).

You will need multiple bank accounts. You will need 3 accounts.

1. Your own corporate account - this is where management incomes will paid to you.

2. Security Deposit Account

3. PM Operating Account.

I do not understand the foreign account. Why would you be managing that?

@Zach Kirchoff I might be able to help.

I have my own construction business that we do renovations for clients that do flips and buy&hold. We are already completed roughly 20+ jobs since January and have around 15 active jobs. I handle all the accounting stuff.

I also have clients that are developers which I handle the books.

 I think you are overthinking about this. You are better off just finding an accountant (could be nonCPA) that is familiar with Stessa. Most CPAs has their own accounting platform to work with. Most of them only care about Balance Sheets & Income Statement. Anyone can figure out how to pull those reports in any PM software.

@Shawn Tinerino my client ended up using it to just keep track and to get paid. I personally don't think it's that great in terms of a full-on PM software. Accounting function is extra so I don't know how that looks.

If you are just starting, it might worth using it since it already comes with the BP Pro. 

I recommend using Buildium as an entry level.

That term is usually used for when the loan/mortgage is under your personal name and then you transferred the deed to the LLC.

But if you meant just commingling funds, that's usually a no-no but you must make it clear in allocating those funds between contribution and distribution so that you have a paper-trail of what happened to that money and this way it won't be labeled as commingling

@Dean Valadez I'm not understanding the pierce the corporate veil.

If you take the money from the LLC for personal use, you would just mark that as distribution and any money you put back in will be contributions.