All Forum Posts by: Simon W.
Simon W. has started 47 posts and replied 1288 times.
Post: Accounting! Outsource it!
- Real Estate Consultant
- Lehigh Valley PA & New York City
- Posts 1,339
- Votes 650
WOOT WOOT! Awesome post.
One point to post out, Not all CPAs have real estate experience. CPAs won't do your daily operations accounting. Get a local or a virtual accountant to be your "in-house" accounting department.
Post: Non Performing Note For Sale
- Real Estate Consultant
- Lehigh Valley PA & New York City
- Posts 1,339
- Votes 650
Please send it to [email protected]. The Accounting email is my accounting business.
Post: Non Performing Note For Sale
- Real Estate Consultant
- Lehigh Valley PA & New York City
- Posts 1,339
- Votes 650
Please send details on this investment.
Post: Tax and bookkeeping fees
- Real Estate Consultant
- Lehigh Valley PA & New York City
- Posts 1,339
- Votes 650
Is it me or $125/month for bookkeeping is just way too low?
Post: So many LLCs - some advice needed
- Real Estate Consultant
- Lehigh Valley PA & New York City
- Posts 1,339
- Votes 650
You don't need a separate bank account for CapEx.
Post: Accounting - Income Statement Question
- Real Estate Consultant
- Lehigh Valley PA & New York City
- Posts 1,339
- Votes 650
Since your questions are directed to "CPAs"
My answer might be wrong.
Balance Sheet
Asset:
$100k would be building/land
$5k closing cost (balance sheet)
Liability:
$75k Mortgage Payable (liability)
Equity:
$30K ($25k down payment + $5K closing cost)
Escrow Tax is a balance sheet item, not the income statement.
Post: Looking for a book keeper what Should I look for?
- Real Estate Consultant
- Lehigh Valley PA & New York City
- Posts 1,339
- Votes 650
Originally posted by @Basit Siddiqi:
@Dustin S.
I would also look for a bookkeeper with many clients in the industry you are in.
So if you are a real estate investor - ideally you should work with a bookkeeper who has many real estate investor clients.
If everyone follows this, then I feel bad for the ones who are getting started.
Post: Looking for a book keeper what Should I look for?
- Real Estate Consultant
- Lehigh Valley PA & New York City
- Posts 1,339
- Votes 650
Originally posted by @Dustin S.:
All good recommendations thank you all for your responses. Are there any specific certifications to look for? Are most book keeper bonded or insured incase of fraud, identity theft etc?
No. It just depends how much data you want the bookkeeper to handle. If they are just doing the typical A/R and A/P then no.
Typically when cutting checks, you would have to sign it anyway. Bank Recs report are for you to see what has been in and out. Payment Register should be provided to you on a monthly basis.
Post: Looking for a book keeper what Should I look for?
- Real Estate Consultant
- Lehigh Valley PA & New York City
- Posts 1,339
- Votes 650
Definitely find someone who is very knowledgeable in real estate. The bookkeeper will connect with your CPA for year-end tax. Bookkeepers will not do the actual taxes.
Working remotely is the norm now. If you feel uncomfortable with allowing access to bank accounts, you can just send the bank statements at the beginning of each month.
I personally do not like the pulling of transactions since this can get allocated incorrectly and this tends to make the person lazy in reviewing the expense codes.
Post: Advice? Strategy to inquire about vacant Office Building
- Real Estate Consultant
- Lehigh Valley PA & New York City
- Posts 1,339
- Votes 650
Ask the owner what kind of damages are in the interior and exterior, ask if it is safe to code so you can have a tour.