All Forum Posts by: Chance Stein

@Eddie D Estrada

Welcome my friend! This place is full of great people and wells of knowledge!

@Charles Goetz thanks for the info! That's kind of what I thought looking at the price honestly. It seemed a bit large

I currently run all of our book keeping though quickbooks to help our tax guy out when its tax season so I'm pretty familiar with it. There is an architect that we know quite well who uses a local payroll service, which I am currently looking into. I was hoping some BP members who have used quickbooks could give some insight to its value.
Im just weighing my options right now.

My Dad and I run a small commercial construction company and are looking to hire. We need a payroll service and already use quickbooks. Is it worth the extra $30/$80 for their payroll service? We are looking to hire 2 people.

I would start with episode 1 of the bigger pockets podcast! They cover all sorts of topics and really break down a lot of the things you need to know. They go over terms and ways to think about deals. Some of the information is outdated now but its still probably the best way to start!

@Chris Mendoza

Realistically you don't need cash-flow if you are making sure to hold enough for vacancy's, repairs, capital expenditures, taxes, and property management. But man is it nice to take home an extra 100,200,300 a month on top of what you pay yourself for property management. 

As far as I am concerned in my own analysis of properties if I can't cash-flow $100 a unit in my market its just not a safe enough investment. Sure you are saving X amount for certain expenses but if you get hit with 3-4 big replacements in a year and you are already not making any excess cash-flow you are going to be paying out of your other income streams. On top of that you are not saving any money for new investments. I consider my property management savings my money and my cash flow as a stream for future investments.

I also don't like the idea of betting on appreciation. I consider it as a happy accident if the value does increase outside of forced appreciation.

Is it a larger company?

A little more information would be great first if you don't mind.

So you will be doing the leg work and property management as well as putting forward your 1/3 of the costs?

Your mothers name will be on the loan and also putting up 1/3 of costs?

Your cousin will be putting up 1/3 of costs and doing the rehab?

Is that all roles for everyone or are there other things not listed?

Honestly, from what I have heard and read... I don't think its worth your time or money to try and take him to court. If the amount of money is very large that is a different story but I'm guessing its under 20k.
But there are some things you can do depending on what sort of company it is. Could you give some more information? Is it a sub contractor, general contractor, handyman? Is he running his bushiness through an LLC?

@Lisa Harris

My partner and I have been looking in the St. Cloud area. We are from around here and both have good knowledge of the area.