All Forum Posts by: Chris Walters

@Fulton Abraham Sanchez Can you please provide some advice regarding the following situations:

1-my monthly QB payments are processed on my personal credit card which is only used for my business expenses (as i await for my bank to eventually grant me a business credit card). What is the best way to go about entering each expense in QB? Should i enter my credit card bill and attach the statement in QB or should I enter each different merchant/service providers individually (ex: QB, telephone, web hosting,etc?

2- How to attach picture of my bills into QB-online?

Thanks

Dustin Lavender Hi Dustin, this seem to be a good deal. I ran some quick numbers and the property alone seem to be providing a minimum of 16% cash on cash ROI for any investor putting a 20% down payment. Assuming the washer and dryers are coin operated, both the laundry and car wash/cleaner are extra income that would increase your ROI. Do not forget to factor in a percentage for machine repairs. The laundry business can be costly if you do not become handy for repairs. The best advice I can provide you is to learn about the parts that need to be replaced. Youtube is a great place to learn. For any electrical stuff, always call a professional. Overall, this seem to be a great deal. I wish we had deals like this in my city! Good luck!

Timothy Wright Hi Tim, sorry to tell you the following, but cut all ties. If you are getting divorced it is for a reason, right? Unless if you are divorcing her because you are moving into another relationship, I am not sure why you are seeking to help her that much. It is nice of you to want the best for her and to help her with education, but to think that she will give you money, well.......... Right now, the only thing that should be on your mind is finding a way to bounce back and be better positioned finacially and mentally. Think about how will you create more income and less about how she might be willing to better your situation. Keep your head up and stay strong!

Josh Polston Wow! It's funny how some tenants can act so wrong! First, your initial mistake was to provide a half cleaned appliance. Yes, the other stove was probably not working anymore because of their lack of cleanliness, but how would you feel if you were in the tenants shoes? On the other hand you did right by not providing them with a brand new stove. They probably ended up cleaning it themselves. Regarding the garbage disposal, do you have security cameras around to serve a proof? Unless if you have footage, I doubt a judge will accept to evict a tenant based on word of mouth. Play it safe. Continue raising the rents, do not engage in any issues with that tenant, be firm, professional and fair. I hope everything works out! Keep us posted!

Brien OConnor IMHO, if you have time, learn to do your own book keeping. Keep track of everything and ask your accountant what will make his/her job easier when comes time to hand over dosuments and receipts. Everything can be handled through Quickbooks. Bookkeeping can be a big task if you have lots of stuff to track, but it would save you money to do it yourself and it also forces you to be serious about your business. I spoke to a potential accountant and he asked me if I will also need bookkeeping services. I told him that I will be doing it myself. He then told me that it's not a bad idea and that due to the fact that I am using QB-online, as long as the accountant that I select has QB-online, I can grant them access and they can follow up and fix things when comes tax time. Once I start acquiring over 10 units, then I might consider a book keeper, but for now I want to cut costs and be over looking all numbers.

Kevin Ducharme Nice! I am still looking for my first deal. I too started looking in Mtl, but the cash-on-cash ROI is low for more properties. Now I am looking actively searching for better deals in the south shore. I have a feeling that I might have to search even further. How did you find your deal?

@Kevin Ducharme Welcome to BP! What is the story behind your first deal? How long did you search before finding the right property? What area? Any tips?

Maria S. Also checkout realtor.com

Hi Maria S. , it's like asking for a raise at a job! If you know how much you are worth, you tend to be less shy about demanding what you deserve and especially what you need. Assess your prperty and determine if they are really worth the raise. If yes, secondly id to asses what the mareket in that area can support. You can have the nicest property on the block. If most tenants in that neighborhood have financial barriers, well there is not much to do besides getting into another market. If the market price of rents is higher than your price, well no not hesitate. You are missing out on money. Atenant who knows that they are paying less than others in the same area might not like the rent increase but they will much more prefer paying an extra $5 or $10 per month every year than having to move and possibly deal with a difficult landlord elsewhere. As they say, the grass is not always greener on the other side of the fence. Good luck!

Sorry, I had skipped the part where you mentioned 2 years.