All Forum Posts by: Kyle W.

I just started the trial quickbooks online, but it seems to me the only advantage is that is keeps your account "matched up" in real time and you can see how all the income and expenses come in and go out and match up in the end.  

How much more beneficial is it than excel?  I can do pretty much exactly the same thing in excel and could even have a grand total that would ideally "match" my bank account, although it wouldn't be in "real time". 

Also, do people use quickbooks online as a standalone deal or also input in excel or elsewhere?  Right now I am doing both since I am just trying out quickbooks, but maybe there is no need to do double the work?  Any thoughts on the matter is appreciated.

 Thanks for the reply!  Which quickbooks price level do you use?  Also how do you pay for things out of the separate LLCs?  I could see 2 biz credit cards; one in your name and one with the partner as an authorized user perhaps?

Hey guys, just wanted to get some advice on my situation. I have been in RE for a few years and have done everything in excel and turbotax so far. My lawyer convinced me to get a couple LLCs and start them for the new year to make the accounting easier instead of mid-year. I am small time right now but looking to grow. I have 3 properties in one LLC 100% owned by me, and 4 in another with 50/50 partnership with my brother.

That said, I feel I need to get my bookkeeping in order if I want to grow.  I've been reading that quickbooks is popular, although I would need to get 2 accounts if I did the online version and it's kinda pricey.  Any suggestions on this is appreciated.

Also with the LLCs, I'm a bit confused about keeping everything separate. I understand I will need 2 new, separate bank accounts, one for each LLC. For expenses I figure I can get a biz credit card per LLC. Does anyone else have multiple LLCs and how do you pay for expenses? I don't want debit cards as they are quite unsecured, my friend lost 1000s when his card was swiped and my brother lost 100s. There is no protection as there is with credit cards. Also i have done flips in the past and may do a few this year. Depending if my brother is involved, can I just do it through one of the LLCs or even just in my name or do I need yet another LLC? Any advice on how to manage these LLCs is appreciated.

I hope I am on the right track by dealing with this relatively early instead of when I have double or triple the amount of properties.  I appreciate any input.

I'm not sure but that may be standard protocol. I'd look into meeting some people at an REI meetup or group and you can often find loan officers and other investors. A good relationship with someone who can push a loan through for you will definitely be worth the time! I happen to know the president of a local bank and 2 vice-presidents at 2 other local banks personally so I think I have way more leeway when it comes to these things. Good relationships are a big key to success!

I guess you have to find a bank that does, maybe a local bank or credit union.  My banker is willing to loan me 70% on any property i own free and clear but I know him personally so YMMV.  

Sounds like a good deal to me and similar numbers to a lot of my deals.  You should still be able to make well over 15% cash-on-cash return even if you pay all cash which is better than the stock market.  You can always get most of your money out later for the next deal when it comes up too.  I agree with Marcia in making sure you have decent cash reserves in case a big ticket item comes up.  Hope the inspection goes well, but if not don't be afraid to move on!  Good luck :)

Hi guys, been a "member" for quite awhile but haven't really read the forums or been active at all, basically just read the emails sent out.  I recently became a pro member and hope to be more active on here.  I have been involved in RE for 4 years, have a handful of SFHs that I rent out.  Have also done a few flips.  My houses are about an hour away from Kansas City. I hope to move to KC end of this school year if my wife can find a music teaching job (any grade!) in KC.

I am looking to get into apartment complexes, mobile home parks, maybe even some self-storage/other type of thing close to or in Kansas City; will consider Lawrence, Topeka, and Manhattan too.  Also will continue to pick up the right 1-4 unit buildings, although my end goal is to be consolidated into fewer buildings or "higher-end" SFHs.

I am always down to talk to people about their experiences in RE over a coffee or beer and make the right connections.  I am also technically a licensed realtor, but have only used it for myself and immediate family.  Look forward to learning more on here and contributing what knowledge I have.

I have a very unique opportunity to "invest" in Russian real estate. My friend recently took over her mother's mortgage on an apartment but is now making payments. There is approximately 200k in equity with 100k left on the loan; if she hadn't taken it over the bank would have gotten the apartment and all the equity would have been lost. According to my friend, someone would have to have 100k in cash in order to buy it, since in Russia they do loans differently than the US and someone couldn't take out a loan without having the deed in hand, or something like that. She said since she wasn't expecting this to happen and can barely make payments on the loan, that she would be willing to give someone a 50% return on their 100k investment, assuming they could sell the property at a reasonable rate. So I would essentially pay off the loan so they would have the deed, then they would sell the apartment (ideally around 300k) and I would get back 150k and she would get 150k as well.

Just seeing if anyone had experience in Russian real estate and would know how to even start going about setting something like this up. I initiated the paying it off so I don't believe my friend would try to scam me. Any thoughts or advice would be greatly appreciated, thanks :)