All Forum Posts by: Denny Cash

@Ashish Acharya I am capable of learning anything and do not need a bookkeeper for only four properties - I will reconsider as I grow larger. Are you saying to create a separate account for the categories thus, the total in the true banking account will not reflect the funds that are allocated to the specific categories? 

@Ashish Acharya I have the desktop version for MAC. I tried to accomplish the categories by using Class, but it didn’t seem to work the way I was hoping for. It’s possible I inputted the information incorrectly. 

Hey BP Fam. This is my first year as a landlord. I have grown to having three single family properties and one duplex. As I have grown, I have learned (continually learning) more on how to structure my finances to ensure for financial stability during the unexpected that often arises while owning property. My categories include; growth fund, mortgage, capital expenditures, property tax, property insurance, repairs and maintenance, and vacancy rate. The total rent amount is divided into each of these categories. My issue is, I have not found a simple way to record the breakdown of the rent into these categories. Essentially, I have been using QuickBooks for expenses and overarching record keeping, and excel to keep track of the breakdown of the categorical/long term expenses (or allocations from rental income towards long-term expenses). If anyone has thoughts/advice on how to track these expenses in QuickBooks, I would definitely owe you a beer if we ever cross paths. I am tired of having two separate records. There has to be a simpler method. 

Hey @Oscar Rodriguez. I get your frustration. One thing I have started doing is taking pictures of rundown or abandon properties. Once I get some free time, I look up the tax record and then mail the property owner a letter stating my interest. I am new(er) to property investing, but two of my properties I acquired this way. 

Another thing I would look into is the county courthouse auction. Most counties have auctions online, however, some still meet on the courthouse lawn. I have not had luck doing this, but I know of others who have gotten good deals. 

Lastly, I would recommend building a strong relationship with local realtors. The flip house that I am currently under contract on came from my realtor... the realtor contacted me with the lead prior to officially listing the property. I made an offer and got under contract prior to the property hitting the market. Be specific with the relators on what you're looking for and stay in regular contact with them. Eventually, when they have a ****** listing they will think of you... the local house flipper who is determined to make positive impacts on the community. You've got this! 

PS. Have you thought about holding onto your flips as rentals? I am sure you're familiar with BRRRR, but if not I'd encourage you to look into it.

@Wale Lawal Thank you!

@Jonathan Greene I appreciate the insight. Thankfully the bigger ticket items have been updated at both rental properties. The only thing I foresee failing unexpectedly in the near future are the kitchen appliances. I budget CapEx at 10% and 5% for repairs and maintenance. After the initial post, I found and came under contract with a duplex that's FSBO. This property will require a bit more work compared to my other two rentals. I am going to be keeping in mind the what you said about leaving each part of my investment foundation as a solid block before building. This one will take awhile to become solid. The cashflow is strong, so hopefully the updates/repairs are speedy. Thank you for the perspective.

@John Warren  and @Austin Steed I appreciate the feedback. After making this post, I did a drive by to a potential MF property to BRRR (it was too far gone for my comfort). By happenstance, I made a wrong turn and found a duplex FSBO. Scheduled a showing and two days later came under contract! I know it is only one additional unit compared to a single family, however, this was the first MF property that cashflows near double the amount of the single family homes I have been finding. Closing in three weeks!

Hey Everyone! I am new to BP. I purchased my first investment (rental) property in December 2020 and my second in April 2021. Both properties are single family homes in Jefferson City, MO (the capital city). I am closing on a house next month as a partnered flip (estimated 6 month turnaround). Here is my dilemma: I have an opportunity to purchase a third rental property and I have the capital to make the deal happen, however, I have also considered holding onto the funds and combining it with the profit from the flip to be able to afford a multifamily property. In my area, multi family's are being sold at a premium. Every fourplex I have analyzed only cashflows double the amount of the single family properties I have been finding. I want multi family properties but it seems like I would have to compromise on cashflow. I am sure there are better deals or better ways to make a property cashflow - I am learning. Should I hold onto my capital for something bigger and better, or keep snatching up the cheap single family homes that I keep finding?