All Forum Posts by: Axel Meierhoefer

@Dave Fontana Thanks and congrats on that portfolio. That's still a long way for me

@Jane A. I have the same experience as Junior. I pay $50 for New Mexico

@Anthony Wick Is there an overall value you would say makes sense for an LLC, like say $250K, or so?

@Junior Soares Thank you. I did not start this thread to get one single approach. I am glad to read what people say (for and against ides) and will determine what works best for my company, as I always do. Some suggestions are new and I will consider them for my ultimate approach, which is probably a combination of a lot of the advice received here

@Ayne C. Yep, that's what we have done as well

@Caleb Heimsoth Yes, different locations where the properties are at - not really 9 locations, but probably 3 or 4

@Kevin McGuire Yes, I need to get into that, but it appears a great suggestion

@Account Closed Great points. I would not call it "succession planning" as I am not yet planning to turn into worm-food, but you have a good point in the sense that I am planning to slow down, semi-retire and only have the real estate to "play with". Over time I would want to turn the portfolio over to my daughter and maybe help her to continue to grow it from within. The other thought I am having is the transparency for each property over time as I am investing "buy & hold". Yes, when net worth increases, as I plan to do in the next 5-7 years, I could still install more separate structures, but having it planned and applied from the start still sounds like a good idea. Populating Quickbooks could also be handed over to my bookkeeper and I review the reports.

@Peter Tverdov Thanks. I might be :)

@Ned Carey I agree Ned. I was rather thinking of a series LLC setup with a Delaware trust construct so that one really has 1 LLC with multiple children. Still chewing on that one though.

@Bill B. Yep, got it. I was always interested in the transaction history but now that I looked at QuickBooks it appears it could all be done there

@John Thedford Can you sprinkle a few more details John?

@Bill B. Thanks. I don't hold deposits as that's all handled by the property management arms of the turnkey providers. I will look into Quicken to see what it supports. We use it for my consulting company but more as an accounting tool in prep for taxes. I know one can connect accounts to it but I didn't know I could manage accounts thru it.

Using one account fora ll properties appears to make it really hard to ever find any details or separate things for tax purposes.

On the other hand that's why in started the discussion. I just don't know yet and with 3 properties it wasn't too bad to manage

I am about to dive deep into a 1031 exchange and the end result could be 2 SFR in 9 locations compared to my current 3 SFR in 3 locations. All my properties are turnkey managed. So far I have always had individual accounts for each property. Each property has 1 account for reserve, repairs, etc. and 1 account to pay mortgage and insurance from (or in 1 case pay escrow from)

When the exchange is complete I could end up with 9 SFR which would mean 18 accounts in my current system. I wonder how other with multiple SFR handle the administration and if there are any good tools that make this easier.

In a second step I am also planning to put the properties in LLC's and have already identified a law firm to help with that - it still leaves the question of the bank accounts.

Naturally, I also love to learn about any other tips to manage better/more efficient. 

@Caleb Heimsoth Yeah, you are right. I am grateful for the help and advise and I am listening to both :)