All Forum Posts by: Brigitte Garrett

Hi folks,

It is not easy getting 4-plexes insured. It would be great for us all to share info on current insurers and costs. This information would be helpful to all. Please don’t just take info for your benefit and don’t participate…

We just received our invoice, so I will share first:

Location: Georgia 

Company: Nationwide

Property Type: Quadplex

Annual cost: $2442 per quad  (a 6.2% increase from last year)

Coverage: $370,000 building replacement cost and $1million liability

Our 1980 quads are insured with Nationwide.  We had trouble finding insurance companies that would cover anything over  20 years.  Give them a try.

My husband and I are managing our own multi unit properties and multi unit properties owned by his parents. I currently am using separate company files for each owner on QB. What a hassle signing in and out of each! I've been researching how property managers use QB by setting up each owner as a customer and class, each property as a job, each unit/door as sub job, and tenant as sub sub job. If I change to this format how will I produce reports as follows: 1. Balance Sheet by owner(would that be run by class or customer?) 2. P&L with columns for each property and an owner total (exclude other owner) 3. P&L Same as above but with one more level of detail to include a column for each renter, subtotal by unit, subtotal by property and grand total by owner. No info of other owner on this report. I have Nancy Neville's book (very good). It does seem like there is duplication in having to mark transactions with both a job and class when they have been set up with the same titles. Can't you run the same financials on either jobs and on classes? Why use both? Thanks all!

Has anyone had experience using Viewpost for invoicing and collecting rent? It certainly is not specifically set up for our industry but wondered if any only was successfully using this tool and any feedback you may have. Thanks all!

Terrific!  I will attend. 

We are looking for a real estate attorney who is local. Our current attorney is in Atlanta and is semi retired. We have fairly Basic needs, however we need someone who is accessible and able to communicate clearly. Not just "a trust me" attorney. Sure would appreciate referrals of attorneys you have used and why you like them. I know I could look online or at a real estate club listing, but I would like a real referral with reasons why you like this attorney. Thanks so much!

Hi all,  Newbie here...

We have set up a single member LLC for us to act as our own property managers for a 4 plex we just purchased. The 4 plex is owned by a trust with a 2nd single member LLC as the benificiary.

I am well versed in accounting but am having difficulty determining which entity is effected by the accounting of various transactions Can you comment?

1 booking of the HUD statement transactions - should they be booked to trust?

2 down payment from me. Is this considered capital contribution or loan? To which entity?

3. Operating expenses and rent get recorded on trust books or propertymanager LLC books?

4. Does the property management LLC need to invoice the trust for a property management fee? If so can we use an average local rate?

5 which entity must pay self employment taxes ?  Any way to avoid/ minimize other than s corp?

In my mind it seems like the net effect is that the property management LLC should only have management fees revenue recorded on it - not sure if subject to self employment taxes. Allother accounting from HUD to operating expenses and revenue should be recorded to the trust, including the management fee expense.

Would love some accountant type input ( yes I know I should talk to an accountant). Thanks in advance for any assistance.  Been loving this site!!