All Forum Posts by: Gita Faust

What I have learned from clients who have failed and have achieved success is ask your self this question:Are you buying the properties as an investment and are you going to be working in or on your business?

A BIG mistake what investors miss, they do not take into account the time they spend. So let me ask everyone, what is your time worth? $25, 50, 100, 200? 

Now take an excel sheet - add three columns, add your numbers and see if it cash flows. The columns would be hiring an employee as a manager, 3rd party property manager and doing the work yourself.

Love BiggerPockets forum. I am learning so much!!!

As a real estate investor you have to track the money you make, borrow and spend for each property. If you don’t know how to budget, you’re at a high risk of losing all your money. To avoid that you have to have all the accounting and bookkeeping system set up right to track in a quick, efficient way.

Gita Faust’s guide Flip Real Estate Using QuickBooks will help you with that. Her system will guide you line by line – save time and work, eliminate errors, makes sure nothing is overlooked. This manual will teach you everything you need to know to automate your daily accounting routine.

No additional QuickBooks step-up required. You do not have to pay someone 1000’s of dollars just to train you or surf the internet on how to enter something in QuickBooks or even ask your accountant. The guide has everything ready for you to start managing your finances right away!

The package includes:

• Flip Real Estate Using QuickBooks guide. This is a step-by-step easy to follow manual packed with instructions and images.
• Processes and Procedures with flowcharts and checklists
• CD with a template QuickBooks file where you just have to enter your data and Sample QuickBooks file 
• QuickBooks set-up
• Customized Chart of Accounts
• Over 200 Reports for your flip business
• One hour of free consulting with the author Gita Faust!

We have examples in our book that illustrates and clarify each key points for flipping your properties.

Flip Real Estate Using QuickBooks guide is simple and EASY to use! Save your time, end that list of boring overwhelming accounting tasks!

To read more, take a look at a section overview or purchase the guide and software follow the link  http://fasttracconsulting.com/product/flip-real-estate-using-quickbooks/

BTW - you can attach documents with QuickBooks Online.

Well said - Keep in mind that there are experts in each and every field. Let us start by selling, knowing what to say to make that sale; profit, knowing how to estimate, what the market holds; and more. You get it right?

Why do we take courses, attend conference and seminars, socialize at BiggerPockets to increase our knowledge, build relations and make 6-7 figures.

To make those figures you need a team and the same applies to finding a QuickBooks experts in the real estate and property management industry. Not all accountants, bookkeepers and CPA are experts in QB and your industry. 

In short it is not about how much you pay, it is about what knowledge they have and can they apply it to QuickBooks. Start with asking them can they get a rent roll or security report (not deposit) and other questions. Can someone give you an answer before you finish the sentence? When you tell someone real estate - first questions is oh yes! you are an agent. 

So much for my rambling. All I am saying is that there is a process and a procedure for each segmentation of our industry. Residential, commercial, condo, HOA, flip, wholesale, time share, tax liens .... using QuickBooks.

Last decide how you want to use QuickBooks as a accounting software only or management as well - you got to try to eliminate all your excel sheets and incorporated into ofcourse QB. 

Saying that QuickBooks may not be the right fit for everyone.

QuickBooks Online is getting better - one day at a time. You can get 35% off lifetime subscription and the 10% additional if you pay annually.

For real estate investors and property managers, use the Plus version for Classes.

When you would not use QBO:

• When you have multiple files. Subscription is based on EIN. You can always host your QuickBooks desktop and have multiple file online appx cost $38.00 per user
• If you want a backup copy. You are solely depended on Intuit
• For Rentals - if you want to use QuickBooks as a property management software and accounting management software
• If you want to use the Lead Center, mini CRM.

I can go on and on. Well lets talk about Pros:

• Online access - anywhere anytime 
• Multi user
• Access to your accountant or QuickBooks consultant

Use SmartVault for document management with QuickBooks.

So let me ask you a questions - are you not on the net all the time? Are we all paying for our cell phones? That is technology - hoping to see the day where we are online all day long. 

Just wondering what is going to happen to our food - a pill maybe? What do you think?

So let me see if I can make it simple. Just a disclaimer before I add my 2 cents. I am not a CPA nor file tax returns (used too). So immaterial who is filing the tax returns, you are responsible to check you reports and then double check them again for accuracy. You are the one who knows what your bottom line is. 

I would recommend, to either give the QuickBooks file (accountant copy) or detailed reports so they can determine if you have classified all money coming in and paid accurately and accurately depreciate it. Tax is not only about your properties but also your other personal income. 

Rule of thumb for accounting, bookkeeping, reporting ..

• Loans are Liability (Balance Sheet)
• Purchase of property (Balance Sheet) - watch out for expenses that can be deducted for rental properties ( that is why you need to speak to an accountant)
• Sale of property (Profit & Loss)
  
  • Transfer all money from Balance Sheet to Profit & Loss
  • Follow the HUD to double check the balances and make adjustments
• Money Spend:
  • Flip
    • Rehab (Balance Sheet)
  • Rental
    • Maintain properties (Profit & Loss)
    • Capital Improvements (Balance Sheet)

Of course there are more steps - this are very basic. As to using QuickBooks - always use Classes for all your properties. Review your cash flow by property as well.

Kevin,

Check Google, and Amazon - with keywords QuickBooks Property Management. You will surely find something.  What you should be looking for is how to use QuickBooks as a Property Management software and accounting software. Should be able to track lease dates, work orders, reports for each situation you can think off and more...

As to 2014 - is not much different than 2011 and onwards. 

Let me know if you have questions.

Each year we print a new lease.