All Forum Posts by: James Yoo

On my way, will get there right around 6pm. 

Looking forward to it, thanks for putting it together @Jason L.

My takeaway from reading 10 pages of this thread is that I'm an absolutely confused moron. 

This is an absurd event. "Hi women, stop getting ripped off the market! We know what it takes for YOU WOMEN to make money, which for some reason is different from men to make money! So don't pay for general classes for all sexes, give your money TO US, who specialize in selling to under-appreciated WOMEN such as yourselves!!! They can't make you rich because they don't understand you as women, but WE DO!!!

This is awesome Jared. Brian (whom you met at last week's LA meetup) recommended I network with you. I will definitely see you in Newport Beach on Thursday, thanks so much for paying it forward with all this great info!

This sounds very cool, unfortunately there's another meetup in Newport Beach re Out of State investing that I'll be attending that evening. Will catch you guys next time!

When I came out to LA to begin taking over my parents' RE business, the very first thing I set out to do was get our accounting in order. Their "system" was even worse yours; some of our tenants pay the rent in cash and it was not getting logged. We would often forget which contractor did what job on what property for how much, and whether we paid them or not. It was just really, really bad and we just were completely blind on our numbers.

Initially I studied QB for Landlords and even set up our accounts/chart of accounts. But I just didn't have the time to get proficient at it while at the same time starting up brand new construction of a 4-unit MFH in DTLA as well as take over all the landlording tasks.

So, just as @Linda Weygant mentioned, I just set up two Google sheets, with the primary goal of making it easy for data entry on the fly. The rental income tracker is very basic and has what you'd expect something like that to have. 

The expense/job tracker is a little more involved but not much. It tracks all the jobs we contract out (labor and materials). It tracks the job status itself, as well as the payment status.

Here's what my Vendor Job & Pay Status Tracker looks like:

There's some custom validation and dropdowns I put in there. It also has some basic level filtering and reporting. 

I spent about 2 hours on it so obviously it's fairly basic, but it does the trick really well. I love being able to just open this thing, and immediately know which jobs I'm waiting my workers to finish, or to see if I'm all caught up with paying them. I can set up some filters to report which contractors got the most business from us, how much we paid them monthly/yearly, and if we might think about negotiating better rates. 

Again, for me the most important thing is to be able to quickly input data via mobile while I'm out on a job site talking to contractors. I'm managing close to 30 properties and it's so easy to forget this kinda thing. 

I'll probably revisit QB later this year.

Hello BP! Another new-ish investor and I are meeting for coffee this Sat at 2pm to discuss pretty much anything that comes to mind. FYI this is just a casual meet / greet. If anyone else is interested, comment below and I'll send over the details. 

How was the Meetup last night? I went to a multi-family investment Meetup last week in Cerritos hosted by the FIBI group. Great information (he showed us pre/post rehab pics, analysis spreadsheets, rehab estimate breakdowns). Mostly in Memphis TN. Met some great potential partners, whom I'm grabbing coffee with today to talk shop.

Btw I'd KILL to get my hands on those breakdowns/spreadsheets, but unfortunately nobody has responded to my comments on Meetup.com.

I'm very interested in finding some potential deals/projects in Cleveland, will be there! Looking forward to meeting you great BP people.