All Forum Posts by: Jay Belcher

@Anthony Angotti is a good guy if you're looking for a local agent. You can reach out to him through BP if he doesn't catch your post. Reach out to me if you need more info. I can give you some general info on the South Hills. I don't get too far into the city proper.

@Dan V. thank you for the tips. I'm checking into both ideas!

@Michael Randle that is an interesting thought. Excel does amazing things. The only problem is when you want something different you need to be close with whoever set it up. Accounting software is built around organizing the data in different ways when you call upon it.

@Johann Jells if your stuff isn't too complicated you might even try Mint.com. Soooo much better than Quicken. As my accountant said, if it were only a few properties, not tracking assets wouldn't be a big deal.

I need accounting advice. I apologize in advance for the wordy post, but would appreciate if anyone has good ideas.

I recently started using Rentec Direct (property management software). It tracks income and expenses, but not assets, so it wouldn't completely eliminate my use of QuickBooks. To populate Rentec I was looking to add a remote user (a VA) to my QuickBooks. With the desktop version not supporting remote users, I looked into QuickBooks Online (QBO). I discovered that QBO has to be the full (Plus) version to support classes. Not only that, since I run multiple property owners, I would need multiple licenses. It works out to $120/mo or $240/mo after the discounts run out. That price sort of struck me as madness. Does anyone know of any better options - any better way of doing this? Alternately, how ugly would things become if I only tracked income and expenses (Rentec), and stopped tracking assets. I know that has implications - e.g. not knowing mortgage balances, not tracking depreciation, etc. Just looking for ideas. P.S. I could give the VA remote access to my machine, but that sort of scares me.

Originally posted by @Jeremy Taggart:

@Garrett Holbrook It says the owner is currently trying to get occupancy changed from single family to 2 unit, that might have something to do with it also. 

That could definitely have something to do with it. Last time I checked (which was a while ago), the city wanted off street parking to allow the switch.

All good advice above. Need to take a drive-by if you don't know the area. Also run some basic numbers (do you know all the costs to consider?). It will help you evaluate rentals, in general, better.

Before the occupancy permit issue, it seemed like not an amazingly good or bad deal.

I'm not a fan of traditional education and career path, though I know it's a well worn one. Having an education is never a bad thing. Thinking you can't make it without it is a bad thing.

Conserve your cash! Do all you can without it or you're apt to become sloppy because of that comfort cushion.

For RE you may want to reach out to the local investment groups to learn more and meet folks.

You may want to check out @Anthony Angotti. I know he's worked with a bunch of out of town investors and runs the South Hills group for the Pittsburgh REIA (another good place to network).

Rent is relative to the area, of course. Check out Rentometer.com for rent rates. Zillow also makes rent estimates but they can be a little more suspect.

Wholesaling is simply getting a property under contract at price X and selling it at higher price and taking a profit. The mechanics of it vary a bit, but the idea is you get it at a price you're happy with, the seller gets a price they're happy with, and the wholesaler makes a profit in between.

A good wholesaler will only offer properties at an appropriate discount for an investor to be interested in it.

@Shane Pawich try Craigslist, try driving for dollars, get yourself on some wholesalers' lists.

As for networking try connecting with the Pittsburgh REIA group. There was even a Washington County sub-group at one time - I'm considering resurrecting it as I do more Washington County than Allegheny.