All Forum Posts by: Kurt G.

 Thanks so much - That was exactly help I needed.  It sounds like it is worth it to spend the extra money to get everything I need in one package, so I will probably go that route.

Rick & Gita - We completed our first flip using an Excel spreadsheet, and there is no way that I am going that route again now that I am having to wade through a sea of receipts and mileage notes scattered all over the place.  My wife has experience with QB, so hopefully the learning curve and set up / re set up won't be as painful as it wold be if it were all left to me.  Bookkeeping is my worst nightmare but something she enjoys - I don't get it, but I sure am thankful for it!

We just sold our first flip and are due to close on our first rental SFH within the next week, and I am struggling to figure out which version of QB to go with. While we are planning on building a nice rental portfolio over time, it is a long term retirement plan and it will not necessarily be a fast process. Things certainly could change, but for now I hope to acquire, improve, and hold one or two properties per year until I have 8 - 10+ good rentals working for us.

I have settled on Online vs Desktop / Pro because I want the ability to upload receipts wherever I happen to be with the mobile app, and since my wife and I will be sharing the bookkeeping responsibilities.  I also consider online invoicing / bill pay to be a requirement.  Cash flow will definitely be modest in the beginning, so I don't want to buy more bookkeeping software (or anything else...) than I really need.  

I had to rule Simple Start out since it appears to be restricted to a single user.  Amazon has Essentials for $169, but I keep wondering if the $80 additional expense of Plus wouldn't be washed out between the 1099 prep/send function and class tracking that will hopefully make tax preparation fees a little less...  I have no idea if my thinking is right on or way off, so I would appreciate any thoughts on how much QB Online is enough or too much for our needs.

Thanks!

I am 45, and my wife is 49. We are closing the sale of our first flip this afternoon! One year ago we set out a plan to flip a couple of properties in order to accomplish a financial goal by our 2016 birthdays - both in June. I have a great job, but our next plan was to then start accumulating rental properties so that there is no way that I will need to work on my 60th birthday.

The great news is that between today's sale being complete and selling all the clutter out of our lives, we are on track to accomplish the June goal. The even better news is that I expect to close on our next property a week from tomorrow: A SFH with an improved value of $92-97k for a purchase price of $39k, including a couple of vehicles and attic contents that should net us a few thousand. Since we are already on track for goal #1, I am planning on a max $15k rehab on the new property and then offer it for sale for 2 weeks. If it doesn't sell for at least $90k, then we will hold and start building our rental portfolio. I still can't believe that deal dropped into our laps, but I sure am looking forward to getting it ready to go and then start looking for the next one!

Big congrats to you, Mary Lou - I'm glad to see others starting out and doing well in our 40's!