All Forum Posts by: Janet Behm

Emil,

It makes a huge difference when you have professionals on your team to specialize in Real Estate.

Atty, Jeff Breglio, esq
REI Legal – REIMasteryu.com

National Real Estate Accountants, Bookkeeping, Accounting, Tax Preparation, Tax Strategy for Real Estate Investors.
National Real Estate Accountants - Home

Orlando,
Slow down and take a breath. 
I am going to tell you a quick story about a farmer...(very brief)
Farmer working in his field is greeted by traveler #1 who asks, 
"I'm thinking of moving to this town. But before I do, what kind of people live here?"
Farmer asks, "What kind of people are in the town you're leaving?"
Traveler #1, "They are petty. Mean gossip. Nasty people."
Farmer, "That's pretty much the kind of people you'll find here."
Traveler #2 "I'm thinking of moving to this town. But before I do, what kind of people live here?"
Farmer asks, "What kind of people are in the town you're leaving?"
Traveler #2, "They are the kindest, most loving. The summer bar-b-ques at the fire station attracted families from a 50-mile radius."
Farmer, "That's pretty much the kind of people you'll find here."
As a transition step buy, my friend, Daniela Liscio's book, HOW NOT TO BE SCREWED BY YOUR LAWYER
Good Luck, Janet

Caleb,
Our favorite RE attorney is Jeff Breglio, Esq. 
He is a virtual law firm.
Check out his "REI Mastery U" for lots of free educational content. Watch some videos to get a feel for his company ethos.
Every associate in his firm specializes in real estate.

Terry,
Timing is EVERYTHING.
The accounting/bookkeeping industry is in the "second tax season" of the year.
In March, Corporate extensions were filed...waiting for a K-1's etc. The DROP DEAD-DEADLINE is September 15. No excuses, no sad songs!
Everybody knows the dreaded April 15th. deadline for personal. The extensions run out on October 15th.
As an industry, we are obligated to take care of our existing clients.
Many of us are short handed (not news anymore). Our waiting list, for new applications to become our clients, is November-December (yes even up to Holidays).
Patience is a virtue...seldom found in real estate investors.
BiggerPockets has some excellent articles on how to select an accounting firm. The search effort will be worth it. Excellent guidance and recommendations!
Because of the short time-frame, be prepared with ALL your documentation for your new accounting/tax firm. You can't afford delays and your new firm will greatly appreciate your thoroughness.
And, "YES," Enrolled Agents and CPA's work interstate everyday with REI's.

Kyle,
Wow. You are talking my language...DOUBLE ENTRY BOOKKEEPING/ACCOUNTING.
I get excited...I should slow down and get a feel for why you are looking for a "throwback technique?"
This is usually a "cash" based system.
A danger to be aware of is, just because you have cash in your account, doesn't mean you have cash to spend.
Set up a rough budget of the money coming in, such as rents, and money that is obligated, such as mortgage payments.
Go to your local office supply and inquire about getting a 'ledger' for double entry bookkeeping/accounting. It is likely the ledger will have some simple instructions for setting up your books and how to make entries.
For you to "KNOW YOUR NUMBERS," you must be diligent in logging your entries (this applies to computer systems too).
ALWAYS reconcile your bank statement (your bank is usually better at keeping track of your account than you are).
There are many books in Amazon for Double Entry Accounting. These will be comprehensive and help you avoid mistakes that may take hours to track down at the end of the year when you are preparing you tax documents.
I love St. Louis!
Good Luck!!!

Hey, that Nick is easy to listen to and a "pretty smart cookie."
Thanks for the referral. 
I am FOLLOWING him.

Makeda,

Congratulations!

My husband repeats this nearly daily, "It doesn't matter what business (relationship) you are in... communication is the biggest challenge."

People (tenants) get annoyed when they feel blind-sided (surprised by something they did not see coming).

You want them to have a safe and comfortable home. No surprises. 

Call them on the phone to apprise them of changes in how the lease payments will be made. Ask for a time to drop by and say hello. Your outcome when you meet in-person is comfort them that Their lease agreement stays the same. Then, ask them if there are repairs needed. If they have any issues, take swift actions to resolve them. 

You are establishing that you care for them and are committed to their comfort and safety. Leave the lease payment information with them along with a way to get in touch with you.

If they are late with a payment, take the same swift action you did with repairs. If they get away with it once, you have to potential of a "life-of-the-lease" problem.

In Utah we have a "Three Day Or Quit." It gives a strong message and usually eliminates any future problems. 

Good Luck!

Sean:

Talk to someone who knows about this stuff and will do it as a service to you.  Then reciprocate by giving them your business.

YOUR TITLE COMPANY, OR YOUR CREDIT UNION, OR YOUR BANK. if you are having problems with a real estate agent, it may be they know you are USING them with no intention of reciprocating.

@Steve Vaughan

Good Point!

Keeping it simple.

Of course, there are investments in many vehicles that allow leveraging.

My husband traded 4-X...is it called investing when you lose your shirt?!?!

Briyanna,

Study one thing and become an expert. 

Real estate investing offers "leveraging" opportunities that you will not enjoy in equities (stock market).

You are in the right place with BiggerPockets and ALL the wonderful "brain-trust" and support.

Do an internet search for NationalREIA.org  Find a group in a major metro near you...

Oh Salt Lake City! Attend as a guest at both UtahREIA and SLREIA. Lots of our clients belong to BOTH!!!

UtahREIA.org   SLREIA.com