All Forum Posts by: Micah Dickson

Thanks DL. I will be there!

Hi BP Community,

I am wanting to learn about real estate wholesale. I am realizing I need to quit relying solely on a W-2 job. So I'm coming to this community for a mentor/coach. I'm willing to do leg work to learn. Is there a successful whole seller here who can show me the ropes or can you point in the direction of where I can find one? Thank you all in advance for your help. 

Good to see a fellow Cincinnatian on here. Welcome!

Welcome @John Delia, looking forward to hearing from your experience. I work in bookkeeping and financial analysis for small businesses including real estate companies. Would love to hear your experiences and advice.

Hey Megan,

I am not a lawyer just to get that out of the way. I do help small businesses and have a background in finance. The reason you want to create an entity is to protect your personal assets. It creates a veil that shields you from liability if someone sues you as long as what you did was not malicious. 

By not creating an entity, you open yourself up to having someone sue your for your personal assets instead of suing the LLC for its assets. So you could be sued for your properties, car, personal bank accounts, etc. Under the LLC, they could only sue for the assets that are considered property of the LLC. Does that make sense?

The technical details you will need to speak with a lawyer on. But that is a high level view of the advantage of creating an entity 

@Brandon Hallgreat advice. Love the fact that you leveraged it to learn about the business outside of just what you need to provide as a CPA.

@Jay ShawXero is a great option that connects to so many other back office applications. Especially ones that are designed for property management. Feel free to get in touch with me if you want.

I am a believer in not being afraid to put together systems that talk to each other and fit your specific situation. Here are a few I recommend:

Accounting: Xero- great software the connects to many other systems

Project management: Workflow Max- there are a lot more, just a suggestion

Property Management: PocketRent reconciles rent and does reporting as well

Marketing: Really depends on your strategy but Hootsuite is great to automate general social media, RadPad

Documentation: Google Drive or Dropbox. Free software that helps you and your team have access to anything from contracts to presentations. Love it and is my go to for so much

I hope this is helpful @Marcus Norman

@Ray HespenI'd love to hear more about your product. Always like to have something in the toolbox for any clients I come across who may need a solution.

Congrats man. That's a big goal that I'm sure feels great to accomplish. Hope you have continued success!

Hey everyone!

I do bookkeeping and cloud back office implementation for real estate companies. I just wanted to ask a few questions to help me better serve this community. 

What are your biggest challenges when running and keeping your business organized? Is there anything you encounter in your accounting or record keeping that drives you crazy? Is there something in your back office that if you could wave a magic wand and fix, you would have done it yesterday?

Thanks in advance for answering, I appreciate everyone's time here. This community is awesome.