All Forum Posts by: Account Closed

You are assuming that everyone actually wants to become financially free. I assume that most people don't want to make the sacrifices to achieve financial freedom and are perfectly content working for the man as it provides them an easy and comfortable life. 

Hi Kelvin - I'd recommend looking in your own backyard. I've been investing in the Gulfport-Biloxi market for about five years and it has treated me very well. Let me know if you have any questions about the area. 

I'm currently working on creating a Power BI dashboard for my job and I was curious if anyone in the real estate community utilizes it. It might not be the most effective tool for most small landlords, but the through crossed my mind about its various applications. Do you use Power BI or a similar product and what do your dashboards look like?

@Kyle Lacasse - Thank you

I personally use iPlan group

Hey Matthew - Congratulations on your first purchase. With technology nowadays, I don't find it necessary to have an in town tax accountant. Even though I'm a CPA, I personally use turbo tax and I own 20 units. I'd consider utilizing the tax experts option on turbo tax if you have any specific filing questions.

Has anyone tried this service yet? I'm about to try and see how it goes.

Hey Kevin,

I personally utilize all the expenses listed on schedule E to categorize my business expenses. However, it depends on how you'd like to track expenses to provide information on your operations. I prefer mine a little simpler as it makes recording easier, but the more detailed you make your chart of accounts the better information it will provide. 

It's interesting to see everyone's input on the moratorium. It's had a different impact on my market where there isn't a lot of rental inventory and has driven the cost of rent up. 

When evaluating different software to use for tracking financials, you really need to keep in mind that for tax purposes, you need to track each property individually. I think most software can do this specifically when you set up your chart of accounts correctly. I prefer Xero, but about any software can do it.