All Forum Posts by: Morgan M.

@Cameron Riley

I understand avoiding subscriptions but QuickBooks online is $20 a month. The downside is that if you have no accounting experience you probably will need a bookkeeper to help set you up.

If you feel like going for it:

1. Set up your chart of accounts: assets, liabilities, equity, revenue/income, expenses. Google these terms and how they are defined in accounting.

2. Link your banking account

3. Begin classifying transactions according to your chart of accounts. (This is done in “banking”)

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If you don’t want to swing for it but like the idea of speeding up reporting from excel you could use “Data Validation” based on a list (YouTube it). If you create your chart of accounts in an excel list you can basically download your banking in excel format and quickly classify transactions with consistency.

From there you can sum each account and quickly run a profit and loss report.

I like QuickBooks because as I grow my portfolio I have all the functions I need and I can run year over year reporting. I also like tracking net worth and other financial metrics/ratios.

Would love to meet up!  Thinking about selling my Santa Rosa home.

@Mandar Ambre Congratulations!

@Ian Walsh thank you Ian, that’s the plan but feeling urgency with high market. Wife and I shopped property last weekend. Listening to BP podcast during commute. Reaching out to agent this week.

60-80 hr work week to work around but the wife is starting to step up too.

@Chuck Sutherland I have decided that money matters more so if time better outside the State then that’s what I need to do. That being said I’m guessing there is lots of ground work for my wife and I to avoid the pitfalls of long distance investing.

Any resources you recommend?

@Cj Penn perhaps not the sexiest advice but I think budgeting is worth mastering and would accelerate your career faster than anything else.

You can try interning with agents and bird dogging deals but I think your current and future network will have a lot of respect for a role model in budgeting and it would increase trust in a young ambitious soon to be investor.

Look into local groups and seminars, grow your network and be enthusiastic about other people’s work.

@Caleb Heimsoth. Pretty much my thoughts too. Closing costs aren’t a big deal if we’re losing 6% return every year on opportunity costs.

@Jonathan Watt I like the multi-unit concept a lot.

@Frank Wong thank you Mr. Wong. Not a bad thought since I could get a comparable return in Money Markets to help offset downtime. I think if we play the downturn right we should be able to grab a few good cash flow properties.

@Theresa Harris

Thank you for the input. This will be our first time selling. We did live in the property over two years. What percentage should we expect to pay in closing costs? Or does that vary quite a bit?