All Forum Posts by: Nick Litchney

Also if your property is in California you have to pay $800 per LLC you have.

No don't do that if you cross streams of rental income (all income goes into one LLC) then all your future income is at risk of loss. Put each individual property in its own LLC if you are going to having a separate LLC and having two LLCs (one property owning entity and one master lease entity) per property sounds more complicated than it's worth.

I tend to buy mostly turnkey, as I am in it for the longhaul. Not a fix and flipper.  I like buying new properties from the builder.  I tend to get a 10 year warranty and can use them as my maintenance for the first couple years if any.

@Nick Litchney I invested in some on crowdstreet that I kind of regret doing. One specific one in San Diego that was ground up and has been delayed on completing construction and another that is a private REIT invested in about 30% multifamily rest is office/industrial/retail diversified portfolio.

Hi Samantha, accountant here and happy to answer any questions you have or just chat through some things to look out for.  When it comes to LLCs they have nothing to do with taxes or cash flow, think of them more as an insurance policy that limits your exposure rather than covers up to a certain amount.  LLCs feel like overkill until it matter (when/if you run into trouble with a tenant) Good luck getting into the business and feel free to meassage if you want a quote for bookkeeping services.

Yep open a brokerage account and invest in a REIT if you really want to buy real estate.

@Nick Litchney I haven't been buying much lately and have not seen new bookkeeping clients from new acquisitions (nobody selling and nobody buying).  Even my passive multifamily investments have been having a hard time.  It's been slow, but not bad (decreasing values) I guess.  Just waiting it out and hoping for lower interest rates for now.

@Nick Litchney I typically do single family homes, and do bookkeeping for multiple entities with various owners for each of them. I even use the system for a small HOA as well. It works great for long term rentals. Pretty easy to scale up due to the ability to tag costs under a specific property or have the set it and forget it rent collection. Their new smart platform has auto tagging as well which can get you to the point you can do a tax filing with little to no effort on bookkeeping if you set it up correctly. Using their built in leases also helps keep everything in one place. I used to use wave and Venmo to do bookkeeping and rent collection but have cut about an hour or two per month of bookkeeping time by moving all my properties and some of my clients to baselane.

I use baselane to help manage all the “paperwork” side of things. It does rent collection, banking, bookkeeping, supports your tax return prep with automatic tagging. You can get tenant screening lease preparation as well. This makes it much easier to add additional properties because they are all managed in one place even if they are in different legal entities, states, etc.

Not sure about Azibo, but you could look at Baselane as an alternative free to sign up and get rent collection free if you use their banking platform with virtual accounts and multi legal entity/property accounting. Includes other premium services like tenant screening, lease creation etc.  Seems like Azibo might have failed on the premium services side to stay sustainable.