All Forum Posts by: Emily Powell

@Linda Hastings And then run a report by class which will break down all income/expenses by property/class.

I see.  I'm not familiar enough with the software to know if you can import a chart of accounts. I just add each account as I need them and that's worked for me so far.  I would just recommend creating a separate class for each property.  And then within each class, you can use the same accounts (repairs, rental income, management, taxes, etc).  

@Linda Hastings Are you asking about how to get to the chart of accounts or whether I found a template for setting one up?  A template wouldn't be mac/PC specific. The information would be the same.

@Linda Hastings I didn't.  Just kind of made it up as I went along.

@Adam Collins - Like many others recommended, I have used classes in QB and it's worked well.  When I get my monthly statements from my PMs, I just split code each deposit between rental income/repairs/management fees, etc and then can generate reports by class (property).  It's worked for me and my CPA.  Hope that helps.

Probably for the same reason they don't become their own agents, accountants, lawyers, etc.  You could certainly become each of those and save yourself the $ on future projects, but I think most people would prefer to put their time and energy into finding deals (or any number of other things) and letting people who are experts in those areas do those jobs more efficiently, from both a cost and a time perspective.  I think Patrick said it best, all about maximizing time and value.  

REI meetings, coffee dates, great questions on BP... Rock on, Clayton.

Fair enough.  Thanks, @Account Closed

Question. I currently own property in 2 different states. I don't see many people talking about state-specific LLCs and am curious if I can hire 1 lawyer to deal with creating entities for both states? Should the lawyer be in one of those states? Does it matter? I'd much rather pay someone to make sure that the paperwork is done right, just need to know where to start to get myself a good real estate attorney. Thanks in advance! And may 2017 bring you new properties and good cheer.

@Account Closed was asking (hi, Dan) is whether there are specific insurance policies which might be different from what an investor would otherwise get on a property that would provide additional protection from a lawsuit were they to be sued.  I think it's safe to assume that we all obtain insurance policies on our properties, and whether we hold said properties in 1 or multiple LLCs is different for each investor.  That being said, are you suggesting that certain insurance policies are better than others, should an owner be sued?  If so, could you elaborate, please?  Or are you merely suggesting enough liability on our policies?  

@Account Closed Then I guess we can only hope that you won't throw any of us BPers under the bus then. :)