All Forum Posts by: Alex M.

@Jonathan G.- that is definitely something I am concerned about here. I'm just starting to own this building and I don't want to get off on the wrong foot with my tenants, but I also don't want to set expectations that they can start complaining and asking for things and I will accommodate them.

@Dana DunfordI was just quoting them - apologies for the confusion - I believe they intended to mean a security door, but originally called it a "screen door". I was just as confused as you were, though, by this terminology and was wondering what good a screen door would do them, but they did clarify a black metal security door when we spoke on the phone. It would be great if the past landlord would be willing to pay, but somehow doubt that...

I recently purchased a small multifamily property that came with tenants.

A tenant in a ground floor unit reached out over this past week asking if I would install a screen door as "the previous landlord had promised to put one in". 

I called them back to better understand what they were interested in doing. Apparently, they spoke with the past owner about being nervous to live on the ground floor without a security door - this is a pretty decent area and not a high crime area. I would personally not be nervous there, but everyone has their own standards.

My tenant did state that they would be willing to pay for the door and the installation, so I don't have much of a reason to say no to them, other than not liking the look and being nervous that someone could do some damage by putting it in wrong. But they then stated that "seeing as they won't take the door with them when they leave, how would I like to handle it - should they just take the money out of the rent?".

I have to admin, this caught me off guard. I told them no. I don't really see the need for the door and don't want to pay for it, but that I would be willing to let them purchase and install it if they are taking on all of the costs. They did not seem too happy at this idea. 

Am I being too strict? 

I'm a newer investor/landlord and only have two other rented properties prior to this one which I just bought 3 weeks ago. I don't want to be a total schmuck/cheapskate, but I also don't want to just start outlaying costs on a property that does not (in my opinion) need them.

What would you do?

@Garrett M.

Thanks for the info. I went the simple route (not necessarily the smartest or cheapest), and got construction/rehab policies for both of my recent purchases while I am fixing them. I'm getting close to finishing both now, and will be back looking at my options again shortly. Appreciate the heads up. 

@Ben Leybovich and Patricia. Thank you very much. I appreciate you both taking the time to create this informative response. It sounds like you recommend a different approach to Nancy - rather than adapting to the terminology within QB, you would use a different file for each LLC or entity. Can you speak to whether this makes it any easier or harder for you when tax time comes around? Are there any other reasons to use a separate file versus tracking by class and subclass as Nancy mentions?

I am planning to have a CPA do my taxes this coming year for the first time ever - I've always used Turbotax in the past, but that was before getting into REI beyond my first rental.

Thanks!

@Account Closed . Wow! This is super helpful! I really appreciate you taking the time to put all this information down - I'm going to need some time to digest this, as I am a total newb with QB and literally just getting started in entering the info, but it sounds like what I need to do is possible. Just one more quick question for you: am I going to run into any issues with doing this if I am doing it using the online version versus the desktop version?

@Dawn Anastasi - thanks!

@Cameron Skinner - yup. Quickbooks online. 

@Account Closed - not so much a software guy as a sales guy in a company with a strong IT development team. I guess they have infected my brain :)

All - thanks for the great feedback. I really appreciate the responses. I'm still very much in the early stages of REI and trying to put in place scalable systems to manage this as it grows. Based on all the feedback, it sounds like almost everyone is using Quickbooks Pro. Primarily the desktop version. Is there anyone using the online version here or does it simply not have sufficient features?

@Linda Weygant - thanks for bringing up the legal ramifications of this. This is being added to the list of items to discuss with my attorney.

Agreed with @Jonathan Towell. It does not sound like it will be too hard for you. Have you spoken to any lenders/banks yet?

Has anyone attempted to use one instance of Quickbooks for multiple entities, such as LLCs? I'm struggling to figure out how to best set this up, and do not want to purchase (or have to manage) two separate accounts.

Has anyone attempted to use one instance of Quickbooks for multiple entities, such as LLCs? I'm struggling to figure out how to best set this up, and do not want to purchase (or have to manage) two separate accounts.