All Forum Posts by: Seth Kitchka

Ronald, we have purchased a couple with damp and musty basements, but not consistent standing water. We're used to them in our neck of the woods. I would plan to do gutters, dryloc paint on the interior brick, and a dehumidifier at a minimum. If you see parts that concern you, like dirty spots leaning towards might be mold soon, you can try to tackle it by scrubbing with a bleach/water mix. If it already looks moldy you can hire someone to take care of it. Hope this helps!

I would suggest keeping your lucrative job for a bit while you establish you REI career. Learn while you have the funds to recover from mistakes, because they will happen. That's what I'm doing, but I actually love my full time job so it's a bit different.

Welcome from Michigan. Hit it hard!

I also have problems with the app. It doesn't crash on me but it doesn't post like it should. I have problems tagging people and when I'm typing up a post if I get below the keyboard I can't see what I'm writing, it doesn't scroll or shift the box so the text is visible.

That's exactly how I feel right now. I was always good at math but the debit/credit thing is confusing me! I'll get it, it'll just take some time and experience using it.

I have "My Office" setup as well, and using it exactly like that, operational expenses that don't apply to a single house.

My accountant explained the repairs vs capital improvements pretty well. I understand it to be Repairs are necessary to keep it running and Capital Improvements are improvements that increase the value. I think I should setup a meeting with my accountant too. We can go through the Chart of Accounts together and remove what I don't really need or add accounts he suggests.

I'm starting to get more organized, I like it!

@Ryan Swan @Shane H.

Thank you two for all the good info and tips. I really appreciate the help!

Shane, I started reading that accounting ebook. I have a feeling it will get a lot of use! It has some great info for people like me without a financial background.

@Ryan Swan 

Tagging people doesn't like to work on the app.

Ryan Swan I've thought about that but will the principle and interest amounts get input correctly since its amortized?

@Shane H.

That answers my questions perfectly! I feel like a have a good grasp on it now. Thanks a lot for the dumbed down version. I felt like the Buildium article was written in Greek before. It makes sense now. I downloaded that accounting ebook. I think that will come in handy. Thanks again!

I just input all the mortgage accounts, escrow, interest, and the property asset accounts. It makes a lot more sense now. I'm not sure how to put the escrow balance in though. I don't really understand if the escrow account balance should be a credit or debit. I do know I'll have to equal it out with OBE. I figured out the taxes and insurance too. When those are paid I'll record a payment from the proper escrow account.