All Forum Posts by: Max Emory

Hi @Errol Graham, we use QuickBooks Online exclusively for all of our REI Clients. I use it for my personal portfolio as well. We've found it has superior reporting features, integration features, and is overall more efficient to work within than other REI-specific software.

The downside is QBO is not set up for REI so you'll need to do that or work with an expert to ensure it is set up for your business appropriately.

Something else to keep in mind is your entity structure and how your entities file tax returns. As a general rule, each entity that files a separate tax return (partnership, s-corp, c-corp, etc) will need its own QBO subscription. If entities are disregarded, you can keep up with more than 1 in a single QBO account using the location/business feature to keep track of them separately.

If you want to discuss any of this further, I'm happy to answer questions and help walk you through it.

Best of luck!

Hey @Brandon Patrick, I keep a list of CPAs/tax pros I recommend to our bookkeeping clients. I shoot you a DM!

Hey @Moana Dherlin, we use QuickBooks Online exclusively for all of our REI Clients (including our STR owners). I use it for my personal portfolio as well. We've found it has superior reporting features, integration features, and is overall more efficient to work within than other REI-specific software.

The downside is QBO is not set up for REI so you'll need to do that or work with an expert to ensure it is set up for your business appropriately.

Something else to keep in mind is your entity structure and how your entities file tax returns. As a general rule, each entity that files a separate tax return (partnership, s-corp, c-corp, etc) will need its own QBO subscription. If entities are disregarded, you can keep up with more than 1 in a single QBO account using the location/business feature to keep track of them separately.

If you want to discuss any of this further, I'm happy to answer questions and help walk you through it.

Best of luck!

Congratulations, @Paige Seeley!! That's huge! I remember how stoked I was closing on my 1st rental!

1) Our PM conducts quarterly walkthrough inspections. It's a great time to document what has changed with each unit and to assess if there are any necessary maintenance requirements the tenants have not communicated.

2) I'll defer to other investors for this one since I've never self-managed (other than STR/MTR). Preferably you have a tenant portal through a PM software that allows the tenants to make requests. And, make sure you have backups on your vendor list when your primaries aren't available.

3) Bookkeeping is my wheelhouse so here we go: 

Once you have more than a few properties, you'll want to consider a software. But, excel is totally fine in the beginning (in addition to your PM software to capture transactions outside of the properties).

We use QuickBooks Online exclusively for all of our REI Clients. I use it for my personal portfolio as well. We've found it has superior reporting features, integration features, and is overall more efficient to work within than other REI-specific software.

The downside is QBO is not set up for REI so you'll need to do that or work with an expert to ensure it is set up for your business appropriately.

If you want to discuss any of this further, I'm happy to answer questions and help walk you through it.

4) I'd recommend a PM software for this. There are some affordable options.

5) I'll defer this one to the self-managers on here.

6) I don't think this is necessary unless your property is overpriced rent-wise. If you decide to do this, make it a one-off or no more than a few months like a bonus incentive to sign but it doesn't last the length of the lease.

Best of luck to you, Paige!

 Hey @Jeff S., we don't provide any tax services. We're purely a bookkeeping firm and provide some fractional CFO services. 

So, I would direct your question to a tax pro. It will depend on your entity type and they will most likely want to see a balance sheet as well. If there isn't much activity they can probably deduce a balance sheet to accompany your P&L.

But, again, we don't provide tax services so a tax pro will be able to help you with that.

 Great tech stack recommendations!

@Paige Kehoe, agree with @Simon W.. We see a lot of reconciliation issues with Doorloop. Some of our bookkeeping clients use it to self-manage their rentals. 

We use QuickBooks Online exclusively for all of our REI Clients but we don't use it for property management purposes (just accounting). I use it for my personal portfolio as well. We've found it has superior reporting features, integration features, and is overall more efficient to work within than other REI-specific software. The downside is QBO is not set up for REI so you'll need to do that or work with an expert to ensure it is set up for your business appropriately.

Buildium may be a good option for you.

Thanks for the shoutout, @Markus Shobe!

Hey @David B., I run a large group of bookkeepers/tax pros/cfos who specialize in serving REIs (in addition to myself, of course). @Todd Lennig is also a member of our group and is fantastic.

What criteria do you have (if any) for your "ideal" bookkeeper?

I'm happy to post in our group and see who we can send your way.

Let me know!

Hey @Josh Beller, what specifically are you looking for in addition to commercial property experience?

I run a large group of bookkeepers/tax pros/cfos who specialize in serving REIs. I can shoot a post out to them with your criteria if you would like me to.

Let me know!

@Nelisa Lee, do what works for you, of course. Coding loan payments from the bank feed doesn't affect the cash balance per property from my experience.