All Forum Posts by: Max Emory

Hey @Marc Shin, there's an endless number of apps for receipt capture. QuickBooks Online, expensify, dext, etc. You can also just snap a pic with your phone and upload to Google drive, dropbox, etc.

If you adopt software to keep up with your bookkeeping, most of those will have an app with receipt capture.

 Hey @Rene Hosman, 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. That's the key component that is usually missing when I hear other entrepreneurs/investors say they don't like QBO.

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. This will save you on subscription costs.

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

Best of luck!

 Second everything @Jake Baker said!

Hey @Tarcizio Goncalves, QuickBooks Online allows for everything you need. We use it 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. That's the key component that is usually missing when I hear other entrepreneurs/investors say they don't like QBO.

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. This will save you on subscription costs.

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 @Anthony Jentsch, some accountants/tax firms offer this. Also, if you know anyone who is an experienced/successful investor with these specific types of properties they would be a great independent check as well.

Welcome, @Sandy Blair! Good luck with your new venture.

Here for any questions you have regarding REI bookkeeping.

That's what we do!

(REI myself)

Hey @Larry Morris, I have a list of REI-savvy CPAs my REI bookkeeping firm recommends. I'll shoot the list over to you through DM.

 Always love reading your posts haha. So real and clear. No fluff. Some humor sprinkled in. Amazing.

@Jamie Parker, most of what you'll see in the education space of REI/business is fluff and designed to take your money. Once you've done a little educating through a $10 book and some free podcasts (the good ones), the main driver of your success is consistent daily action. That's it. The work has to get done. Not 2-hour morning routines or more education/inspiration/motivation/etc. It's just volume of work.

And, keep everything as simple as possible.

For cash flow management, I recommend Profit First. I use it for my 3 businesses and it works like a charm. Super simple and effective.

Hope it helps!

Hey @David Cherkowsky, I'm not sure how much vetting you did for the tax pro you found on BP but I'd recommend getting referrals for such an important position on your financial team. 

BP is so large now, unfortunately, there are a lot of "professionals" advertising their services here but don't know the REI industry.

So, to protect yourself in the future, I'd ensure at least a few other REIs have worked with the professional you choose to hire and have received enough value from them to refer their services.

You can always ask the professional for references as well and they should have no problem providing a few if they are good at what they do.

Just my 2 cents. Stay safe in the forums haha.

Good luck!

House hacking is a great way to get started, @Jose Botello! I'm on my 2nd househack in addition to our other rentals. It's a cheat code.

I recommend consulting an REI-savvy tax pro for these types of questions. The forums are great but tax pros here don't know all the ins and outs of your specific situation so it's hard to give definitive answers.

Do the house hack though! Your future self will thank you.