All Forum Posts by: Tracey O'Hara

Whether you use QB online or desktop Pro depends on things such as how knowledgable you are of accounting, who will be doing the bookkeeping entries (local or remote), do you have just one or several entities, and how knowledgable your CPA is of real estate investing.  If you aren't familiar with bookkeeping and will have someone else doing the entires and you have only one entity,  then QB online will probably be best for your money.  If you have multiple entities, understand bookkeeping and will be doing the entries yourself (or someone in your office), then QB Pro desktop is the way to go. For 30+ years, I worked in accounting and then made the switch to real estate investor.  I have a C-corp with several LLCs as I do wholesaling, flipping and landlording in multiple states.  My bookkeeping is done in-house and then sent to my CPA and Tax Advisor who are in Nevada (I am in NC).  QB Pro Desktop was the better choice for me not only because it saved me money compared to the cost of online, but it also allows me to customize it more to what I wanted to see in my reports.  Hope this helps.

If you get the desktop version, you can set up each LLC as a separate QB file and not pay for added subscriptions.

That QB Pro Desktop

I have a C-corp with several disregarded LLCs for flipping.  My CPA recommended QuickBooks Pro and had me set up each entity as a separate file.  You can use class tracking for each property.

How does having the property in a trust affect getting a rehab loan?

@Tom Hurford  I hadn't thought about a trust.  I don't know much about them so does the trust go in both names?  What happens to the trust if the house doesn't sell?

@Neil Sinha that's pretty much the jist of it.  What can I do (if anything) to protect my interests?  I'm just trying to figure out my options.  If I purchase the property outright, I'll be paying more in interest on the loan.  Any other suggestions on how I could maybe work this deal?

I have a scenario that I need help with please. I have a very motivated seller who wants to just sell his house for the mortgage balance of 287k. The house is in a very desirable school district, has a brand new roof, needs about 50k in rehab and would ARV about 415k. The seller will not do a subject to sale, however, I have him thinking about leaving the mortgage in place for one year while I make payments, rehab the property, then sell and pay off his loan. Has anyone ever structured a deal like this? Is it even legal? What happens to my equity should the house not sell (I know it will, but thinking worst case scenario) and the owners move back in? And should I get builder's risk insurance on the property? Will getting additional insurance tip off the mortgage holder? Any other pros/cons to doing this deal?? All help is greatly appreciated.

Hey Bridget.  I have a carpenter friend that lives in Pinehurst.  I'll contact him to see what he can suggest.