All Forum Posts by: George Smith

Thank you all. Ill give it a shot. I really do appreciate it.

George

Good afternoon,

Ive got a quick questions regarding reconciling on quickbooks. I just signed up for QB and all of the info has been imported and categorized for 2018.

When I go to reconcile, It lists a starting balance which was not the starting the balance on 1/1/18. It lists the balance of the checking account on 9/5/18. 

Can i reconcile the whole year at once.. 1/1/18 to 12/31/18/? Why does it not show the starting balance on the day earliest day 1/1/18 of transactions that were imported?

Thanks,

George

Is it in a good rental area?

It just takes one time getting burned really good and although you remain sympathetic....you realize it still needs to be run like a business. I would take consideration in how many units i have and how long and what there payment history has been but im not sure Id ever let it it get more than a month behind. 

I’ve used it for a few projects and it’s worked out well. I did also receive another email a month or two ago that there’s an updated version Which I haven’t downloaded yet. But I guess you get all the free updates for the life of the product

Great job. Getting through that first one is an education in itself.

Id also spend as much time roaming the aisles at home depot/lowes documenting prices and sku numbers. Id also make sure you network at local REI clubs to find where other investors are purchasing materials. Also, providing value to someone that does it for a living is a great way to learn the ropes with half the risk on your first one.

Dont forget the bid room at home depot for contractor pricing where available.

One last thing...and Im not an employee of this company but Ive tried a few speadsheets which have worked okay but the one at houseflippingspreadsheet.com is the by far the best one Ive found. At first it might seem a little expensive BUT it really has everything built in with checklists and a ton of reports. Dave..the owner has responded quickly with any question i might have had and there are a ton of video tutorials for each part of the spreadsheet. I would at least see if theres a trial period to check it out. And of course...its a tax write off. 

I personally will walk through that job site every day until i was comfortable with the contractor and his/her progress. I can see it slowing things down if you're always there AND always asking questions, but besides that I havent seen many delays it has cause provided you respect the contract and his process.