Thanks Coach! 👍 1. Excellent clinic on what to systematically keep track of! 2. Both for us AND our CPAs. 3. I am fortunate to have a great REI CPA. 4. I’m about to refinance my next SFH rental. 5. After it’s rented, I’ll take that 1st month’s rent receipt & all of my GC’s invoices, and schedule an appointment with my CPA. 6. You’ve given a lot of good financial strategies for making the process more complete! 7. Yes-please consider creating a live workshop for us!
I live off my rental income, the hardest part is book keeping. I’m busy making sure my rental are filled and producing. I’m trying to fix that at the moment, if you’re struggling your not alone. Thanks for this video, kinda like watching borders. Makes you motivated to get off your ass and get er done. I’ll be sourcing this out but need to straighten up things so I don’t look like an idiot.
Thanks! Yes, we use "Class" in Quickbooks to categorize properties. For anyone who doesn't know what that means, class is just a way to label or separate transactions so that you can run a report for each property.
Thanks for another great video Coach. Great topic as I wholeheartedly agree most RE investors don't know their numbers and don't apply the needed discipline.
Hey Coach, great video as always. Ive been really looking forward to this one, because this is most certainly an area where we fall down in our business. We have 3 rentals and still haven't gotten the discipline right. Id be very interested in hearing more from a live workshop! Thanks
Right on! Thanks for the honesty and the feedback. the good news is you can start making progress with bookkeeping with simple steps that make a big difference. And I'll let you and everyone know on the workshop. More in the plans!
Hey CC, it's all about those 📚 as usual you bring foundational concepts that the others just run over to sell you programs. 😉 That said, I trust your integrity and approach to getting ready to perform and analyze your performance. No such thing as winning all the time, but winning mostly or getting close 🤔 is because of your willful intent to be the best you can and face the realities of your failures and successes. I love the weed out your garden comment, it resonates and drives deep the need to be aware. A great garden is attentive and aware, they know there systems, no matter how small or large the production process gets. I will email.
@@CoachChadCarson, I am full on garden nut-case as well. I did try out American IRA but I went another route with my SD Solo401k and RLT structure @ KKOS. I would have never set up without your help and influence. To learn more and push on me to build a foundation.🏛
I've been using MS Money to categorize income & expenses for our rental properties. MS Money allows me to categorize by property, category (that I set up), and by month/year. At the end of the year I set my reports for the desired filters & print out documents to give to our accountant. I have a MacBook pro & run parallels. This enables me to run MS Money. I absolutely love the simplicity of this program and that I do not have to pay a monthly fee to use it. It is not linked with my bank account which is fine. I would really appreciate it If you or any of your viewers could recommend a similar program that I can run on my mac that would be awesome. In the past I looked into Quickbooks but it doesn't allow for all the categories that I currently have with MS Money (by property, income/expense category, month/year).
Hey Melissa. It sounds like you're using MS Money for exactly what you need. And the fact that you don't have to pay each year is nice, too. I am able to use the categories you mentioned in Quickbooks (properties = Class, income/expense = Accounts, and each transaction has a date). I assume Quickbooks has a Mac version, and they also try to push people toward their online monthly subscription these days.
Great episode. Excellent information. Where are you getting your value of your property without a formal appraisal? The Zestimate and Red Fin's estimates don't seem accurate.
I use a BPO from my agent/property manager when I need something from a 3rd party. But I've learned to do them on my own as well. I can make a video on that at some point if it's helpful.
Absolutely love your videos and thank you for sharing all your knowledge and for all the details is there a way to hire you as a personal real estate coach?
Thank you for the feedback! I'm going to be reopening my real estate course or coaching in the 2nd half of 2023. I've put it on pause while I'm in Spain this year. Thank you for your interest.
Do you suggest having pro service to handle not only bookkeeping and accounting but also minimizing taxable income? Do you have one you’d recommend? Great video and so true. I’m new but I quickly learned in talking with some they do not know the financial details of their investments.
I do recommend a pro CPA (certified public accountant) for helping with tax minimization. You could also hire a bookkeeper, which I've also done. But you'll still need to be involved with a lot of the steps I mentioned in the video (like saving receipts, writing down categories and property classification). Most bookkeepers just enter the information you provide them, and they can't do their job if we're not organized on the front end.
they should have all the transactions like your rent and expenses, yes. And you can also ask them to send copies of the receipts/invoices for the individual transactions. This is another time saver with having property managers. But you may still have some expenses on your own, like taxes and insurance. And you'll have to enter the purchase, refinance, and sale transactions on your own in your bookkeeping.
![Rental property cash reserves: How much is enough? [Ask Coach]](/img/n.gif)
🔥🔥🔥YESSSS COACH CARSON, DEFINITELY INTERESTED IN LIVE WORKSHOP PLEASE!!!
Great! I will make some plans.
@@CoachChadCarson Thank You…excitingly waiting😀!
Thanks Coach! 👍
1. Excellent clinic on what to systematically keep track of!
2. Both for us AND our CPAs.
3. I am fortunate to have a great REI CPA.
4. I’m about to refinance my next SFH rental.
5. After it’s rented, I’ll take that 1st month’s rent receipt & all of my GC’s invoices, and schedule an appointment with my CPA.
6. You’ve given a lot of good financial strategies for making the process more complete!
7. Yes-please consider creating a live workshop for us!
Sounds like you've got some good next steps! And I appreciate the feedback on the workshops.
Yes!!!!! Finally, a video that goes into the nitty-gritty. Yes, accounting content/video's please. I've been looking for this type of content.
Thanks Rocío! More to come.
Yes! How to set up files class would be so helpful!
Thank you for the great tips for small and mighty investors :)
My pleasure! Thanks for watching
I live off my rental income, the hardest part is book keeping. I’m busy making sure my rental are filled and producing. I’m trying to fix that at the moment, if you’re struggling your not alone. Thanks for this video, kinda like watching borders. Makes you motivated to get off your ass and get er done. I’ll be sourcing this out but need to straighten up things so I don’t look like an idiot.
Really beneficial information, Coach! Thanks for all the effort you put into your videos. It really shows and helps so many people.
My pleasure! I really appreciate the feedback. Gives me the energy to make more!
Good stuff Chad and often one of those things we put off for way too long. Do you use “Class” to categorize each of your properties in QBO?
Thanks! Yes, we use "Class" in Quickbooks to categorize properties. For anyone who doesn't know what that means, class is just a way to label or separate transactions so that you can run a report for each property.
Thanks for another great video Coach. Great topic as I wholeheartedly agree most RE investors don't know their numbers and don't apply the needed discipline.
Well said! Thanks for the feedback.
Hey Coach, great video as always. Ive been really looking forward to this one, because this is most certainly an area where we fall down in our business. We have 3 rentals and still haven't gotten the discipline right. Id be very interested in hearing more from a live workshop! Thanks
Right on! Thanks for the honesty and the feedback. the good news is you can start making progress with bookkeeping with simple steps that make a big difference. And I'll let you and everyone know on the workshop. More in the plans!
Hey CC, it's all about those 📚 as usual you bring foundational concepts that the others just run over to sell you programs. 😉
That said, I trust your integrity and approach to getting ready to perform and analyze your performance. No such thing as winning all the time, but winning mostly or getting close 🤔 is because of your willful intent to be the best you can and face the realities of your failures and successes. I love the weed out your garden comment, it resonates and drives deep the need to be aware. A great garden is attentive and aware, they know there systems, no matter how small or large the production process gets. I will email.
Thank you Tomas. The pruning/weeding metaphor works for me because I like getting my hands dirty in the garden a little bit:)
@@CoachChadCarson, I am full on garden nut-case as well. I did try out American IRA but I went another route with my SD Solo401k and RLT structure @ KKOS. I would have never set up without your help and influence. To learn more and push on me to build a foundation.🏛
Great presentation. Concise and informative. Great job!
Much appreciated! Thanks for watching.
Great video coach !
Would love to participate in the live workshop that you mentioned
Hi Coach, great video, interested in the live workshop. Thanks for your time!!!
thanks for the feedback! Live workshop is getting good interest so I'll let everyone know.
Well done. Appreciate your help
thanks for watching!
I really appreciate this. This information is very helpful. Thank you!
So glad! I appreciate you watching.
🔥 🔥 🔥
I've been using MS Money to categorize income & expenses for our rental properties. MS Money allows me to categorize by property, category (that I set up), and by month/year. At the end of the year I set my reports for the desired filters & print out documents to give to our accountant. I have a MacBook pro & run parallels. This enables me to run MS Money. I absolutely love the simplicity of this program and that I do not have to pay a monthly fee to use it. It is not linked with my bank account which is fine. I would really appreciate it If you or any of your viewers could recommend a similar program that I can run on my mac that would be awesome. In the past I looked into Quickbooks but it doesn't allow for all the categories that I currently have with MS Money (by property, income/expense category, month/year).
Hey Melissa. It sounds like you're using MS Money for exactly what you need. And the fact that you don't have to pay each year is nice, too. I am able to use the categories you mentioned in Quickbooks (properties = Class, income/expense = Accounts, and each transaction has a date). I assume Quickbooks has a Mac version, and they also try to push people toward their online monthly subscription these days.
Great episode. Excellent information. Where are you getting your value of your property without a formal appraisal? The Zestimate and Red Fin's estimates don't seem accurate.
I use a BPO from my agent/property manager when I need something from a 3rd party. But I've learned to do them on my own as well. I can make a video on that at some point if it's helpful.
Redfin and Zillow data can be quite useful and good. But I don't just use their estimate. I do a process of evaluating it myself
Definitely interested in a workshop!
Thank you!
Absolutely love your videos and thank you for sharing all your knowledge and for all the details is there a way to hire you as a personal real estate coach?
Thank you for the feedback! I'm going to be reopening my real estate course or coaching in the 2nd half of 2023. I've put it on pause while I'm in Spain this year. Thank you for your interest.
@@CoachChadCarson How many units do you have?
I love your videos, I always learn a lot! Just started my own channel, I'm hoping that can grow, along with my real estate investments!
Best of luck on YT and REI! And thanks for the feedback and following along!🙌
Do you suggest having pro service to handle not only bookkeeping and accounting but also minimizing taxable income? Do you have one you’d recommend? Great video and so true. I’m new but I quickly learned in talking with some they do not know the financial details of their investments.
I do recommend a pro CPA (certified public accountant) for helping with tax minimization. You could also hire a bookkeeper, which I've also done. But you'll still need to be involved with a lot of the steps I mentioned in the video (like saving receipts, writing down categories and property classification). Most bookkeepers just enter the information you provide them, and they can't do their job if we're not organized on the front end.
This would be very helpful. 👍🏻
Thanks Mary.
This is the real content
Thank you!
If I have a property manager, they should have all of this accounting information on a report right?
they should have all the transactions like your rent and expenses, yes. And you can also ask them to send copies of the receipts/invoices for the individual transactions. This is another time saver with having property managers. But you may still have some expenses on your own, like taxes and insurance. And you'll have to enter the purchase, refinance, and sale transactions on your own in your bookkeeping.
@@CoachChadCarson ahhh yes! Thank you!
Can someone recommend an app?
I use Quickbooks and Google Sheets (for my personal rental). I've also seen people use Stessa, Microsoft Money, and Quicken. I'm sure there are more.
thanks
Workshop workshop workshop...
Thanks Scott! There's been enough requests that this will definitely happen.
Yes please help
will do on the workshop, Tim. Thanks!