Hey everyone, I wanted to give an update on the software I use as an accountant to manage my rental portfolio. I am not paid for or advertising these, it's simply what works best for me! 1. REI Hub: This software allows me to keep track of all my properties financially, whether as a rental or a remodel. I like the software because it is extremely customizable, very affordable, and offers me easy access across many devices. 2. Doorloop: For a growing investor, having software that will collect rent, allow me to send checks via online, create a vendor list, and list my properties available for rent is extremely useful. This software has allowed me to think long term about my limits of property management. It's extremely easy for me to scale using this software and I highly advice people to use it. 3. Wix - Website: I have incorporated Doorloop into my website. Using Wix has given me the easy access and control to change things online when I need to. These are what I am currently using and love! If you have other recommendations, feel free to comment them below.

As I should have posted a long time go, we finished out first large remodel and sold the property in January of this year for full asking price! 212 S Elm was amazing learning project and allowed us to have the confidence to dive into a bigger project. Here were the final numbers on the deal. Purchase price: 41,800 Remodel: 41,500 Holding Cost: 1,650 Total Input Cost: 84,950 Sales Price: $170,000 Selling Cost: (11,050) NET Profit: $74,000 Tax Tip: We paid 0% in taxes on the profits from this sale because they are LTCG and in the 0% bracket based on our tax returns. Feel free to ask any questions!!

Hey everyone, this page is now dedicated to combing my love for real estate and tax accounting. If you are a member on this page. I will be creating a discussion group specifically for questions about Accounting questions. Yes, that’s right. You now all have easy access to someone who will answer all your questions regarding… - Tax Benefits / strategies / Accounting - New updates regarding Tax Law - Entity formation / Partnership / S-Corp / C-Corp - Real Estate Record Keeping - For an additional services, we can have a private chat as well. I’m looking forward to assisting you grow your portfolios in the most cost effective way! There will also be a course opened soon regarding the most beneficial tax techniques used by investors.

My partner and I sold one of our long term rentals which we owned for 2 years. It rented for 1,500/month in a college town with the details below: Purchase price: 85,000 (6k down) Rehab: 4,500 (cash) Sales Price: 125,000 Sales Cost: (2,596) NET Profit: $32,900 Profit & Equity: $45,700(what we recieved) Upon closing, the same day, we bought these two properties for a total combined purchase price of 164,000, we used the funds from the sale of our original property as the down payment for these two and had over 7k left over that was deposited in our bank account! These properties combined rent for 2,200/ month. Genius idea: When you purchase two properties from the same seller, put them under one loan. So when you sell one of the properties, you don’t have to pay the loan off because it’s still secured by the other property! Pretty neat we traded 1 house that rented for 1,500/month for 2 houses that rent for a total 2,200/ month and GOT PAID +7k to do it.