Real Estate, Property & Homes
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Man… you guys are awesome. I was looking for the same tool today. Thank you for this awesome video.
1 question I have for you guys, do you guys open one LLC for each property?
I group 4 properties in one LTD, LLC version of LLC in Ireland.
Now, recently I am rethinking and trying to think if is better to open one company per property or few properties per company. What’s your approach?
Thank You. Daniel.
Love you guys and your advice!!! So authentic!! Mike Wazowski, that is all!!!
Dose quickbooks have lanlord/rental specific software?
Thank you Mr. And Ms. Morris, you guys are awesome.
That spreadsheet could use some color. Let me just reformat that real quick..😝. Great content!
Play U2 thank you for all your time and energy we have property in Saginaw and a property in Flint Michigan and we're going to purchase two more any recommendations about Michigan thank you from Ed and Rosario
Easy ms office excel
4:03 – You must not use the free spreadsheet unless you promise to format all of the fields properly.
I have 12 properties and I use a cardboard box with the tax year taped to the side and the online free program WaveApps.com for my bookkeeping. It is by no means as robust as QuickBooks, but the price is right in exchange for taking a few extra steps at the end of the year for the reporting you need. Learning to do proper bookkeeping at the start is KEY to success in buy in hold properties. Wave App can also connect into your bank accounts and pull transactions for free.
I sincerely enjoy the love-bickering. Other channels only show the moments they're 100% on the same page, and it makes me feel like I'm doing it wrong. Your videos make me feel better about my fledgling real estate business with my partner. We love-bicker often; he also hands me the receipts. Thanks for being authentic.
You guys are funny! Good video.
Just set up a bank account for a specific property LLC and only use a debit or credit card that's attached to that bank account.
Then you can log into the bank account through QuickBooks and simply download expenses and deposits once a month when you do your profit and loss Stmt
Take snapshots of all your receipts and home depot will email your receipts directly to your business email. Put them in a folder //folder/2019/jan; //folder/2019/Feb etc…
Then at end of year run your QuickBooks profit and loss statement for the calendar year and email it to your CPA
OMG!!! I’m dying laughing! Why you put the video box on Natalie’s face
OMG.. this Excel spreadsheet is exactly how I do it.. I also divide between rental (top) n expenses (bottom). N another sheet for the whole year rental n expenses for all property for a year. PS: I also scanned n put all the expenses n the Excel sheet in cloud(OneDrive). What a coincidence
I’m surprised you don’t use a property management software instead of or in addition to quickbooks. Quickbooks certainly is the best for tracking income, expenses, deductions etc; however, how do you handle maintenance requests, tenant communication and rental specific tasks? I currently only have 14 doors and looking for a system to handle it all
Hello Clayton and Natali, just wondering but at around @7:30 when mentioning that things started to become a little more overwhelming to handle completely and then resulting to using quickbooks, did you guys purchase the pro version of the program at $30/month? if so was it worth it to have ? I wonder if having an added expense like that would make it better and more tolerable for me to continue investing in other properties without having the headache of keeping track of everything.
so when I write down my expenses on the spreadsheet, does my tax accountant just go with what I say or do i need to show him all my receipts as proof? or can I just hold the receipts like you said only if I ever get audited or something?
Natali, how do you feel about Microsoft Excel's pre-configured financial templates?
We use Quicken to keep track of our properties but not sure if I'm doing it correctly. I began using it in January 2018, so we'll have to wait and see. I create an account by entities first, then by date I track expenses and rent deposit etc by specifying which property it is. Or should I break it down by property itself.? It does get pretty complicated at times. I just hope I'm doing this right. Thanks, Rosie Love y'all! And awesome channel.
I really like you guys…ya'll crack me up!
You guys should do a video on your normal daily routine as a real estate investor?
Would love to see a tutorial on the Quickbooks accounting for re investors etc. that sounds like what you are currently using and most will need. Thanks in advance
Hey, do you guys use QuickBooks online version so you can use tablets and smartphones, etc?
If someone considers Quickbooks, I would also give freshbooks.com a very good look… 😉
my property manager does it for me at the ending of every month it comes with the owner's statement at the end of every month😁
I don't like that you have to provide so much information regarding the property. They will use your information for marketing. No thanks – nobody's business and I don't want to share.
Hi again Clayton and Natali you mentioned @6:10 the video on how to fight the tax assessment, but I cannot find which video that is.Thanks , Rosie
Long time follower of your channel. Has this page been hacked? >>Stressa is an amazing 😉 expense tracking software that you can try for free right here:
<< This link is at the top of your page yet neither of you mention this product in your video. Do you use or endorse "Stressa"? Thanks in advance
Hi me and my girlfriend are 23, renting a townhouse, and have a baby on the way. We really want to make a future for our family. But don't know where to start. We don't have any savings and our credit scores are in the mid 600s. Where would you suggest we start?
I love it! You guys are great!!
I bought Quicken Rental Property Manager at Office Max for apprx $70 a few years ago. No subscription – just a CD that installs to any computer(s) you have. I'd be lost without it. It even spits out a schedule E for all properties on a single doc. P&L, cash flow, graphs and charts, income and expenses are all categorized, it's very comprehensive. You can attach docs to any transaction as well. And you can manage as many properties as you want. It links up bank accounts for online updating, and it stores loads of info on specific tenants/properties. It also links each property to Zillow so you can have an instant up-to-date (FWIW) Zestimate on the value of each property. You could do this in excel but it'd take a programming/accounting ace to format it to do what Quicken does. It has worked well for me since the day I took it out of the box.
(Psssst…Libre Office is a free spreadsheet download that is nearly identical to Excel!)
Hi Ms. Morris and Mr. Morris, thank you for taking the time and making these videos, we truly appreciate it!
One question:Before real state investing, what profession where you in and what made you go into real state?
I love this.
You guys are so cute!
Ha! You two bickering crack me up.
You guys are awesome. Thanks for all of the great information. On my way to financial freedom.I tried to download the spreadsheet but I get a 404 error. page not found. Is there a different link I should try?
Awesome video. One good resource for storing documents is Hubdoc. Integrates with both Xero and Quickbooks Online. Keep the videos coming!
Hello, could you recommend a market in Texas that fit the model of 40-50k properties? Do you invest mostly in the midwest like St Louis and Kansas areas? Thank you
Excellent I will use all your info because it's valuable thank you for everything
When doing your taxes, how do you keep track of all the expenses in detail. So if you buy like 10 things at Home Depot, the total is 200 dollars but a description of Home Depot and amount of 200 doesn’t suffice for when doing your taxes or does it?
you 2 are cool in my book 🙂
Thanx for the info Mr. and Miss
Actually he was right "our estate" comes across like we are high income folks.
Using Excel you could have one main spreadsheet (book), with a Tab for each property in your 'Estate' LOL – and a main tab summarizing Income and Expenses of each property…each in a nice ordered list – On the main tab you can add the Expenses that are not specific to one estate, but apply a percentage to each estate's expenses – things such as office expenses, legal fees, business fees, etc – I use MS one drive and my excel sheets are available from my phone, tablet, computer
Hello, I have looked throught the whole content, still cannot find the Excel spreadsheet. Help me out, please?! Love your show, by the way!
I live in NJ do you guys have a good law firm I can contact for business?
Thanks for all the videos. I am excited to enter real estate investment. What steps do you take to ensure your getting solid renters? To what extent does being a real estate licensee (in Indiana) impact those steps?
Nice video Clayton! How thing going?
Just came across your channel, binged watched for 3 days now! Great content ty!
Hi Morris Fam! My fam and I like you guys! When you set aside your account for each property, with the tax savings account, is this just for fed/state tax or do you pay property tax from this account also. I'm assuming you pay the property tax from the operating expense account; am I correct??
Thank you for the info that you share; your delivery is receivable!!
I love watching your YouTube advises and hoping to finally to invest on single family home.
Love watching you guys! "Estate"😌
You mentioned how to dispute taxes I looked through your videos but I couldn't find anything.
Watching the two of you interact with each other is hilarious!
My house just doubled in value, after my insurance repaired the house after a fire, we will be renting it soon, any good advice?
Is the insurance 600 a year per house? Do you pay for that with your conservative 40%
Just listened to your podcast with Stefan Aarnio!!💯
How do you account for your capex expenditures that you save for over a longer period? Do you have a seperate bank account or do you track them in a spreadsheet and put all the money in one bank account.
Hilarious!…And informative! Thank you!
You guys are a part of my personal mentor list of people I watch for financial and investing advice. I appreciate all the content you provide for people like us. Thank you guys, God bless.
I got my excel with a tab for each property and one main tab that that summarize all properties
How do you guys deal with a tenant that stops paying rent?
Why not just get a landlord software like. Cozy ?
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