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!
@CoachChadCarson
Жыл бұрын
Sounds like you've got some good next steps! And I appreciate the feedback on the workshops.
@beverlydemons6757
Жыл бұрын
🔥🔥🔥YESSSS COACH CARSON, DEFINITELY INTERESTED IN LIVE WORKSHOP PLEASE!!!
@CoachChadCarson
Жыл бұрын
Great! I will make some plans.
@beverlydemons6757
Жыл бұрын
@@CoachChadCarson Thank You…excitingly waiting😀!
@EverydayHomeRepairs
Жыл бұрын
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?
@CoachChadCarson
Жыл бұрын
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.
@JamesAnderson-uy1bd
Жыл бұрын
Really beneficial information, Coach! Thanks for all the effort you put into your videos. It really shows and helps so many people.
@CoachChadCarson
Жыл бұрын
My pleasure! I really appreciate the feedback. Gives me the energy to make more!
@galdamez874
Жыл бұрын
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.
@CoachChadCarson
Жыл бұрын
Thanks Rocío! More to come.
@yaminhtet8674
3 ай бұрын
Thank you for the great tips for small and mighty investors :)
@CoachChadCarson
3 ай бұрын
My pleasure! Thanks for watching
@baggiomarko
Жыл бұрын
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
@CoachChadCarson
Жыл бұрын
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!
@shawndagan7760
4 ай бұрын
Yes! How to set up files class would be so helpful!
@Michael-ku2ey
Жыл бұрын
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.
@CoachChadCarson
Жыл бұрын
Well said! Thanks for the feedback.
@SilverBullet-ek9cd
Жыл бұрын
Great video coach ! Would love to participate in the live workshop that you mentioned
@gloryrentalpropertiesllc3639
Жыл бұрын
Great presentation. Concise and informative. Great job!
@CoachChadCarson
Жыл бұрын
Much appreciated! Thanks for watching.
@SuperbHandyman
Жыл бұрын
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
Жыл бұрын
Thank you Tomas. The pruning/weeding metaphor works for me because I like getting my hands dirty in the garden a little bit:)
@SuperbHandyman
Жыл бұрын
@@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.🏛
@castlerc
Жыл бұрын
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.
@georgenaranjo9252
Жыл бұрын
Hi Coach, great video, interested in the live workshop. Thanks for your time!!!
@CoachChadCarson
Жыл бұрын
thanks for the feedback! Live workshop is getting good interest so I'll let everyone know.
@legacyopp9318
Жыл бұрын
Well done. Appreciate your help
@CoachChadCarson
Жыл бұрын
thanks for watching!
@Martin6family
Жыл бұрын
I really appreciate this. This information is very helpful. Thank you!
@CoachChadCarson
Жыл бұрын
So glad! I appreciate you watching.
@chrisviola8758
Жыл бұрын
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.
@CoachChadCarson
Жыл бұрын
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.
@CoachChadCarson
Жыл бұрын
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
@soaring8467
Жыл бұрын
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.
@CoachChadCarson
Жыл бұрын
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.
@SergioB-MakingMillionaires
5 ай бұрын
🔥 🔥 🔥
@freeestyleobsessed
Жыл бұрын
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?
@CoachChadCarson
Жыл бұрын
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.
@freeestyleobsessed
Жыл бұрын
@@CoachChadCarson How many units do you have?
@melissarandazzo6284
Жыл бұрын
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).
@CoachChadCarson
Жыл бұрын
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.
@johnirvin9222
Жыл бұрын
Definitely interested in a workshop!
@CoachChadCarson
Жыл бұрын
Thank you!
@elijahemmons1999
Жыл бұрын
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!
@CoachChadCarson
Жыл бұрын
Best of luck on YT and REI! And thanks for the feedback and following along!🙌
@acelyne
Жыл бұрын
If I have a property manager, they should have all of this accounting information on a report right?
@CoachChadCarson
Жыл бұрын
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.
@acelyne
Жыл бұрын
@@CoachChadCarson ahhh yes! Thank you!
@priceandpride
Жыл бұрын
This is the real content
@CoachChadCarson
Жыл бұрын
Thank you!
@marybane1444
Жыл бұрын
This would be very helpful. 👍🏻
@CoachChadCarson
Жыл бұрын
Thanks Mary.
@laurapardini6045
Жыл бұрын
Can someone recommend an app?
@CoachChadCarson
Жыл бұрын
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.
@laurapardini6045
Жыл бұрын
thanks
@scottwhitley2242
Жыл бұрын
Workshop workshop workshop...
@CoachChadCarson
Жыл бұрын
Thanks Scott! There's been enough requests that this will definitely happen.
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