Real Estate Investing Blog

You know, Michelle & I have been managing tenants in our lease-option houses for a long time.  And I thought I knew “the ropes”.  That is, until I talked to our friend Mike B. 

I’m embarassed to admit this, but I’ve be letting scads of landlording money slip through my fingers.  Why, because I didn’t keep up with late fees, billing tenants for repairs, and when I had to take them to court, I made dumb landlord compromises I didn’t need to because I didn’t have the full history of the tenant in front of me.

Besides, I wasn’t billing the tenant every time I sent them a late notice or sent someone out to the house, etc.  Why? I know when I put it like this, it sounds like I’m just totally careless landlord.  But I’m not, it’s just that I get busy, want to get things handled and then don’t remember to put it in my quickbooks.  In fact up until recently I didn’t even know how to used quickbooks to bill a tenant–heck I didn’t even know I could.

Well, Mike created some templates I can just upload into quickbooks, and start using immediately.  He’s created most all the categories needed and I can create an entry with the push of a single button and create an invoice to be paid with another…and a lot more stuff also.  It is really totally awesome.

Bottomline–for the first time, I really feel in control of lease-option finances.  If you want to find out more about this stuff, just go to this link.

Like most of us, I hate doing the books–I’d rather just go out an make money.  The lesson learned here is that I can increase my net cashflow by 15-30%, just by using these templates–it’s easy and really a no brainer.

Richard Odessey, www.InvestorWealth.com

This entry was posted on Friday, September 29th, 2006 at 3:02 pm and is filed under General. You can follow any responses to this entry through the RSS 2.0 feed. You can leave a response, or trackback from your own site.