In This Article
Real estate bookkeeping might not be the most thrilling part of owning a rental property, but it’s often the difference between bleeding money each month and earning cash flow you can count on. Today’s guest will show you exactly how to get your books in check so you can make your properties even more profitable!
Welcome back to the Real Estate Rookie podcast! Grace Wills is a CPA, a homeschooling mom, and a self-described “risk-averse” investor. So, when her husband suggested they buy an investment property back in 2018, she was skeptical. However, it didn’t take long for that first property to start generating plenty of cash flow, at which point Grace saw that real estate investing was far less “risky” than many other investments.
Fast forward to today, and Grace owns a real estate portfolio that’s creating long-term wealth for her family, despite losing money on three different house flips. In this episode, she shares the importance of having a mentor to help you navigate the ebbs and flows of real estate, why bookkeeping is one of the most underrated skills, and some of her favorite tools and software for new investors!
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In This Episode We Cover:
Why Grace never gave up on real estate (even after three “failed” house flips)
The four people every real estate investor needs in their corner
The two-part software “stack” every new investor should have
The biggest challenges when going into real estate investing with family
What to know before putting your rental property in an S corporation
Why you should always speak to multiple lenders before getting financing
And So Much More!
Links from the Show
Interested in learning more about today’s sponsors or becoming a BiggerPockets partner yourself? Email [email protected].
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