Hi Folks,

We've had up to 13 doors in our portfolio. At the same time we had 3 partners and two corporations. Our business filing cabinet had three full drawers of files, four feet wide each. The tenant files were accessed regularly, corporate files once or twice a year and the property files about four to six times a year on average. Each property had a complete set of bookkeeping files (about 10 to 12 categories). I kept an index of all that in my head and just put paper in the correct place as it arrived. Quarterly we'd hand our corporate-owned property files over to the bookkeeper to keep our cash-flow spreadsheets up-to-date. Annually we'd hand them all over to the accountant for tax processing.

How did we know to do all this? Our mentors taught us. We weren't perfect using that system. Sometimes our partners were unhappy, many times our bookkeeper must have been frustrated and occasionally I had no clue where important papers were or what they were for. After 3 or 4 years we had a consistently working system.

The cool thing was that I was sure that all that effort was the right thing to do and that ultimately we had enough paper to satisfy any regulatory body and keep us and our partners on speaking terms and out of trouble with the CRA. It remains to be seen if that's true in the long run ;-)

On Tuesday Nov. 27 Bill Stafford will give us his version of how all that should work. He's been helping folks do their books and taxes in the Victoria area for over 20 years and should be considered an expert IMO. It's never too late to get your books in order. Come out and meet Bill and learn some more skills at being an expert RE investor. See meeting details below.

We're still down south in Phoenix (with short trips to Austin TX and Thousand Oaks CA). Denise and our friend Erik are continuing their search in Phoenix for a good flip. Nice single families and town homes that need some work are still going for $90K to $150K, if you act quickly and know where to look. We'll be back around Dec 14. On a personal note, our Mini and Mickey Mouse costumes won Best Costume prize at Erik's halloween party.

There's a feel-good article, in RE NEWS to the right, about one couple's RE investment in Arizona. Sedona is a special place IMO. Visit it if you can.

An OPPORTUNITY exists for you to get a referral fee from Cornell. See last article.

To get you warmed up on bookkeeping, read the article below about DIY or out-sourcing that important function of your business.

Take Care,
Gord Knox

Topic: Bookkeeping and Tax Preparation for Real Estate Investors

Speaker: Bill Stafford from Cheques & Balances Bookkeeping

Do you keep good records and files for your real estate transactions and management? Do you have a bookkeeper and tax accountant? Do you talk to them regularly or just dump off some shoe boxes once or twice a year? These folks are important parts of your team if you're gonna do it right.

Bill founded Lionheart Tax Services in 1991 with one office and 500 clients. By 2009 the business had grown to 5 locations and 7,000 clients. In December of 2009 Bill sold the personal tax side of the business to H&R Block.

 

Cheques & Balances Bookkeeping was created at that time to offer bookkeeping and corporate tax services and also offers personal tax preparation to current bookkeeping and accounting clients only.

 

Bill has extensive tax and bookkeeping experience within the revenue property arena, guiding clients to set their affairs into best tax advantages as possible. Whether it is personal or corporate tax circumstances, he will show you how to keep proper records and save your tax dollars.

 

Commercial & Investment

 

Will Pay $1,000 REFERRAL FEE for Rent-To-Own Tenant!

 

Rent To Own (OR JUST RENT!):  6258 SELKIRK TERRACE, DUNCAN, B.C.

3-BR, 2-Bath Executive Home with 1-BR Suite in "THE PROPERTIES"  *No MORTGAGE Needed!

6-year old executive house, with suite, in THE PROPERTIES area of Duncan
Size: 2,200 square feet on 2 storys.
Upper level: 3 BR, 2 bath, full kitchen with 5 appliances.
Main level: room with washer/dryer, separate large 1 BR suite (kitchen roughed in, but needs fixtures), or use as part of the house. 

Huge high-ceiling dry cement crawl space for storage!
Large attached double garage with automatic door.  

Balcony with nice view on each level.   

RENT TO OWN TERMS:    6258 Selkirk Terrace, Duncan, B.C.  Rental Term:   From 1 year to 3 years

Monthly Rent:   $1,500 - $2,000 (I'M MOTIVATED!   NEGOTIABLE!!!)

Rent Credit:   $500/mo of each rental payment is credited toward the purchase price when you buy.

Non-refundable Option Fee Deposit Required:   $????   (I'M MOTIVATED - MAKE ME AN OFFER!  Trade me your Car, Boat?)

PRICE: $435,000 when purchased on a 3-year Rent-To-Own Contract Term; (also Negotiable!)

PRICE: $425,000 for a 2-year Rent-To-Own Contract Term;

PRICE: $415,000 for a 1-year Rent-To-Own Contract Term.

 

CLEAN, VACANT & READY FOR A LOVING TENANT/BUYER!

 

I'm Going to Mexico on Dec 4th so I'M MOTIVATED to SIGN YOUR DEAL BEFORE I GO!

 

CALL Cornell NOW:  250-616-9053         cornellp@4pillars.ca

Photos & Info:   www.wesellhomesbc.com