Real Estate Bookkeeping
Real Estate Bookkeeping
Real estate lingo takes a while to learn. If you are in real estate or mortgage, you want to work with someone who understands what you are saying. Russ Shulman and the team at Sound Bookkeepers are exactly that. Russ had a mortgage brokerage from 2002 – 2011, right through the crash of 2008. This gave him experience when it comes to real estate and mortgage bookkeeping. If you would like to hear more from Russ on real estate and mortgage bookkeeping, follow the link here!
In the mortgage business, we know we are dealing with underwriters when it comes time to submit loans. From the perspective of a borrower, they don’t understand that piece. We help the borrower get their financial information to where we know the underwriter will be happy with it. It doesn’t always mean that person will get a loan, but it does mean the underwriter will be looking for certain source documents that back up what was written in the loan application. Those numbers will need to match up.
Some things that can affect your net profit but not your cash flow can show up on your financial statement, such as depreciation. You don’t want to send over a set of financials that show you are making less than you do simply because of a missed footnote. We help borrowers get their numbers in order, especially those who are self-employed, those with messy books, or maybe no records at all.
One of the ways we interact with people who have real estate at the heart of their company is by making sure all the tiny detailed records are being kept. This can include things like mortgage amortization, depreciation, correctly managing the basis on the different properties, working with property managers, homeowner associations, and much more.
On the real estate side of things, we offer bookkeeping services for real estate developers who do flips as well as buy and hold to rent out. We have many construction clients, engineers, architects, electricians, and other clients in the industry. We have a strong knowledge of what to do when working with clients in this market segment and know the additional steps that are required to keep the books straight.
The thing that makes Sound Bookkeepers different from any other bookkeeper with real estate experience is that we are a bookkeeping firm. That means we have a full staff of bookkeepers who can assist you. If your initial bookkeeper can no longer handle your books, we can get you another bookkeeper instantly. We train them and give them an understanding of what needs to be done, making it so you don’t have to worry about anything. Bookkeepers who work on a ton of clients can become full and start cherry-picking, where they only pick the clients they want. We don’t have that problem as we have a full staff of bookkeepers ready to help you.
Schedule an appointment with us if you want to hear more! We offer a free bookkeeping plan that outlines what will happen if you hire Sound Bookkeepers as your real estate bookkeeper. You can also book a free consultation that can be done in-person, on the phone, or over Zoom! Contact Russ using the email or phone number listed above!