how to set up office, what to buy ect. - Posted by Bill in Vegas

Real Estate Investing Office
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Posted by Rich Hyams on December 22, 2003 at 07:22:45:

I am a newbie, completed my first rehab and put it on the block this weekend(no offers yet). I am very interested in what experienced REIs see as needed, I will be getting office space soon.

BUT

I am selling my computer company and would like to give you my VERY experienced opinion on one of your questions.

Laptop vs desktop…a laptop costs around twice as much as a desktop per unit of computing, a laptop goes down and its one to three weeks or longer to get it back, a desktop goes down and a $75 service call fee will have it back up in a couple hours. A desktop is WAY more flexible, upgradable and reliable. There are all kinds of cool ways to access one from the other, a desktop is easier to have two NICs so you can get internet and connect to your laptop.

I work with lots of seriously rich people, they want to buy junior a laptop, they want a laptop for themselves, if they are not that computer savy, I give the same recomendation, a laptop is the best thing in the world for using on the road, plane, in the field, but if your intention is to use it in one place 95% of the time, get a desktop, they are easier, more reliable, more flexible and when it does go down, down time is much shorter with a desktop.

If you are going to buy a laptop, buy Toshiba, if you are going to buy a desktop, buy a built unit from that little computer store down the street, you will get a better computer than a Dell or HP or Sony, and have someone to do service when needed.

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how to set up office, what to buy ect. - Posted by Bill in Vegas

Posted by Bill in Vegas on December 22, 2003 at 01:36:41:

I have a few questions maybe yall can help me with.

I am a flipper/wholesaler.

My cpa reccomends quick books pro, (he says I need to spend money before tax year over),

Have yall bought a digital camera 2,3,4, or 5 pixel? I know little about how to use them, but thought I could shoot inside of homes then email it over to buyers, I got one guy that will buy sight unseen! thought it might help.

would you buy a desk top or lap top as a back up pc, (just bought a laptop) to take around.

I guess bassically would like to know what hardware type stuff (from computers to file cabinets) you seasoned investors have in your office. As I have found myself buying things only to realize I did not need them in 3 mos. money waste.

I just dont want to learn quick books, I make my money, and my time is best used, doing deals, looking at houses ect. I hire a pc guru when I get a new pc and such, its wise.

I dont want to learn how to be and pc guru, cpa, realtor, filer, direct mail guru (meaning I dont want to have to sort zip codes on 1000 mailers to save 15 cents on an envelop).

in a few years when more financially stable I would like to learn these things, it just right now I think I need to make a new business plan.

just not sure which direction to go with some office and business investments.

did just pay for my corp. s corp. first year in business.

also what do you do just take all your receipts to a book keeper and what is a good fee to pay them adn what should I expect for this?

Happy Holidays,
thank you,
bill in vegas

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Re: how to set up office, what to buy ect. - Posted by jasonrei

Posted by jasonrei on December 22, 2003 at 10:55:17:

I use QuickBooks Pro.

I love my Sony 2 pixel digital. My girlfriend bought it for me when I was going to Eckerd’s every other day. Having a digital camera is awesome.

I bought a Dell laptop on ebay for $300 last yr. It’s good but I needed something faster. I got a Dell 1100 Inspiron online for about $1000. I don’t remember what it’s got inside but whatever it is works just fine. I use computer experts whenever I can.

Recordkeeping is my worst skill. I keep manila file folders on racks on my desk. 1/3 tabs, with property addys on them. One rack is houses I don’t have pending. Next to the addy I put V (viewed) or S (submitted offer). On another rack I put A (accepted).
I look at my “A” rack every day and try to do something to move it along.

When I close on a buy, I put the file in a cabinet. Legal size for EVERYTHING. I use 5-6 compartment blue folders with those foldback tab things. 1 is research, 1 is closing docs, 1 is rehab stuff, the other 2 I don’t recall. I put these blue folders in green hanging folders. When a house sells I pull the blue folder and put it in long-term storage.

I have a dedicated fax line in my office, but most of my faxes come in on efax. My fax is mostly for outgoing. I work with a partner. We each have two cell phones. 1 is for deals and is the number we put on advertising. The other is for personal, plus contractors, title cos, agents, whatever.

I have 6 stacked inbox trays. Top is labeled ACT. second is labeled REVIEW WHEN CONVENIENT. The others are labeled FILE, lol. That’s cuz I never file. When we get an assistant I’ll have them do that stuff.

I have a printer/scanner/copier. Lexmark X83.

I have access to MLS. I check comps, email, faxes, etc. from the road using my Sprint PCS card.

I used dial-up until early this yr. Now I use cable. BIG timesaver.

Receipts- we put them on a spreadsheet when we get time. designate category and which property. acct can sort that stuff out at the beginning of the yr. We’ll pay penalties, but whatever. Feds suk.

Desks- we each have a couple of 6’ X 2.5’ (?) cheap grey plastic desks from Home Depot, or Lowe’s. Actually, they’re tables.

File cabinets- I have 3 hanging folders frames on the ground. We’ve been looking for the right office space and I didn’t want to buy cabinets and have to move them around.

we have a remodeling s-corp, s-corp to take title to homes, a couple of dba’s. we need to put our duplexes in something other than our names.