“Houston Real Estate Investors Dream Team” reached #1 on Amazon.com’s Best Seller List in the Real Estate, Buying and Selling Homes and Real Estate Investments categories on Tuesday, June 16, 2015.
The book was compiled from interviews and the experiences of top real estate investing consultants in the Houston, Texas area on the specific and powerful topic of creating a real estate investment business. Each contributing author has spent years helping new and seasoned real estate investors, not just with practical advice on how to have a real estate investing business, but providing actual services so that investors can use their time and money in more practical ways.
An accountant by training, Vo wanted to start a new business when she moved to the Houston area. She chose to go into real estate investing. As she became involved in the investor community, she realized she could help other investors as a real estate bookkeeper.
Vo now specializes in bookkeeping for real estate investors and has developed systems to make reporting to an accountant simple.
According to Vo, “As a bookkeeper, maintaining records is an ongoing weekly or monthly task. You can have a lot of transactions from every time you pay a bill or pay a contractor. The bookkeeper’s job is to keep all the receipts and expenses categorized in the way that follows the accountant’s principles.
We categorize all expenses, direct and indirect and capitalize what has to be capitalized, and it makes the accountant’s job a lot easier. We give them the whole picture for the year. Everything is summarized and categorized the way that they need it and this will save the investor a lot of money.”
Vo explains that many investors are not aware that financial transactions for rental properties are handled differently from properties that are being rehabbed for sale. The tax implications can be significantly different and the tax forms used are also different.
In addition, Vo educates her clients that they need to provide contractors or sub-contractors they’ve hired throughout the year with a 1099 if they were paid $600 or more within the tax year. She explains the potential penalties if the IRS conducts and audit and 1099s were not issued.
Vo also provides her clients with regular Profit & Loss statements. This information can provide the information her clients need when they’re deciding whether to sell a property.
Hiring a bookkeeper is very important if someone is doing real estate investing as a business, rather than as a hobby. In addition, hiring a bookkeeper who specializes in real estate investing, such as Vo, is critical to ensure that every piece of financial information is handled in the right way for tax purposes.
For more information about Thuy T. Vo, visit: http://REIBookkeeper.com
“Houston Real Estate Investors Dream Team” is available in the Amazon Bookstore at http://www.amazon.com/gp/product/B00Z959WQ4.