Letts Property

Scaling Up with (Finally!) Smart Financial Data

For a business handling over 100 property transactions annually, clear financial visibility isn’t just nice to have, it’s essential for survival. Preston L. and his brother had built Letts Property into a sophisticated operation, managing everything from fix-and-flips to turnkey rentals and property management. But their complex business model demanded equally sophisticated financial management.

The Breaking Point

“Our business runs on a lot of expenses,” Preston explains. “We spend a lot of money rehabbing houses, a lot on marketing. Money is flowing out the door.”

 Despite having basic systems in place for accounts payable and receivable, they struggled with the bigger picture. Monthly books weren’t closing consistently, and financial reviews were perpetually behind.

For a seasoned business owner who likes things “buttoned down,” this was frustrating. “We were a complete mess in my terms,” Preston admits. “We had a foundation, but we had a lot of work to do.”

The lack of clear financial visibility was becoming dangerous as they scaled. “We would look and go, ‘Oh, we’re out of money. All the money’s gone.’ We just didn’t have very good controls to know when we needed to tighten the belt or turn the spigot off.”

The Transformation

Our partnership began with a comprehensive cleanup. “That took probably 4 to 6 weeks,” Preston recalls, “going back a couple of years, making sure that we were really tightly buttoned up.”

But the real magic happened in what came next. Together, we established:

• A consistent rhythm for monthly closures
• Clear processes for financial tracking
• Systems for handling unique real estate scenarios
• Regular check-ins to maintain accuracy

“They’re absolutely incredible when it comes to response time,” Preston notes. “A lot of folks in the accounting world aren’t very prompt to get back, if they’re even responding at all, and so Ambrose Bookkeepers has been a tremendous breath of fresh air.”

The Results: Scaling with Confidence

The impact has been transformative. In just one year, Letts Property:

• Increased transactions from 50 to 150 annually
• More than doubled revenue
• Expanded into new areas including short-term rentals
• Made strategic hires with confidence

And the best part is that they achieved this growth without a proportional increase in overhead! “One of the things I really like is we’ve done that, but we really haven’t had to increase our manpower,” Preston shares. “We’ve just gotten a lot better at being very systematic.”

The clear financial picture enabled them to make bold moves with confidence. “We’ve made some really big hiring decisions recently,” Preston notes, “and a lot of that came from knowing our numbers. We can feel comfortable to say, ‘Hey, we’re going to step into a couple hundred thousand dollars of new salaries for new team members.’”

Real Deal Expertise

Beyond just keeping the books straight, we’re always here to offer insight that our clients need.  

“I think I can’t stress enough that Kristen downplays her knowledge and breadth of knowledge,” Preston says. “We have talked to at least 10 other firms and they were not really set up or suited or had the ability to handle what we were doing. But with Kristen, we can go to her with just about anything and she’ll have either a knowledge base or has been able to steer us in the right direction.”

Inviting Other Investors In

Preston’s experience has been so positive that he actively shares it with other real estate investors. As a member of Investor Fuel, a 300-member real estate mastermind group, he’s made Ambrose Bookkeepers one of his top recommendations. “If you’re looking for a really good high level bookkeeper who has a huge knowledge base, tons of experience, and is professional, responsive, and just really good at what they do. Ambrose Bookkeepers is a great choice.

For Letts Property, finding the right financial partner didn’t just clean up their books, it enabled them to triple their transaction volume, double their revenue, and build a foundation for sustainable growth. All while maintaining the systematic approach and financial clarity that sophisticated real estate operations demand.

Ready to Amp Up Your Own Bookkeeping to Match Your Ambition?

Maybe you’re in a similar position right now: you know your real estate business could perform better with the right financial systems in place. You’re ready to move from reactive to proactive, from uncertainty to confidence, from chaos to clarity.

Like Letts Property, you could have monthly financials that tell the true story of your business. You’d be able to make hiring and scaling decisions with complete confidence in your numbers. And you’d have a real estate bookkeeping expert in your corner, always ready to answer questions and help guide your growth. 

That’s exactly what we deliver for real estate investors every day at Ambrose Bookkeepers, and we’d love to hear how we can help you!