Skip to content
Personal Finance

User Stats

7
Posts
0
Votes
Pran Bhavsar
  • Rental Property Investor
  • San Diego, CA
0
Votes |
7
Posts

Software suggestion for managed Rental Property

Pran Bhavsar
  • Rental Property Investor
  • San Diego, CA
Posted May 8 2022, 14:42

I have 5 rental properties and 1 Airbnb. All properties are managed by a PM and I am looking for software that can do some specific things.

I am very open to any kind of solution. I currently am using spreadsheets and it is getting difficult to manage and while refinancing properties I noticed I take a lot of time to gather my mortgage statements. Wish there was a simpler solution.

I would like to address these features

  • Take pictures of expenses
  • Manage expenses
  • Break down cash flow for each property
  • My PMs statement are directly imported
  • Can break out the expenses and revenue for each property from the PM Statement and keeping a running list.
  • Import my bank account info
  • Import my credit card info
  • Import mortgage statements
  • Import insurance stmt
  • Import personal w2
  • Import my completed taxes

User Stats

626
Posts
493
Votes
Joe Martella
  • Rental Property Investor
  • Cherry Hill, NJ
493
Votes |
626
Posts
Joe Martella
  • Rental Property Investor
  • Cherry Hill, NJ
Replied May 8 2022, 15:07

I currently manage 4 SFH rentals in addition to having a very demanding full time job. There are many free resources out there for smaller investors. I am going to list them:

  • TurboTenant
    • It is completely free to advertise your rental, screen your tenants.
    • You upload your pictures, write a description and it posts to 20+ websites for free
    • Takes about 24-48 hours for leads to come in.
    • Once you select a tenant, they pay for the background check, upload documents (paystubs, ID, W2) and it is all set to you.
    • It even helps you build a lease after you select a tenant (there is a $30+ fee for the lease)
    • My referral code .disclosure. I do not get any money from TurboTenant, nor am I an owner or investor in the company.
    • They have a referral program where they will send me a $25 home depot gift card for a referral - you don't have to use the referral code
  • Stessa
    • Stessa is a website that I use to track all my expenses.
    • It is another free site and you can pull reports
    • You even can upload receipts.
    • Roofstock recently purchased Stessa
    • Completely free
  • Zillow Rental Manager
    • I use this to collect rent.
    • Free for the landlord
    • Tenant only pays a fee if they use a credit card to pay rent. ACH is free
    • Takes about 5-7 days for the funds to hit your bank account
  • Excel
    • I use an excel spreadsheet to track my check register. You can download a free template online

Other free websites I haven't used.

  • Avail.co
    • This is another free website that I learned about this week listening to a podcast (may have been a BP podcast). I haven't used it and cannot speak to it.
  • Zibo.com
    • This is another free website where you can collect rent electronically and have an interest checking account.
    • I am still looking at this, because not all my tenants pay electronically. 2 like to mail checks. I haven't looked at how to deposit those - I don't like mobile deposits.

There are many free resources to use before you start paying for services. Out of my 4 rentals, I have placed 2 tenants with TurboTenant - one tenant is on year 3 and the other tenant is on year 2. I listed the properties, took some pictures (they weren't the greatest pictures) and had it rented in a week. I was able to recycle the leases upon renewal and didn't pay any commissions for the rental, which is a savings of over $4,000 if you consider the rental commission to be 1 month rent. I highly recommend it.

Here are some threads you may want to take a read of:

https://www.biggerpockets.com/...

https://www.biggerpockets.com/...

User Stats

1,078
Posts
1,337
Votes
Randall Alan
Pro Member
  • Investor
  • Lakeland, FL
1,337
Votes |
1,078
Posts
Randall Alan
Pro Member
  • Investor
  • Lakeland, FL
Replied May 8 2022, 15:11
Quote from @Pran Bhavsar:

I have 5 rental properties and 1 Airbnb. All properties are managed by a PM and I am looking for software that can do some specific things.

I am very open to any kind of solution. I currently am using spreadsheets and it is getting difficult to manage and while refinancing properties I noticed I take a lot of time to gather my mortgage statements. Wish there was a simpler solution.

I would like to address these features

  • Take pictures of expenses
  • Manage expenses
  • Break down cash flow for each property
  • My PMs statement are directly imported
  • Can break out the expenses and revenue for each property from the PM Statement and keeping a running list.
  • Import my bank account info
  • Import my credit card info
  • Import mortgage statements
  • Import insurance stmt
  • Import personal w2
  • Import my completed taxes

 I seriously doubt you you will find everything on that list… much less question why you would need to import a w2… but with that said, we use Rentec-Direct… it is a full service software… collects your rent, tracks all expenses, balances cash / checkbooks, screens tenants, has a tenant  facing web portal… and it really cheap compared to other paid services.  You can capture any image and attach it to a record… so photograph receipts, W2, etc.  we don’t use nearly all its features, but we love it!

All the best!

Randy 

NREIG  logo
NREIG
|
Sponsored
Customizable insurance coverage with a program that’s easy to use Add, edit, and remove properties from your account any time with no minimum-earned premiums.

User Stats

7
Posts
0
Votes
Pran Bhavsar
  • Rental Property Investor
  • San Diego, CA
0
Votes |
7
Posts
Pran Bhavsar
  • Rental Property Investor
  • San Diego, CA
Replied May 13 2022, 10:39
Quote from @Joe Martella:

I currently manage 4 SFH rentals in addition to having a very demanding full time job. There are many free resources out there for smaller investors. I am going to list them:

  • TurboTenant
    • It is completely free to advertise your rental, screen your tenants.
    • You upload your pictures, write a description and it posts to 20+ websites for free
    • Takes about 24-48 hours for leads to come in.
    • Once you select a tenant, they pay for the background check, upload documents (paystubs, ID, W2) and it is all set to you.
    • It even helps you build a lease after you select a tenant (there is a $30+ fee for the lease)
    • My referral code .disclosure. I do not get any money from TurboTenant, nor am I an owner or investor in the company.
    • They have a referral program where they will send me a $25 home depot gift card for a referral - you don't have to use the referral code
  • Stessa
    • Stessa is a website that I use to track all my expenses.
    • It is another free site and you can pull reports
    • You even can upload receipts.
    • Roofstock recently purchased Stessa
    • Completely free
  • Zillow Rental Manager
    • I use this to collect rent.
    • Free for the landlord
    • Tenant only pays a fee if they use a credit card to pay rent. ACH is free
    • Takes about 5-7 days for the funds to hit your bank account
  • Excel
    • I use an excel spreadsheet to track my check register. You can download a free template online

Other free websites I haven't used.

  • Avail.co
    • This is another free website that I learned about this week listening to a podcast (may have been a BP podcast). I haven't used it and cannot speak to it.
  • Zibo.com
    • This is another free website where you can collect rent electronically and have an interest checking account.
    • I am still looking at this, because not all my tenants pay electronically. 2 like to mail checks. I haven't looked at how to deposit those - I don't like mobile deposits.

There are many free resources to use before you start paying for services. Out of my 4 rentals, I have placed 2 tenants with TurboTenant - one tenant is on year 3 and the other tenant is on year 2. I listed the properties, took some pictures (they weren't the greatest pictures) and had it rented in a week. I was able to recycle the leases upon renewal and didn't pay any commissions for the rental, which is a savings of over $4,000 if you consider the rental commission to be 1 month rent. I highly recommend it.

Here are some threads you may want to take a read of:

https://www.biggerpockets.com/...

https://www.biggerpockets.com/...

Joe thank you very much. Very insightful. I am trying out Stessa right now.