Hello Bigger Pockets World :)
I need "big picture" organizational help implementing systems for my business.
Here's my business back story:
Started an LLC with my Wife and I (50%) and 1 other business partner(50%) in Dec 2012.
We own 8 nicer buy and hold rental properties in Wichita, ks that we purchase with HELOCS followed by a 75% refi.
I am looking for any organization systems help that can be offered to help us run a well oiled machine. This could pertain to partnership; accounting practices; rent collection systems; ANYTHING organizationally that will positively impact our business :
I'm looking for as many replies as possible as : Thanks in advance ! :)
Use Quickbooks for accounting. Use a property management software like Propertyware or Buildium ( but keep in mind these are normally used by mgmt companies ). Make sure you and your other partner have a dissolution agreement in place in the event things go south you know what will happen.
@Westin Hudnall I think the first place you would want to start is a Resident Portal, which would allow your tenants to easily communicate with you, without always being on your phone. They can pay rent, submit service requests, monitor late fees, and much more. I have not used www.cozy.co, but hear it is good. I have also hear go things about http://www.rentpayment.com/. Once you have this implemented, see how you like it, and then implement the accounting side, whether it be quickbooks, buildium, etc.
Definitely use some form of (cloud-based) app to keep track of your properties, in a way that the financial and operational in's and out's are transparent to you and your partners.
To that end Quickbooks Online has come a long way for financials. And there several good, affordable options in web-based PMS to help with logistics (leases, repairs, tenant notes, etc)
Join the Largest Real Estate Investing Community
Basic membership is free, forever.