Does anyone use Stessa expense tracking for there properties?

32 Replies

Hello all.  Has anyone actually used Stessa?  It was advertised on the last episode of the BP podcast #295.  I have 1 property as of now and have been doing little to nothing to track income and expenses.  Need to remedy that quick.  Stessa seems to be free if you only own a few properties.  Just wondering how easy it is to use and how well it works?  It sounds like most people use Quickbooks which I also have no idea how to use.  Just looking for a better way to keep track of all the ins and outs of my property.  Let me know what you all think.

Thanks

Scot

Scot,

I have been testing it and think it would be great for a few properties.  Very simple to use.   

When you get to more 8,9,10 or more properties it may not be the best fit at the current time.  The support has been great and they seem to be planning enhancements to make it better for larger portfolios.  

Rich  

I don't like giving 3rd parties my login info to bank accounts. Same reason I don't use personal capital.

Originally posted by @Max T. :

I don't like giving 3rd parties my login info to bank accounts. Same reason I don't use personal capital.

 I am curious to your statement of not allowing 3rd party.. any experience?. I was thinking the same on not giving my info to 3rd party

@Isaac Agbolosoo I believe they use Yodlee to grab transactional data from banks, a service that many other financial software uses (Xero, mint...). Companies that provide services like Yodlee's, employ very strict security measures and have to go through very strenuous data security mandates. 

I'm unsure if you can manually upload transactions in Stessa, but I personally wouldn't find it an issue connecting to Yodlee through them. I've used Xero before and it saves a ton of time having direct bank-feeds over manual uploads. 

Originally posted by @Gabe Meikle :

@Isaac Agbolosoo I believe they use Yodlee to grab transactional data from banks, a service that many other financial software uses (Xero, mint...). Companies that provide services like Yodlee's, employ very strict security measures and have to go through very strenuous data security mandates. 

I'm unsure if you can manually upload transactions in Stessa, but I personally wouldn't find it an issue connecting to Yodlee through them. I've used Xero before and it saves a ton of time having direct bank-feeds over manual uploads. 

 Thanks. I did cancel my mint and personal capital accounts. I just don't see the need. I am not fully convinced on  such 3rd party software 

Originally posted by @Isaac Agbolosoo :
Originally posted by @Gabe Meikle:

@Isaac Agbolosoo I believe they use Yodlee to grab transactional data from banks, a service that many other financial software uses (Xero, mint...). Companies that provide services like Yodlee's, employ very strict security measures and have to go through very strenuous data security mandates. 

I'm unsure if you can manually upload transactions in Stessa, but I personally wouldn't find it an issue connecting to Yodlee through them. I've used Xero before and it saves a ton of time having direct bank-feeds over manual uploads. 

 Thanks. I did cancel my mint and personal capital accounts. I just don't see the need. I am not fully convinced on  such 3rd party software 

 Fair enough, have you had any luck with software which you are manually uploading transactions? Many people I know don't find it a hassle just uploading when they use similar software.

@Scot Sorenson I just purchased my first rental property and have been tracking income/expenses with Stessa. So far so good for me and like someone else said, I think it will work well for a smaller portfolio. I have my home depot card linked (as this is where I buy most of my materials) and haven't had any issues thus far. Yes, you can link different cards/bank accounts and you can also manually upload transactions yourself if you choose not to link anything Stessa. I have only been using Stessa for 3 weeks but it has been very easy to use so far.

I love the Stessa platform look, but to be honest, they haven't been very responsive to me.  I have tried contacting them multiple times regarding why a certain bank wasn't allowing transactions to pull and no response.  Which does make me weary and worried since I already put my bank account information in. I am going to hold off and see how it progresses before I continue. 

Originally posted by @Gabe Meikle :
Originally posted by @Isaac Agbolosoo:
Originally posted by @Gabe Meikle:

@Isaac Agbolosoo I believe they use Yodlee to grab transactional data from banks, a service that many other financial software uses (Xero, mint...). Companies that provide services like Yodlee's, employ very strict security measures and have to go through very strenuous data security mandates. 

I'm unsure if you can manually upload transactions in Stessa, but I personally wouldn't find it an issue connecting to Yodlee through them. I've used Xero before and it saves a ton of time having direct bank-feeds over manual uploads. 

 Thanks. I did cancel my mint and personal capital accounts. I just don't see the need. I am not fully convinced on  such 3rd party software 

 Fair enough, have you had any luck with software which you are manually uploading transactions? Many people I know don't find it a hassle just uploading when they use similar software.

 I am reviewing Stessa. Fact is there are so many of these tracking thing out there.. Some ends up selling user info to other services. Looks like they all copying from Quickbooks

Anyone else have experience with Stessa? I currently use QB online and while it works fine, I wonder whether the monthly cost is worthwhile. The basic QB online doesn’t include classes, so it’s a bit hard to track cash flow and profit per property. Maybe a Jan 1 changeover to Stessa?
@Bill O Brady what’s the $4.99/mo for? Their pricing seems to be free, or $1,100/mo for large partnership type of organizations (I’m assuming PM type companies) https://www.stessa.com/pricing/ Or am I missing something?

Does anyone have advice on what number of doors it is important to move to one of these platforms. I currently own with a partner and self manage 28 doors in a lower income area with probably slightly higher than average service calls, although not by much. We offer higher than average quality rentals in the area. I have planned to double in 2019 and keep going from there.

My background is Realtor for 20 years now but moving more into property management within the last 1.5 years during the time I have accumulated the rentals. Plans for 2019 also include better systems. If all goes well maybe take on investors in 2020-2021 and syndicate going forward.

At this point I am managing with spreadsheets for each property, rent rolls, and calculations on returns. The issue is each month I am spending more time placing invoices, pictures, and other documents in folders, all which could and probably should be automated. Although reviewing these items keeps me up to date, it may be time to move forward. All aspects of the rentals are going well and cash flowing good but I feel I am going to hit a ceiling shortly continuing in this manor. I have thought about Stessa and also looked into rent manager. Very different cost basis. Does anyone have any other suggestions or comments on these two based on my comments and personal experiences.

I started using Stessa maybe 4 months ago and I'll never go back to spreadsheets.  Stessa is really user friendly, although I had a couple issues linking bank accounts that had more than one account number under the same login.  Entering transactions manually is really easy, and I like the Net Cash Flow & Income Statement Reports, as they can be run at anytime.  I have 10 properties separated into two different portfolios (different LLCs), I only have one login, and so far it is working great.  I'm a wondering if they'll eventually start charging for their service, but we'll deal with that when the time comes.  It seems as if we are BETA testing their software now, but they have been very responsive to my requests and feedback and my overall experience has been good.

@Derek Sperzel and everyone else

Are investors actually using this in place of QuickBooks?

I currently use QuickBooks online and have to track each property within its own class for accounting purposes. Does Stessa allow the same?

Is Stessa an easier to use platform than QuickBooks?

Is there really any advantage of the overly complicated QuickBooks software for the investor NOT managing their own units? I would love canning my QB!

I tried using QB years ago, but found it too complicated for what I was doing.  When you say, "track each property within its own class for accounting purposes," I assume you mean, can you track properties individually or only grouped together?  

You can track them as a large group, individually by LLC or Portfolio designation, and individually too.  The software works well for small mutli-family, and they recently added new categories to allow me to track my flips too.  The reporting feature (found within the Transaction Page) allows you to select custom date ranges, property portfolios/groups, or you can single out a specific property.  Furthermore, you can have each property show transactions per month, per unit, annually, etc.  Setting up an account is free, I started by playing with it, and I suggest you try the same if you're interested.