How do you keep up with your houses?

Question

I recently started a business with a couple other guys, buying houses.I would like to keep up with every detail as best as possible. I am looking for a program or would like to know the best way to keep up with all the houses? I have property managers in place but if I wanted to collect information to make a presentation to my partners at the end of the year what should I do?

Thanks

Account Closed · Answer

@Justin Young Perhaps take a look at some Real Estate specific software which will highlight what you're presenting the best. Quickbooks and other generic accounting software can be a bit messy and maybe even scary as the learning curve can be quite high in order to get all your data in in a neat and professional way.

Wave accounting software is a free generic accounting software, and it's quite easy to use, but I think it may lack some of the features you'd want long term. This is where Quickbooks might be a better choice but I've met so many who complain that it's expensive, time consuming and has a high learning curve which is off putting.It's hard to find decent RE focused software that's not built for big businesses or tiny portfolios unfortunately, especially ones with the right features. You could take a look at TenantCloud, but it's a bit manual...

Justin Young · Answer

Hey thanks for the info guys I appreciate it! I recently read an article on BP and after a little bit of research I found "Propertyware" (which was mentioned in the article). Then I found "Buildium", both seem to be a all in one type of deal. Background checks, credit checks, property reports, pending maintenance issues and the tenant has a portal they can log onto and pay rent/send messages. The owner (if you manage other peoples properties) has a portal they can log into and check reports/rent paid.

John T. · Answer

I would suggest some sort of accounting software.  You may want to present your partners with Balance Sheets and Profit and Loss Reports.  Perhaps a Profit and Loss Report by each separate property.  I use QuickBooks.  There are other accounting software programs available.