All Forum Posts by: Simon W.

Quote from @Ryan Rocchi:

We are trying to decide on a property management software for our company. We currently have 105 units and are using a variety of excel, google docs/sheets/calendars, apartments.com (ads and rent collection), docusign and QuickBooks online (which we would like to keep). 

Looking to consolidate into one software and believe we have narrowed our search down to Doorloop vs Appfolio. We would love some recommendations from users of both! 

Thanks!

If you plan to grow even more, AppFolio would be the one to go. Although, Buildium is good and affordable, it isn't just as robust compared to AF.

I hear negative things about doorloop and don't have any experience with it.

I consult my clients in AppFolio and Buildium so it really just the price and how big you want to grow your business.

Quote from @David Hudgik:

Hey everyone,

I’m almost 30 years old and paralyzed from the neck down, living in New Hampshire. I rely on personal care assistants (PCAs) for daily help, which are fortunately covered by government benefits. However, if I earn too much “earned income,” I risk losing these essential benefits.

That’s why I’m exploring real estate and the stock market, as these generate “unearned income” and allow me to maintain my benefits while building financial security. I’m hoping to establish a reliable stream of unearned income through real estate investments, but I’m new to the field and looking for guidance.

I have around $35,000 saved (excluding stock investments) and would love to connect with someone who can help me navigate this world. Ideally, I’d learn by doing and would appreciate the opportunity to work with a mentor to help me get started.

Any advice or direction is greatly appreciated!

Thanks so much for your time and support.

Hi David,

Sorry to hear about your condition. $35K 

There are different ways to start doing real estate.

Do you plan to House hack? This means buying a property with at least 2 units and living in one of the units and renting out the others. FHA should be able to get you 3.5% down of the purchase price.

It depends how much income you are getting in a year to determine the max loan you can get from a lender.

Quote from @Shayan Sameer:

I found a 3/3 fix-and-flip property in Miami. The house is in good condition, and the rehab cost will probably be around 40-50k. It has a pool and a nice backyard. The selling price is $700k, and the ARV is around $930k. Right now, it's an ABNB property.

My biggest concern is that some of the houses right across are multi-family duplexes. I don't know if that will bring the price down, and I would have a hard time selling. Thoughts?  

Looks like you are going to profit $150K after commission and closing costs.
Sounds like a good deal.

If you think the multi-family duplexes are going to bring the price down. This means the ARV isn't realistic. How did you get the ARV number?

You won't need 1 account for each, but I recommend 2 accounts per LLC. One for security deposit and one for operating/rental.

Quote from @Jacob P.:

Hi all,

Question pretty much as in the title.

We have 3 rental properties. Looking to balance Keeping It Simple and being on top of things.

For years, we used Ally. What I loved about them was that each property could have it's own checking account. All expenses would go on each account and it made year end accounting very easy.

Ally alerted us that they are closing our accounts due to our failure to "properly secure" our accounts. I have no idea why (never had a single fraud issue), but after spending several hours going down the rabbithole of figuring why this happened, we just want a solution.

Some of the other banks we are with seem to make it overly complicated to have more than a single account.

Any recos? Or other solutions we should consider?

It is probably because Ally realizes you are using it for rentals. Ally does not offer commercial checking accounts and the personal checking accounts are only for personal uses.

Do you have an LLC for these properties? There are different solutions but it depends on your situation.

You will get a lot of different answers here.

Feel free to email me.

you should be able to request from the PM to have it email it to you.

Buildium won't send it automatically. The PM company has to generate these owner statements and emails them.

Unfortunately, I do not think there is another software that handles CAM better than Yardi. Yardi Voyager 7s especially.

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