All Forum Posts by: Simon W.
Simon W. has started 47 posts and replied 1288 times.
Post: Best all-in-one property management and accounting software
- Real Estate Consultant
- Lehigh Valley PA & New York City
- Posts 1,339
- Votes 650
Quote from @Richard Fisher:
Buildium has Corporate Accounting? I must have missed that and would love to know how that gets setup? Everything I have goes to each property and keeps me screwed up
Yup. I even use it for my client to handle his properties and corporate level accounting. I helped him save from moving to Buildium from QBO Advanced.
The company you signed up for Buildium is the company and that should be it.
Post: Accountant/CPA who is Stessa savvy?!?
- Real Estate Consultant
- Lehigh Valley PA & New York City
- Posts 1,339
- Votes 650
Quote from @Daniel M.:
I’ve been using Stessa for a while and definitely appreciate the value of having a CPA who knows how to leverage the platform for tax planning and strategy. As a Stessa Pro member, I rely heavily on its features to manage my properties, and while sending over the tax package reports works well (since the Income Statement and Balance Sheet are standard for most accountants), my bigger challenge has been finding a real estate-savvy CPA who doesn’t charge more than my annual cash flow for their services!
But beyond the CPA issue, I've been dealing with some major frustrations with Stessa itself. The platform has persistent sync issues with financial institutions that just won’t go away, even after weeks of troubleshooting with their support team. It’s made tracking my finances accurately a real headache and has me questioning the platform’s reliability. The AppFolio integration works great, but everything else is hit or miss, which is incredibly stressful when you’re trying to stay on top of your property finances.
I’m curious if anyone else has experienced similar sync problems or if there are any recommendations for alternative platforms that might work better. It's definitely something to keep in mind if you're considering going all-in on Stessa.
Unfortunately, the sync is a hit or miss. I only use it for my client do get the credit card feeds but here and there an account or two is completely out of sync and I didn't realize it until my client's assistant was questioning the other credit cards. I then had to resync it all over again.
Even QBO has sync issues but at the very least they make it very obvious that it isn't syncing lol
I think the issues is more of a 3rd party that they use like Plaid and others
Post: Startup Property Management- Looking for Software Options
- Real Estate Consultant
- Lehigh Valley PA & New York City
- Posts 1,339
- Votes 650
Quote from @Matthew Morrow:
Hi everyone,
We’re launching a property management company early next year (PA), but we’ve run into a bit of a roadblock with software. We’re big fans of AppFolio, but they won’t demo or consider a new account until we have 50 active doors. While we’ll be close to that number soon, we don’t want to jump the gun.
Are there any other platforms you’d recommend as a temporary solution for managing fewer doors until we hit that 50-door mark?
Thanks!
Congrats - Buildium will work but AppFolio would be a better choice. The transitions will be a pain though if you were to set everything up in Buildium and decide to switch over to AppFolio later on.
I didn't know you were in Allentown lol
If you know how to use AppFolio already, you should just wait until you hit the 50 units and go with them. Learning a whole new platform isn't fun. I am still using them both.
Disclaimer: I am not a PM, I consult and handle the books for clients that uses them.
Post: Best all-in-one property management and accounting software
- Real Estate Consultant
- Lehigh Valley PA & New York City
- Posts 1,339
- Votes 650
To piggy back off of @Max Emory with Buildium, they have Corporate Accounting so no need for another accounting software. Same with AppFolio.
Post: Property Management Software
- Real Estate Consultant
- Lehigh Valley PA & New York City
- Posts 1,339
- Votes 650
This is a 7 year old thread that you just brought back to life. I am pretty sure the OP has moved on since then.
Post: Job Costing Software for Flips
- Real Estate Consultant
- Lehigh Valley PA & New York City
- Posts 1,339
- Votes 650
Quote from @Clint Kelly:
Job costing tracks costs and revenues of specific projects. I don't need lead generation, or budgeting. I just need to be able to track expenses and allocate to each project. I typically have 3-6 renovations or new builds going at a time.
Job costing is an accounting method that tracks the costs and revenues of specific projects or jobs. It's used to determine the cost of producing a product or service, and is a key tool for businesses to remain competitive and profitable.
Just use the Project in QBO. I am using it for my construction business.
It works well. I already have 60 projects on it.
Post: EA OR CPA Whats the best in your opinion?
- Real Estate Consultant
- Lehigh Valley PA & New York City
- Posts 1,339
- Votes 650
Quote from @Kylie A.:
Quote from @Simon W.:
Quote from @Kylie A.:
I've never hired an EA or CPA before and need advice on vetting them to avoid being taken advantage of. I feel capable of handling my accounting in general, but I primarily need help with taxes for my real estate and small investments. I want the best professional who can save me the most money, someone who’s real and honest and doesn’t use too many big words. I’m a huge fan of keeping things simple since it takes me longer to understand complex topics, especially taxes. What should I watch out for, and is there a significant advantage to choosing an EA over a CPA?
It's not about EA or CPA, it is about experience and knowledge for real estate.
For instance, at one point when I was working as a senior accountant in a property management firm, I was training a guy who was a CPA for 30+ years even though I was hired 2 months before him.
I worked only in real estate accounting and financing and became CFO. If I were to apply for a CFO role now, more than likely I have to advantage over a CFO that was in a manufacturing company for a real estate company.
EAs specializes specifically in taxation
CPAs have a broader knowledge for accounting, auditing, financial planning, and taxation.
EA must pass a 3-part IRS exam and do not require a college degree
CPA need a degree in accounting, 150 credit hours of education, must a 4-part CPA exam.
EAs often charge a lower fees
EAs aren't going to focus on auditing and planning. They are strictly taxation.
If you are setting up a trust, you should get a CPA.
Find a bookkeeper for your daily driver, if you find one that focuses on real estate, then during year-end your CPA won't charge you an arm and a leg. There are plenty of us on BP just reach out to a few and review their posts and just talk to them if they are open to new clients.
Post: EA OR CPA Whats the best in your opinion?
- Real Estate Consultant
- Lehigh Valley PA & New York City
- Posts 1,339
- Votes 650
Quote from @Kylie A.:
I've never hired an EA or CPA before and need advice on vetting them to avoid being taken advantage of. I feel capable of handling my accounting in general, but I primarily need help with taxes for my real estate and small investments. I want the best professional who can save me the most money, someone who’s real and honest and doesn’t use too many big words. I’m a huge fan of keeping things simple since it takes me longer to understand complex topics, especially taxes. What should I watch out for, and is there a significant advantage to choosing an EA over a CPA?
It's not about EA or CPA, it is about experience and knowledge for real estate.
For instance, at one point when I was working as a senior accountant in a property management firm, I was training a guy who was a CPA for 30+ years even though I was hired 2 months before him.
I worked only in real estate accounting and financing and became CFO. If I were to apply for a CFO role now, more than likely I have to advantage over a CFO that was in a manufacturing company for a real estate company.
EAs specializes specifically in taxation
CPAs have a broader knowledge for accounting, auditing, financial planning, and taxation.
EA must pass a 3-part IRS exam and do not require a college degree
CPA need a degree in accounting, 150 credit hours of education, must a 4-part CPA exam.
EAs often charge a lower fees
Post: First House Hack
- Real Estate Consultant
- Lehigh Valley PA & New York City
- Posts 1,339
- Votes 650
Hi @Jacob Guttman
Congrats on your job and kudos for planning ahead! House hacking in Baltimore can be a smart move, but there's quite a bit to consider.The Baltimore market varies significantly by neighborhood. Some areas offer great potential for rentals and appreciation, while others may be less favorable. It's crucial to thoroughly research different neighborhoods before making a decision.Regarding cash flow, it's best to set realistic expectations.
Initially, covering your mortgage is a reasonable goal. If you plan to house hack, I recommend you not to expect any cash flow.
Living with friends can work, but it's important to approach it carefully. If you choose this route, make sure to have clear, written agreements in place and maintain a professional landlord-tenant relationship. This can help prevent potential conflicts down the line.
Post: Buildium Portal Owner Statements
- Real Estate Consultant
- Lehigh Valley PA & New York City
- Posts 1,339
- Votes 650
Quote from @Zachary Engen:
I agree, i just hired a property manager for 2 rentals i own and they use buildium. I'm finding it very confusing and having a hard time deciphering the difference between all the reports, I don't like that bookings don't automatically sync up and they have to manually input the info. If anyone knows of any tutorials on the info I actually need on the platform that'd be much appreciated. For instance I see "net income" and I don't know if that what the tenant paid or that's what I'm receiving after the property management fee.
Net income is revenue minus expenses. This means all the tenants rent and other income less all the repairs and mgmt fees..
You shouldn't need to look at that many reports. Owner Statement, 12-month cash flow report, delinquency report, and rent roll.