All Forum Posts by: Dan Gallegos

Hi Everyone, 

I recently closed on a triplex, and we are in the process of converting a shed in the back of the property to a laundry room. The property came with a used washer and dryer (regular consumer quality) that are roughly 5 years old. 2 of the units share a meter and one is separately metered. We've decided to include utilities on 2/3 units and hook up the laundry to the shared meter. We would like to use coin laundry as a way to help offset the included utilities.

I've looked into a few options:

1. Use the current washer/dryer combo and eat the utility costs until they die.
2. Use the current washer/dryer combo and hook up a "Smart Coin Box" or something like it (https://www.mqtekindustrialsupplies.com/SMARTCOINB...) I can't find any real reviews/experiences from these which worries me.
3. Go through a leasing company. Through my research this seems to be a bad idea because of poor customer service, etc.
4. Buy a new commercial washer dryer combo. In this case, what brand/model are people using? 

Thanks in advance!

Dan Gallegos

I thought if you pulled credit you need to send a denial record?

Hi Everyone, 

I need help with a denial letter in California. I have two qualified applicants:

1. Group of three roommates, with a parent cosigner. All have excellent credit, income, and references.

2. Group of four roommates, three have excellent credit, income, and references...but one of the roommates does not have a SSN (living in the U.S. on a visa) and I cant run credit.

I feel group #1 is better qualified in general, but I want to make sure I'm not breaking any rules.

Thanks in advance,

Dan Gallegos

Thanks so much for the help everyone!

I went out and got SW Agreeable Gray, along with SW Olympus White.

Top is Agreeable Gray, bottom-left is Behr Silver Polish (didn't like it), and bottom-right is Olympus White.

Thanks so much for the help! I plan to go check out the colors mentioned at SW today, but on the website Popular and Agreeable Gray look brownish to me. Does anyone have any pictures of them in a house?

I'm in the middle of my first rehab project (fix and hold), and we're looking for ideas on the interior paint color. The property is a duplex, and both units are small 3/2's. We are looking for a color to help make the units feel bigger if possible. My business partner is obsessed with grey, which I'm fine with, but we've tried a few and they didn't look right. Does anyone have a go-to grayish paint color for a rental? Thanks in advance!

Originally posted by @Jason Hartley:

Hey Dan,  pretty much any property management specific app is going to be geared more for collecting rents from your tenants than doing corporate accounting.  They are AR programs, all of them.  Quickbooks is what you should use for corporate accounting, nothing (buildium, rentec, etc) is going to compare to Quickbooks for full bookkeeping.  What you'll get from Rentec (that's what I use too) is a specific accounting process to keep track of property expenses and rental income.  You then take those numbers out monthly or annually and enter them into Quickbooks once (maybe 10 mins of work).  Then you get the best of both worlds and your accountant is happy you are using QB too.

Where something like Rentec really excels is giving you automation in letting your tenants go online and make payments, or report maintenance via the tenant portal.  These are things QB will never do.

Hi Jason, 

Thanks for the advice. I'm really looking for an all-in-one system, but it seems that it may not exist (great new business idea). 

Are you using the EFT feature of Rentec? Do you know if you can have it deposit to personal checking accounts?

Thanks, 

Dan

Originally posted by @Rob Lane:

I use Quick Books Pro because that is what my accountant prefers.  Every time a buy a new property he just takes over my computer through the web and sets it up for me.  Something else I have done is hired someone a couple years ago to input all my receipts, get bills ready to pay etc.  I hate paperwork but the love the hands on dealing with properties each day.  She comes in once a week so cost is minimal but she provides me so much time to play with my houses.

I would throw that Triplex in an LLC real quick. Do not leave yourself at risk. Your accountant will be able to do this.

As far as your net worth, you should be updated a financial statement once a year with your banker.

I have several forms on my website that helps me stay organized feel free to take a look and see if it helps you.  Millionairemaintenanceman.com   Good luck 

Hi Rob, 

I have Quickbooks Pro as well (2015 I think), and while it allows me to have multiple files/companies, it does not allow remote access for anyone to help out. 

I was thinking of using a Virtual Assistant to help with receipts, but I would still have to do the books/property management. 

I would love to put my Triplex into an LLC, but I'm the guarantor of the loan. When I inquired a while back, the bank will not allow me to transfer the property in an LLC...

I was playing with the free trials of Buidium and Rentec Direct, but the bookkeeping (especially in Rentec) seems pretty lackluster. 

Thanks,

Dan

Hi All,

I'm looking for an easier way to manage my properties and books. I'm spending too much time with only 5 units. I’m planning to acquire more properties, and I want something that I can scale.

I currently have 5 units that I self-manage.

Unit 1: SFR, 100% owned by me - not held in an LLC

Unit 2-4: Triplex, owned 50/50 by me and a partner - not held in an LLC

Unit 5: Commercial building, 100% owned by me - is held in an LLC

I Currently use separate bank accounts, and QuickBooks files for each property. I collect rent by having the tenants mail checks to my P.O. Box.

I use Quicken to manage/view my personal accounts, but I’m having problems inputting the equity of each property/business into my net worth. any ideas?

Thanks in advance,

Dan Gallegos