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All Forum Posts by: Hilda Sandoval

Hilda Sandoval has started 2 posts and replied 8 times.

Quote from @Nathan Gesner:
Quote from @Hilda Sandoval:

You need two accounts: checking and savings. If the properties are split into more than one LLC, then each LLC will need its own accounts.

Checking: collect all income here, then use it to pay bills. Pay the mortgage. Pay for maintenance. If you are setting aside funds for capex, taxes, insurance, or other expenses that don't occur monthly, transfer those funds to Savings each month and hold them there until it's time to spend them. You will receive the security deposit in Checking but then transfer it to Savings.

Savings: Hold the deposit here so it's separate from operating funds. You can also hold money for maintenance, capex, taxes, insurance, or other projected expenses. When a tenant moves out, transfer the deposit back to Checking so it's ready to apply towards expenses or to refund to the Tenant.

If you end up with excess funds in the Checking account, I recommend you transfer it to a third account that is specifically designated for future investments. That ensures you don't spend it on other things and that you know exactly how much you have available to spend on the next purchase. If it's mixed in with your deposits and reserve funds, you may accidentally spend money you shouldn't have.

Software is a common question on BiggerPockets. Here are some things to consider:

  1. Most investors don't need software until they have 5-10 rentals. All you need is a single place to track tenant information, payment history, maintenance, and a few other things. You can easily do this on a spreadsheet and it will take less time to track than it would to find and learn a new software. If the software is not simplifying your life or making you more accurate, you shouldn't use it.
  2. Software does have extremely helpful features like online payments, marketing syndication (click a button and your property is advertised on multiple sites), electronic document review/signing, maintenance tracking, and owner reports. But do you really need that for your one rental?
  3. There's no perfect software out there. Every system you try will have flaws or you'll salivate over a feature that shows up in other software.

Some common names you'll see thrown around a lot: Stessa, Apartments.com, RentRedi, TenantCloud, Innago, RentManager, Avail, Rentec Direct, Doorloop, etc.

I recommend you search for each of those apps online and see what they offer, how much they charge, etc. Make a simple spreadsheet or written list with the features of each and see which ones appeal to you most. Try to narrow it down to your top 3-4. Once you have a short list, get an account with each one and run them through the wringer to see how they really function. Do one task at a time in each app so you can compare apples to apples.

  • Load a property with pictures and details.
  • Market that property.
  • See what your marketing looks like from the public's perspective.
  • Submit a fake application to see how easy the process is.
  • Run a credit/screening report on yourself.
  • Enter a maintenance request, assign a vendor, attach a fake invoice.
  • Enter charges to the tenant's ledger.
  • Enter recurring charges and automatic late fees.
  • Sign documents electronically.
  • Run owner reports.

After testing a few apps, one of them should stand out for you. Choose that one and use it. No system is perfect, so don't waste your time chasing after the next shiny object. You should only have to change when your current software has a flaw or lacking feature that is causing you to spend too much work on a work-around. Then you can consider researching and finding something that meets your needs better.


Thank you Nathan for your insight ! I had not put much thought on opening savings for the deposit and taxes this is really helpful. As for the rental apps I will give Stessa a try. Thanks again !

Quote from @Ron Brady:

Congrats

Rent Collection Apps: Rentler

Separate Bank Accounts for Each Property? No.

We use Stessa to keep track of everything.

Best wishes.


 Thank you Ron! I dowloaded Stessa, my realtor also made the same recommendation.

Hello Everyone!

I am excited to share some news with you—I recently purchased my first rental property last week, and I'm currently conducting viewings for a second one! As a new landlord, I am eager to learn from your experiences and benefit from your wisdom.

Today, I would like to seek your input regarding two specific aspects of property management: rent collection apps and managing multiple property bank accounts.

Rent Collection Apps: I am looking for recommendations on reliable and user-friendly rent collection apps. I understand that technology can greatly simplify this process, ensuring efficiency and accuracy. If you have any personal favorites or suggestions based on your experiences, please share them with me.

Separate Bank Accounts for Each Property: I am also curious to know if any of you maintain separate bank accounts for each property you own. What are the advantages and disadvantages you have encountered with this approach? Does it simplify your financial tracking and accounting procedures, or do you find it more cumbersome? I would greatly appreciate your thoughts on this matter.

Thank you in advance for your valuable recommendations and insights. I look forward to reading your responses and engaging in fruitful discussions.

Quote from @Nathan Gesner:
Quote from @Hilda Sandoval:

You can upgrade to a PRO account or you can just buy the Lease Package for $100. It's a good contract for much cheaper than you would pay an attorney.



 I spoke with a local attorney . They are busy so they wouldn't have it until a month from today. I will go with BP, thank you !

Quote from @Matt Morgan:

I would suggest you use a local real estate attorney for this.  It’s fairly inexpensive and they usually have one ready to go already.  If you need them in court down the road, they’ll be ready to represent you and the lease they created for you.


 Thanks Matt ! I am out in CA. I reached out to a law firm I found on google but they have not gotten back to me. I will call a few more, if you know someone out there that you can recommend please do.

I am currently in need of a lease agreement template tailored to the laws and regulations of Omaha, NE. If you have previously drafted or come across a reliable lease agreement template for residential or commercial properties in Omaha, NE, I would greatly appreciate it if you could share it with me. Thank you in advance for your support !  

[single fam unit/long term rental]

Quote from @Sanjeev Advani:

@Tony Clark - let me know if there is anything I can do to help out. 


 Hi Sanjeev, my husband and I are newbies. We live in California/LA area, we closed our first deal out of state a few days ago. We are looking into our second door. We are considering to same location but browsing through the forums on BP I noticed that there might still be some deals out in the Bakersfield area. Lets connect !