All Forum Posts by: Jasmine Delves

Could be this one: https://www.biggerpockets.com/...

Solid surface is a good mid-range option that is somewhere between laminate (cheap but not durable enough) and granite (extremely durable but expensive).

Xero is a good alternative and I believe pricing starts from $12 per month.

If you use purpose-built property management software (rather than general accounting software like QuickBooks), you will be able to treat each property as a separate business and keep finances separate. At the same time, you can also split one expense across all of your properties.

The benefit of using these apps is that they will easily scale with you as your portfolio grows. Spreadsheets are a good starting point but can quickly get out of hand if you're juggling lots of properties at once!

Regarding which app to use, there are a lot of options out there. I'd recommend doing some research to see which one has the features that fit your portfolio and priorities (e.g. online rent collection, reporting, tenant screening, rental listings, and so on).

Hope this helps!

Regarding point 2, if you do decide to manage personally, I would definitely recommend using a property management app to help with this. It will be the best way for you to track your income and expenses, collect rent, automate late fees, screen tenants, etc. It will also be easier to manage as your portfolio grows as everything is in the same place.

There are lots of different software options out there so do your research to find the right one for your portfolio.

Hope that helps!

I'd definitely go for a property management app that has online rent collection capabilities. That way, you can automate rent collection as well as late fees.

It's a good idea to research and see which one is the best fit for you as they all have different features. Some are better for tenant screening and management, others for rent collection, and others for reporting and accounting. 

Lots of the real estate software companies have a range of plans, depending on whether you have one unit or over fifty. Some have free trials too. 

The apps are a great way to automate rent collection, track your income and expenses, etc. I'd definitely recommend trying them out, even if you only have one or two properties. It will make your life a lot easier when it comes to keeping track of everything. They all have different features too so I'd have a look to see which one works for you (e.g. you might want to focus on tenant screening/management or rent collection or reporting and accounting). 

Xero and QuickBooks are both great as general accounting options. I prefer to use software that was built for real estate professionals. That way, you can split your income and expenses between multiple properties and almost keep them as separate businesses. When it comes to tax season, you can instantly generate the relevant reports (Schedule E, mileage, etc.) for your CPA. 

To cover all bases in a team, I'd say:

• A real estate agent (ideally someone with experience representing landlords) - essential for finding and closing on new investments. 
  
• Property manager or a management company. They can do those in-person tasks, such as showing your rental to tenants, routine property inspections, and dealing with evictions. 
• Contractors to carry out repairs or maintenance.
• A CPA or financial advisor - a CPA well-versed in real estate investing tax laws for the location you're investing in can save you thousands.

I agree with the advice about using online rent collection for the third unit (and going forward). If you set it up through property management software, you can use additional features such as income and expense tracking too. It should be a lot less confusing than using spreadsheets.

I'd recommend having a look to see which app fits your priority (for example, some are geared towards tenant screening, rent collection, accounting, or reporting). Either way, there should be one that helps make your job a lot easier. 

Hope that helps!