All Forum Posts by: Judy Murphy

Im bummed!  I’m on the slope every third Thursday…. I would still like to meet you guys one of these days!

I agree with @Joshua Strickland.  Stessa (now part of Apartments.com) is great for keeping track of income, expenses, tenant leases, etc.  You just have to input the expenses every month, then at the end of the year stessa creates summaries and detailed reports for each property.  Easy to send off to the accountant!

Hi Harold,

I am interested in joining as well.  Let me know if there are any meetings coming up in late May or June!

Thank you@Lee Ripma.  The correct website is STESSA.COM

@Rick Gougis

I just get a contract from the title company.  Fill it out, add an addendum (like appraisal/home inspection, any particulars) and deliver to the seller.  This only works in states where a lawyer is not required, and a title company is.  You should read through multiple contracts to make certain you are covered for any/all unexpected occurrences.  Also, sometimes you can just hire a realtor to write the contract for you.  This would protect you more, and provide some funds to the realtor.  Maybe start creating a relationship that's win-win. 

Larry,
Don't forget...if your rental property is in another state, you will have to file taxes in that state.  If your LLC (that owns the property) is from a different state, you will need to file a foreign LLC with that state.  I'm not a tax specialist, but am dealing with this currently.  Check with your CPA, because after-all, I COULD be wrong!  Good Luck.

Putting it on the schedule. However I live 5 hours away. Fingers crossed I can make it!!

@Rick Gougis

I use apartments.com (formerly Cozy.co). I just keep track of basics there, mostly do online rent collections. I go more thoroughly with Assets.com, free to use. Track actual income and expenses. Just my two cents but worth looking into.

J,
Did you ever find a CPA that is real estate savvy???  I need one too! (Along with other professionals....)

@Dan Barman

You may want to check the fees associated with each company also. Setup fees, annual fees...