All Forum Posts by: Nataly Llanes

@Justin R.

Makes total sense. What other tools do you use for online applications, background checks, tenet's online payments, etc? 

Thanks Justin. 

@Renee Fulcer 

Understood! Thank you for sharing your knowledge. :)

@Christopher B.

I will definitely check it out. Thanks Chris! 

@JD Martin

Great advice! Makes total sense. Tanks for your reply. 

@Renee Fulcer 

Haha! Well I'm sure being a bookkeeping nerd has infinite advantages in this field. Props to you. :)

It makes sense with your record that you use both to run your business. 

Many people would consider $36/month a big expense for such software, but when you consider that is a way smaller fee than paying a property manager while allowing to do much of the same stuff and use almost the same tool it doesn't look like a bad investment after all. 

We are learning more towards Buildium now, since it seems to have the best of both worlds for landlords.   

-Does Buildium allow you to add a different bank account per property? 

-Does that monthly fee include all the tools they offer? Or do u pay a separate fee for things such as: tenet screening, paying bills form the site, receiving tenet payments, etc? 

Thanks Renee, you've been a great help. 

@Jennifer Griffin

Oh I see. Makes sense. Although considering we will do our own property management initially until we scale, we are going to need such tools as screening tenants, online applications, and ways for tenets to payment online as you previously mentioned... So all in all I guess is a way of compiling all those tasks into one software and simplifying costs at the end.... What'a your take on that? 

@Renee Fulcer

So then you use both? 

I wanted to find something that compiles all the perks in one, but I know that each of the softwares have their pros and cons... 

From what I've read, QB allows u to set different classes for different properties as you previously mentioned, but they are all attached to the same account is that correct? I read is recommended that  each property have its own entity and bank accounts.

All in all, what do you recommend for a new investor from your experience. 

Thanks in advance. :) 

@Jennifer Griffin

Hi Jennifer,

Thank you so much for your reply.

So if I understand the spreadsheet correctly, the "profit and losses" tab sums up all the numbers of all properties combined, and if you were to click on either of the above tabs with the property address it will give you the same spread for that property only?

Why wouldn't you recommend Buildium for less than 5 properties?

Do u use a spreadsheet program in particular. The one in ur example looks very helpful.

Thanks again Jennifer. 

As new investors my husband and I are learning as much as we can get our hands on before taking the plunge into our first rental, hopefully beginning of next year.

As we build our team, business plan, and organize finances we realize the tremendous importance of keeping tract of those assets and its financial.

So my question to you all is the following:

-How do you keep track of your assets? Softwares?

(QuickBooks, Buildium, Quickens, Excel?

- What was your decision based on when you made your choice?

Thanks in advance,

Nataly 

     As new investors my husband and I are learning as much as we can get our hands on before taking the plunge into our first rental, hopefully beginning of next year. 

     As we build our team, business plan, and organize finances we realize the tremendous importance of keeping tract of those assets and its financial. 

     So my question to you all is the following: 

-How do you keep track of your assets? Softwares?

    (QuickBooks, Buildium, Quickens, Excel?

- What was your decision based on when you made your choice? 

 Thanks in advance, 

                         Nataly