All Forum Posts by: Natasha Keck

@George 

@George P. Thanks for sharing your process!  I once got the suggestion, "organize it like a 4th grade teacher" which probably isn't too far off the mark for what I've been doing.  Glad to hear others are doing similar things.

I'm wondering how others with more than just a handful of properties stay organized. I have 25 properties, all professionally managed, so I'm largely keeping track of HOA, leases, property taxes, insurance, mortgage statements & income statements. Right now I'm using QuickBooks for the book keeping, and a simple file structure that looks like this:

Property name

• Purchase docs 
• Pictures
• Tenant leases
• Paper trail
  • Year 1 (e.g. 2015)
    • Insurance
    • Mortgage Statements
    • Owner Statements
    • Property Taxes
    • HOA
  • Year 2 (e.g. 2016)

I also have been using Excel to keep track of the occupancy status of properties and vacancy.  How are others organizing their portfolio?  Do you have a file structure?  Are you using a software package?

@Russ Roup Welcome to BP.  I'm envious that you're in such a great location for real estate.

These services don't have to be in person.  Often a phone call and some digital document sharing can be just what you need.  I wouldn't limit yourself to a local tax/accounting professional.  Lots of folks on BP with this expertise (I'm not one of them) if you're willing to do this remotely.

If you bought this year in the $65k-$70k price range, and are renting for $950/month you are getting an amazing rent ratio unless you sunk a bunch of cash into rehabbing the properties.  Is $950/month market rate rent for the area?  Seems like it might be high which would mean your property manager had very few applicants to chose from.

BTW, I've heard that property managers really don't start making a profit until they have 300+ homes under management.  Managing 50-60 sounds like a lot, but doesn't necessarily mean your management company knows what they are doing.

@John Suralik I sold three properties and 1031 exchanged for properties with much higher cash flow. My life is much more complex now (sheer number of units to keep track of), but we are feeling quite good about the choices to sell. I'd keep in mind two things. The first is the high transaction costs in real estate. You will bleed money for a while in fees, appraisals, notaries, real estate commissions when you sell. Make sure your plan anticipates losing 8% of the sales price to this transaction cost. The second is that as you grow you'll want higher cash reserves and a would prefer to also have a cushion of available credit . Improving your DTI, and getting HELOC might be good steps. As you grow, keep an eye out for not spreading yourself so thin that you'll give back properties in a downturn.

I've used Amanda Han, a fellow Bigger Pockets blog poster and podcast guest and had a great experience.  She and her team are very real estate savvy.  She's in SoCal, and I'm not so I do it all over the phone.

BB Rents works in Dayton Ohio, but I'm not sure if they will manage properties that didn't come through their turnkey process.  I've had good success with their property management team.

I think it all depends on what the house hack saves you. Paying $10k PMI (over next 3 years) could be worth it if you're living free for the next 3 years.

Welcome Charles!  There's a ton of activity and interest in Florida property these days so you should find plenty of info on BP.