All Forum Posts by: Ron Brady

@Angelina Ng We've started in Feb 2019 and have grown since then.  We still largely use the systems we designed from the beginning as we had growth in mind then. 

We use google drive with following folders: Communications (logos, info for website, facebook page, etc.), Corporate Docs (our llc and state incorporation docs), Misc, Operations & Prospects.  Within Operations,the folder we use most, we have Company Finances, Legal, Portfolio, Properties Financing and Renovations.  We then, within Portfolio, have a folder for each property.

We use Stessa to manage our finances and have for two years.  Its free and it has worked well for us. We tried quickbooks, but the learning curve was too steep for us. We recommend it highly.

We use Rentler to manage tenant screenings, rent payments, etc.  They have a chat feature to allow landlords to troubleshoot issues during work hours.  Its free for landlords.  We recommend it highly.

We use DealCheck plus an excel spreadsheet to analyze potential properties to acquire.  It has a great rent comparison companion site built into it. 
We recommend DealCheck highly.

We have a business checking account and a few business credit cards, which are mileage or cash back cards.

Hope this helps.  Of course, everyone's situation differs, but we're now at 7 properties and these systems still work for us.

Good luck!

@Victor S.

Thank you for the citations and I stand corrected. President Biden would narrow (not eliminate) 1031s to a $500k gain per year for singles and a $1M gain per year for married filing jointlys. So it looks like we both stand coorected.

@Victor S. Re: your take on the Biden Admins’ 1031 plan, I understood that it would eliminate it for those making more than $400k. Even were 1031s to be gone, we still believe that, on balance, the benefits to real estate investors of government policies FAR outweigh the costs. 

Glad we can disagree respectfully though. Continued success to you iin your investments!

@Laura Guy I appreciate the challenges of operating in our legal environment. At the same time, as people who are late-to-life real estate investors, we believe that the BENEFITS our government has granted to real estate investors are more abundant than the limits. To wit:

- 30 year fixed mortgages. We've retired to Mexico and to purchase a home here requires cash!

- Depreciation. What, we can deduct $ from my taxes each year for an appreciating asset?

- Expenses. Wait, we can travel from our home in Mexico to our properties in Mexico, and the government lest us deduct the travel expenses from our taxes?

- 1031 Exchanges. You mean we can exchange our asset gains into better gaining assets and yet pay no taxes on it?

And more and more and more.  We've secured a more secure and bigger nest egg in real estate with the system the government has set up in three years than we did in 20 years in W2 jobs. 

I know that many want to believe that the system is rigged against us.  We are NOT among that group.

We believe that there are benefits and challenges in any field.  In real estate in the US, we believe the benefits far outweigh the challenges. 

Of course, just our two cents.

@Lourdes Garcia We do the same as @John Underwood. My wife does all the purchasing.  Sometimes we´ve gotten duds, but it has largely worked out.

@Eva Mich You asked what others in NJ do and in our case, first, we follow the law.  Second, if you´re just frustrated & was venting a little, we get it.  But if you really feel "forced" to rent to criminals, don´t want to and you are in Burlington County, we´d be happy to discuss potentially acquiring some or all of the properties in your portfolio so you could use the proceeds to invest in real estate in NY, PA, DE, etc. or find non-real estate investments in NJ.  Third, while following the law, we´ve still been able to find strong tenants by being clear on our screening criteria and holding to them every time--income of 3x rent, no evictions, consistent employment, strong FICO, showing up at scheduled viewing on time, good job and former landlord references.

While we can find some elements of real estate investing frustrating too--this new law, the one that says we can´t require electronic payments, the high property taxes, etc.--we also are finding unbelievable recent property appreciation, the diversity of employers (we´re not a one-industry state) and really localized real estate markets that make for a slightly higher barrier to entry than other places that, together, make us really pleased with our NJ real estate investments.

Just our 2 cents and good luck to you!

We use it and like it due to its simplicity.  As others have said, it has some sync issues at times.  When these have occurred we've used the chat function to reach customer service and the issues have been resolved in a relatively timely fashion. We found it very helpful at tax time.  It took us a while to get used to all of its components, but we would recommend it if you have a small portfolio (we have 7 properties).  We also tried quickbooks, but its learning curve was too much for us v stessa. Good luck in finding the right fit for you!

Facebook marketplace.  Gives you the added benefit of seeing the FB profile of any interested roommates.

@Sarah Smith Love the idea! We have several properties, one of which is currently what we call a medium-term rental and we´ve recently acquired another property that we´re adding to this strategy.  This new property is located near a hospital and we´re planning to set it up for rental to medical professionals and/or patient families. 

We recommend googling "Al Williamson extended stay".  He offers lots of information--most free, some he charges for--on medium-term furnished rentals.  You may find it helpful.  Good luck!

@Andrew Grams - You are right Andrew, lack of e-lease signing is a drawback to Rentler.  Our lease numbers are low enough that we use Eversign, free for 4 mailings a month. In a busy month, we will sometimes need to use another service or buy a subscription for a month. Not ideal, so your point is well taken.