All Forum Posts by: Ben Bakhshi

That is a fine point, I don't want to be managing myself. But I do want to keep better tabs on what is going on, and reduce the lag time between months, especially when there is a problem.

For my bookkeeping purposes, should I be creating an internal invoice for each property, dated for when the PM is supposed to make the deposit (like the 10th of the month), and then match the deposit with the invoice?

If I invoice the property manager, then they can submit the payment from their checking account into mine automatically, which also automatically tags the income.

Some properties are self-managed, so we create an invoice for each tenant, and mark them as paid as rents are collected.

When collecting rents that go through property managers, I am not sure what the best practice is in QBO.

Should I be invoicing the tenants (and then sending these invoices to the property manager), or invoice the property managers?

We are not sure what the best way to go forward with this.

The only reason I would take the extra equity is if you do not have enough for either this deal or another deal.

If you feel like their knowledge is worthwhile, and only achievable with their equity, then it may be worth it. But, you might be able to leverage their knowledge and equity in another deal that you don't have the funds for now.

@Steve L. , if we were managing the books for multiple LLCs sharing multiple properties, can you suggest a single platform to assist with that? We were going to go ahead with Buildium, despite what it lacks, due to the fact that it does have an accounting system and the price is right for us at around 30 units. Open to suggestions. Quickbooks won't work for us, I think, because of the nature of the various LLCs we are utilizing.

@Steve L. , would you ever consider dropping QB and just using Buildium?

Sounds like the landlord is grumpy. It's not a nice surprise to get surprise call that a tenant is moving on. Explain to the tenant that they need to disclose that they are leaving their current landlord and that is preventing them from moving in with you. Once the landlord gets the notice, they might give you the info you need.

That being said, this landlord sounds a bit mean and there is no guarantee that they will tell you what you need to know. 

We have rented to tenants with no reference.

@Julie Kemp , can you explain what you don't like about Buildium? What is it missing for you?

Such beautiful architecture.

I have a duplex that I need rehabbed. Big job with great potential. Needs to pass C/O and get rented out.

Please post your recommendations here or PM me.