Author Topic: What software do you use?  (Read 567 times)

lexde

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What software do you use?
« on: February 11, 2019, 06:49:21 PM »
Do you use software for keeping track of your real estate / rentals? Cloud-based storage?
What system do you use?

Helpful too is how many doors you're using the system with. I'm only looking at a duplex (so only one door rented total) but would like to get into good habits sooner rather than later.

LovinPSDs

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Re: What software do you use?
« Reply #1 on: February 12, 2019, 04:28:24 AM »
So we're getting ready to try Stessa.  Looks like a nice dashboard and such. 

Full disclosure we're just getting ready to buy our first unit so I really have only had mock experience with it.  Interested to hear what others have to say.

SeattleCPA

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Re: What software do you use?
« Reply #2 on: February 12, 2019, 08:28:01 AM »
I think Quicken Rental Property Manager works well as long as you don't have too many properties. We've seen that product basically "break" for an investor with like 60 or 70 properties.

P.S. I don't update the book anymore, but I wrote Quicken for Dummies. For what that's worth and as a potential bias factor to consider...

lexde

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Re: What software do you use?
« Reply #3 on: February 12, 2019, 09:11:10 AM »
I think Quicken Rental Property Manager works well as long as you don't have too many properties. We've seen that product basically "break" for an investor with like 60 or 70 properties.

P.S. I don't update the book anymore, but I wrote Quicken for Dummies. For what that's worth and as a potential bias factor to consider...
Very cool!

wbranch

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Re: What software do you use?
« Reply #4 on: February 12, 2019, 10:44:51 AM »
Currently have 2 doors rented and 3rd we currently live in and made significant improvements to and will rent out in the next year or two when we move out. Also have 100 acres of land in forest management program that pays $ to offset property taxes, and a small gravel pit that pays out some $ each year. We use YNAB to track spending and all rental related info is dumped into its own category. Then I put that into google sheets for breakdown income/expenses other info. Use google drive for storing PDFs and other relevant info.

We setup Cozy for screening and also ACH rent payments for the first time and like it so far. There is an expense tracking section I have not looked at much yet.

I would probably wait until 4-5+ doors to use a specific program, and who knows if we will actually get to that point. Unlikely we will find properties in our town to buy, and would have to go to neighbors towns about a 45 minute drive away where some do look promising. If so, I would probably use QuickBooks online since I am already familiar with it. Could use classes to categorize expenses by properties on the P&L. At that point I would probably quit YNAB and just use another class for personal expenses. But I work in QB quite a bit, so there wouldn't be a learning curve at all.

frugalone

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Re: What software do you use?
« Reply #5 on: February 14, 2019, 09:44:51 AM »
I use the desktop version of Mac Quickbooks 2016.  FYI- Quicken does not make a Mac version of Rental Property Manager. Dumb

clumlee

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Re: What software do you use?
« Reply #6 on: February 14, 2019, 07:18:20 PM »
Old school Excel!

Mr. Green

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Re: What software do you use?
« Reply #7 on: February 16, 2019, 06:16:19 AM »
Do you fill out your own taxes? I use Excel for our rental. If you go this route I highly recommend you look at the 1040 Schedule E to understand the different categories of expenses there are so you can lump your costs together appropriately. That's what I did and  it's one worksheet, it's simple, and it's free.

rothwem

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Re: What software do you use?
« Reply #8 on: February 19, 2019, 09:32:30 AM »
Old school Excel!

I'm using excel also, and it sucks. 

How do you keep track of your receipts?  Mine are in a shoe box, less than ideal if I get audited.  I'd like to be able to take a phone picture of the receipt and enter it into the software with my iPhone.  I've used concur for work and its AWESOME, but I don't think they have anything similar for a small businessperson.