Software for rental properties
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Software for rental properties
Hi all,
For those of you who own and manage rental properties, can you recommend software for keeping track of all income, expenses, taxes, etc., for each individual property?
Thank you!
For those of you who own and manage rental properties, can you recommend software for keeping track of all income, expenses, taxes, etc., for each individual property?
Thank you!
Re: Software for rental properties
We use apartments.com and QuickBooks. The later is an online monthly service now unfortunately.
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Re: Software for rental properties
Yardi if your portfolio is big enough / can justify the expense. Otherwise, appfolio. Just my opinion, certainly there are others.
Re: Software for rental properties
I don't own or manage rentals, but I have to imagine that you could do a whole lot worse than with Excel or another spreadsheet program combined with cloud storage. The reason storage is useful is that you can upload images of receipts and keep links to them in your spreadsheets, which is not something commonly supported in more single-purpose applications. Bonus points if you use software with OCR that can automatically extract receipt text from images; I think Microsoft's office apps have this built in now. There's a bit of a learning curve if you're new to spreadsheets, but they're just so useful that I think it's worth it to learn.
Re: Software for rental properties
I use Quicken Home and Business as it includes a Rental Property module.
https://www.quicken.com/personal-financ ... l-property
https://www.quicken.com/personal-financ ... l-property
"Give a cat a fish and it will eat for a day. Teach a cat to fish and it will just sit there waiting for you to give it a fish."
Re: Software for rental properties
Had 4 rentals. Used Google drive (Sheets) and one envelope. Envelope got divided into four piles at tax time. Called insurer for data end of year. Banks send statements on mortgages. Receipts were pretty easy to keep track of as work rarely overlapped and had PO numbers on each, used address # as PO #. Bank statements kept track of income.
Can also do this monthly on Google drive.
If using a CPA, ask how they would like to get the data. Mine did not care.
Can also do this monthly on Google drive.
If using a CPA, ask how they would like to get the data. Mine did not care.
Pale Blue Dot
Re: Software for rental properties
5 rental units over 3 different addresses.
We have one excel sheet dedicated to each rental unit for various expenses and the rental income, stored on a cloud drive. Self-management so no tracking of management fees. I do most of the handy work so we normally only have 2-4 contractor (appliance repair, pest control, random one-offs like large windows replaced or electrical work beyond what I can do) payments to keep track of each year total.
Do 98% of our shopping for parts/materials at Home Depot and use their HD Pro to track expenses over the year (put in a job name for each purchase). Get their end-of-year summary for each unit, plug it into the excel sheet.
Used the same CPA for the past 5+ years who does all the deprecation, etc.
We have one excel sheet dedicated to each rental unit for various expenses and the rental income, stored on a cloud drive. Self-management so no tracking of management fees. I do most of the handy work so we normally only have 2-4 contractor (appliance repair, pest control, random one-offs like large windows replaced or electrical work beyond what I can do) payments to keep track of each year total.
Do 98% of our shopping for parts/materials at Home Depot and use their HD Pro to track expenses over the year (put in a job name for each purchase). Get their end-of-year summary for each unit, plug it into the excel sheet.
Used the same CPA for the past 5+ years who does all the deprecation, etc.
Re: Software for rental properties
Look at Appfolio, Buildium, or Apartments.com.
Personally, I have 3rd party property managers and keep all books on QBO.
Personally, I have 3rd party property managers and keep all books on QBO.
Real estate, where even the most mediocre can become wealthy.
- quantAndHold
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Re: Software for rental properties
I always just had an excel spreadsheet, and created folders in a Google drive to hold scans of all the receipts.
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Re: Software for rental properties
It's just a one time calculation at tax time, add income minus receipts. Not sure what you need to keep track of.
Re: Software for rental properties
I use Innago and Stessa. Both Free and do a pretty good job. I am testing out which one I prefer. Innago sends Invoices to your tenants and tracks maintenance requests so I'm leaning to using that one. Stessa has better reports for taxes. For a few rentals those are good enough.
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Re: Software for rental properties
Thank you all for your input! I posted the question on behalf of my son. You've given him a lot to consider and learn about. I'll follow up if he has any questions or comments - and maybe he will join this forum himself. Thank you!
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Re: Software for rental properties
Appfolio
- Chicken lady
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Re: Software for rental properties
I also use Quicken for Rental Properties. If you're accustomed to using products from the Quicken family, this is an easy switch to a different version of the basic Quicken software. This allows you to continue tracking your personal accounts, track investments, do all the typical stuff of a customer based bookkeeping program. Not overly complex.
BUT
Quicken started as an Intuit owned company. It has been sold several times since. There is not transition from the Microsoft platform to the apple platform. Tech support is iffy.
I cannot honestly recommend this software unless you're already hooked on the Quicken brand.
BUT
Quicken started as an Intuit owned company. It has been sold several times since. There is not transition from the Microsoft platform to the apple platform. Tech support is iffy.
I cannot honestly recommend this software unless you're already hooked on the Quicken brand.
Re: Software for rental properties
Thanks for posting. Didn't know about theseleonidas wrote: ↑Fri May 27, 2022 2:04 pm I use Innago and Stessa. Both Free and do a pretty good job. I am testing out which one I prefer. Innago sends Invoices to your tenants and tracks maintenance requests so I'm leaning to using that one. Stessa has better reports for taxes. For a few rentals those are good enough.
AV111
Re: Software for rental properties
I'm managing 8 doors at two different properties. About a year ago, I started using Stessa for my book keeping, accounting and financials - It's been great. Best part is it's free until you get to a certain amount of properties (I think it's 10). Previously, I was using the spreadsheet method, but Stessa can give you some reports and insight into your rental business.
- Sandtrap
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Re: Software for rental properties
Owned and managed over 150 units (doors), plus own property management company for more units/condo's, etc, etc.evelynmanley wrote: ↑Fri May 27, 2022 7:50 am Hi all,
For those of you who own and manage rental properties, can you recommend software for keeping track of all income, expenses, taxes, etc., for each individual property?
Thank you!
(40 years)
In the "old days": paper: various accounting forms (light green with teeny tiny squares).
Later, customized Excel that we could tweak to what we needed as time went by.
Used Excel for the financials, unit records, maintenance records, various building expenses, etc. (everything).
We tried various "for sale" property mgt software, etc, but they were either too bulky and complex, or too simple.
What worked was also the most simple without getting either too techy or too complex or important for what is actually needed.
j
Re: Software for rental properties
Stessa and Waveapps are free options
Re: Software for rental properties
Up to now I just do my own excel spreadsheet of accounting general journal (every transaction entered) and generate full accounting and other reports annually by hand, with some other auxiliary spreadsheets (when lease renewals are coming, who paid on time, etc.). The reason I'm thinking of going to canned software is not because any of that is unmanageable but if the software providers gives a free way to collect rents electronically. Looking around briefly it seemed Innago offers this? Another I saw was Rentredi. Many tenants prefer electronic but collecting rent via a personal Venmo account is violating their terms of service and no way worth it to us to pay a 1.9% skim off the top of the rent roll that they charge on a business account. I believe it's legit to use Zelle for business purposes for free but not all banks* support it nor as many tenants ask to use it as Venmo IME.leonidas wrote: ↑Fri May 27, 2022 2:04 pm I use Innago and Stessa. Both Free and do a pretty good job. I am testing out which one I prefer. Innago sends Invoices to your tenants and tracks maintenance requests so I'm leaning to using that one. Stessa has better reports for taxes. For a few rentals those are good enough.
*lenders sometimes require you use an account at their bank at zero interest, but other banks offer interest on checking so we have more than one operating account.
Re: Software for rental properties
You should check out Rent Manager as well.
Re: Software for rental properties
We use Avail, and it’s been very user friendly for us and our tenants.
Re: Software for rental properties
Yardi for many years.
Property owned include 120 unit apt, 90 unit apt, 150,000 sq ft retail, 150,000 sq ft office
Property owned include 120 unit apt, 90 unit apt, 150,000 sq ft retail, 150,000 sq ft office