Tools for managing multiple properties
How do you all manage multiple properties? I am finding it a bit challenging to keep track of all the URLs like HOA, Electric, Gas, Solar, Taxes, etc. in one place.
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- Real Estate Agent
- Columbus, OH & Cleveland OH
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@Gurusubramaniam Sundararaman
A Google Excel sheet should be more then fine for that.
In terms of taxes, I would look at refinancing down the road and getting a PITI mortgage. Principal, interest, insurance, and taxes. If one rental and your home have you a bit lost just imagine how confusing 30 would be if you didn't escrow taxes. Things can get out of hand pretty quickly.
- Patrick Drury
- [email protected]
- (614) 412-4565
- Real Estate Agent
- Columbus, OH & Cleveland OH
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@Gurusubramaniam Sundararaman
How many properties is it?
Electric, gas - Where I am at you can link multiple properties to one account this helps if you aren't doing that. If the utility companies are all different like the properties are in different counties you can put all the properties on Google Sheets/Excel and break the pages down by county and list the addresses going horizontally and put the things you are looking to track
Taxes - is this not built into the loans on the properties?
- Patrick Drury
- [email protected]
- (614) 412-4565
@Patrick Drury Currently with just primary and 1 investment property out of state, I am finding it hard to keep track of these URLs, I didn't opt for Escrow for taxes since I want that to be in my control, so I invest them in other forms.
- Real Estate Agent
- Columbus, OH & Cleveland OH
- 2,086
- Votes |
- 1,583
- Posts
@Gurusubramaniam Sundararaman
A Google Excel sheet should be more then fine for that.
In terms of taxes, I would look at refinancing down the road and getting a PITI mortgage. Principal, interest, insurance, and taxes. If one rental and your home have you a bit lost just imagine how confusing 30 would be if you didn't escrow taxes. Things can get out of hand pretty quickly.
- Patrick Drury
- [email protected]
- (614) 412-4565
I use TenantCloud for management and Stessa for bookkeeping. Both of these providers have the ability to store docs and other info about your property.
But if you're looking to simply track links to your mortgage servicer, utility providers, etc. a simple Google sheet should do the job. One property per line, then whatever you want to track in each column with the appropriate link.
You hire people do this. Keep your time focused on what matters-- quality investments.
@Gurusubramaniam Sundararaman i had the same issue. Got to 6 units and remembering which account and paying became a multiple hr ordeal every month. I found the best solution was to set up auto pays for all the accounts and then make a google doc with all the info broken down by property for periodic reviews.
@Gurusubramaniam Sundararaman, Google Sheet or Excel! That's always your friend when you can't find a software to accomplish what you need.
As you're scaling your portfolio, it pays to scale in 1 or just a few areas so you can have all properties with the same utility companies, management, etc. This makes everything much easier to track.
Best of luck!