Question about managing finances.

[Jason Schubert]

Hello everyone!

Wow do I wish I knew about bigger pockets sooner!

I just became a pro member and am loving the wealth of knowledge available here!

I am looking for some advice/help. I currently own 4 single family properties that I purchased before I found bigger pockets and I have made a lot of mistakes. The question I have is now that I know about setting aside a percentage of the monthly rental for expenses such as cap x, maintenance, and vacancy. How does everyone manage those set aside amounts?

Do you have separate accounts for each property and each expense? Or do you put say all the cap x funds into one account for all your properties? Just looking for some advice on how to organize this....

Also any advice on a good program to manage the properties would be helpful... like quick books etc.

Thank you everyone and I appreciate any feed back

Jason Schubert

[Filipe Pereira]

Originally posted by @Jason Schubert:

Hello everyone!

Wow do I wish I knew about bigger pockets sooner!

I just became a pro member and am loving the wealth of knowledge available here!

I am looking for some advice/help. I currently own 4 single family properties that I purchased before I found bigger pockets and I have made a lot of mistakes. The question I have is now that I know about setting aside a percentage of the monthly rental for expenses such as cap x, maintenance, and vacancy. How does everyone manage those set aside amounts?

Do you have separate accounts for each property and each expense? Or do you put say all the cap x funds into one account for all your properties? Just looking for some advice on how to organize this....

Also any advice on a good program to manage the properties would be helpful... like quick books etc.

Thank you everyone and I appreciate any feed back

Jason Schubert

Hey Jason, congrats on your success thus far. Personally, I total up how much money I think I will need and just dump it all into one high yield online account. It's my emergency fund. I set it and forget it. If I need it, I know it's there. If I don't need it...it's still there. 

Peace of mind is what I call it. 

What are you looking to manage? Expenses? If so, google sheets is likely enough for just 4 doors. I'm a big fan of keeping it simple.