How do you organize your properties

[Angelina Ng]

Hi everyone,

I bought My first property in July and plan on buying another property by the end of the year. I was wondering how everyone else organize their property on the administrative level. Since I have only one property, I have everything in a google drive folder. I also opened a bank account just for this property. Are there any tips on how I can do this better now and for when I start to scale up. Thank you in advance!

Angelina

[Ron Brady]

@Angelina Ng We've started in Feb 2019 and have grown since then.  We still largely use the systems we designed from the beginning as we had growth in mind then. 

We use google drive with following folders: Communications (logos, info for website, facebook page, etc.), Corporate Docs (our llc and state incorporation docs), Misc, Operations & Prospects.  Within Operations,the folder we use most, we have Company Finances, Legal, Portfolio, Properties Financing and Renovations.  We then, within Portfolio, have a folder for each property.

We use Stessa to manage our finances and have for two years.  Its free and it has worked well for us. We tried quickbooks, but the learning curve was too steep for us. We recommend it highly.

We use Rentler to manage tenant screenings, rent payments, etc.  They have a chat feature to allow landlords to troubleshoot issues during work hours.  Its free for landlords.  We recommend it highly.

We use DealCheck plus an excel spreadsheet to analyze potential properties to acquire.  It has a great rent comparison companion site built into it. 
We recommend DealCheck highly.

We have a business checking account and a few business credit cards, which are mileage or cash back cards.

Hope this helps.  Of course, everyone's situation differs, but we're now at 7 properties and these systems still work for us.

Good luck!