All Forum Posts by: Artur Kadesh

I might... I will have to check this with their team... thanks for your advice! 

@Simon W. If you just put a 0 for MISC 🤔Well maybe you can help me out with next : I have a 7 different corporations and LLCs that I have to file for 1099NEC how do I do that in Buildium? They told me that I can file only for one 🤷‍♀️

@Simon W. Right! It can but only if you're a management company you'll have to file 1099 MISC and then 1099NEC .I only need to file 1099NEC because I AM a property owner.

Thanks for your advice! I have Buildium right now and I like the tenant management part so I think I will just add QBO for an accounting I can also file 1099.

Hi Rick!

Thanks for sharing your experience with me.

Have to agree with you that their accounting system is not so great if you’re not a property management company. I have 3 companies that considers as an “accounts”in Buildium and I have a curtain amount of properties that spread between those 3 companies but I can’t even efile 1099NEC through Buildium because I can’t file NEC form without MISC form which I don’t need to file because I AM a rental owner. Anyways regarding your question about journal entries I’m not sure if you can charge each property in one entry🤔maybe you should ask their support team, I call them often but again it’s hard to explain my self since they always treat me as I’m a management company.

I’ve checked many other softwares and you’re absolutely right that they’re all more or less the same so I came to a conclusion that I will have to use additional software for an accounting, something like quick books. I don’t want to leave Buildium because I like the tenant related part and the happy inspector.

Also I would highly recommend to every landlord to buy a course on line The Automated Landlord. It’s not that cheap($1000) but worth every penny. The guy gives you so much useful information he’s basically giving you a template how to manage your business he’s a landlord as well! Really really recommend! Both my husband and I have finished this course and we are very happy! 

I will keep you posted when I’ll find any useful software. So far doing all the accounting in excel 😩.

P.S forgot to ask, you said you have 39 properties are they all under one corporation or LLC or you have multiple corporations?

Thanks,

Polina

Thank you Matthew!

I'll definitely check this out!

Hello everyone!

We have about 60 properties and I'm looking for a software that will help me to manage renters and also will do partly accounting(efile 1099NEC, record all my expenses, vendors and prepare all the data for CPA for taxes).

Right now I'm working with Buildium and it's a great software to manage everything related to a tenant but not really fits for my accounting needs like filing 1099NEC. It seems to fit management companies more than landlords and it comes out to be overpriced for using just part of it. I wish there was a software that would have it all in one not only for management companies but for landlords as well.

I was hoping to get an ideas or maybe share your personal experience of how you're  managing your business.

Looking forward for your responses,

Thanks in advance,

Polina

If this property was vacant for a while before you bought it and it wasn't built originally as a multi family most likely you will have to deconvert the property to a single family. We had this issue, eventually we decided to save our time and money and made our property to a nice single 6 bedroom house, which works great till this day. I would highly recommend To do research prior of closing to know what will you be up against. Good luck with your project.