All Forum Posts by: Brian McCombs

Stessa worked really awesome for the rest of 2021. I actually was able to double my portfolio before end of year (60 units now). For what ever reason, Stessa does seem to have glitchy connections to my smaller regional banks where I hold the operating accounts. Are you or anyone you know that uses Stessa experiencing the same connection issues? Their technical support team seems to be severely under staffed, and slow to respond to my requests for updates. My PM's are still able to input their statement information through their API and external connection and that still works great. Stessa seems to be really well integrated with Appfolio as you said. I am almost at the point where I am ready to disable the bank connections and just import to QIF files I download from the banks at the begging of each month for the month prior and then accurately categorize by type. 

Hello BP Community! I have recently closed on not just my first, but second multifamily property purchase within the last two weeks! These properties are being treated as out of state investments, and i have hired local property management to look over them. There are a total of 30 units inside four different LLC's.

The two PM companies are using Appfolio software and I have heard the bookkeeping features are pretty good, as long as they are good at inputing and using the tools. My question is should I invest in a bookkeeping software like Quickbooks for keeping the finances outside of their scope of responsiblity nice and tidy, and if so, what software is recomended and why?

What are some things to consider NOW for future scalability? What types of softwares are flexible and modular? What are some mistakes made that you wished you could redo?

Thank you Scott! My attorney did exactly just that! We used a RA which they get a discount through which has worked out great so far! Thank you for your response and shared knowledge! I really appreciate it as a new investor from out of state!

Hello, I am looking to hear from the out of state investor community. I am looking to create an LLC in the state I own property, but i do not live. The property does not have an office, or general mail box. Only the tenants have mail boxes. My question is how do investors from out of state meet the requirements of creating an LLC, without owning offices or storefront with a mailing address? Do i actually need to worry about documents being mailed there, or am i over thinking it? I am wanting to keep 100% anonymity with my LLC's. I will be paying a property mangement company and wondering if it is legal, or typical for out of stay investors to use their property managers office for registration purposes?

Thanks

Hello All,

I am looking for referrals on sources, readings, data, etc on how to increase your rental property value after purchase. Specifcally multifamily properties, and where to really spend the money. What are the definate things to spend on, what not to spend on, and the middle of the road things. Looking forward to your guys' replies. 

Hello all, 

I am looking at a property in the Midwest in between Indy, and Cincinnati/Dayton. As we all know a good property manager can make or break the deal. I am looking for advice on how to locate a turn-key property management company that will provide service on a 100+ unit property in Connersville, IN.

Hi All, 

It's been a while since I posted and I thought I would chime in today. Recently I have been found myself spending a lot of time wathcing other people get things done, and I seem to be in a rut. I am a unique individual who is wanting to jump into Multifamily properties primarily as a wealth preservation stragety first, and growth second. Why not both? Of course both! The market everywhere is super hot and competative, and my local market (Massachusetts) is kind of dry on deals, so I have attempted to connect in AZ, TN, NC, OH, FL, and a few other areas. If anyone has any insights on how to build mentor relationships out of state please reach out to me. I am looking specifically for people with experience as operators, and under writting!

-Thanks

Hi Derrick,

It looks like since i originally posted, they removed the data downloads that used to be available. It used to be part of the BP Insights page. Looks like now its just the property analysis tool......Sad because the data was useful for creating pivot charts and coming up with strategies based on market data. 

Hello all! I am reaching out the the BP community on a specific topic. OZ funds. If there is anyone currently involved in the Opportunity Zone Fund process to benefit from incentive programs to defer capital gains tax please reach out to me. I am in the early stages of investigating and have been using the IRS.gov website to familarized myself with the FAQ section to try and understand the parameters of operation for those seeking the program benefits. At this point i am seeking education on the topic, wanting to hear the good bad and ugly that comes along with it knowing it is a fairly new program. 

IRS resources here

Hey BP! I know 2020 was a crazy year, and 2021 is a little over 25% behind us now. I was wondering if there are any new data downloads for 2020 through 2021 trends? Specifically i was interested in things such as Top Zip Codes, Rent-to-income ratio, and any other goodies.