All Forum Posts by: Simon W.

 What kind of partner(s) you are looking for? 

I got a construction company that can do the whole lehigh valley, primary areas are Allentown, Bethlehem, and Easton, but we've been doing projects all over the places such as Wilkes Barre, Plymouth, Pen Argyl, Effort, Poconos area, Pittston, and more.

There really isn't an answer to that. It depends how much you can afford to put aside. What is the cash flow going to look? How old is the property or the age of the thing you are talking about? 

For example, the roof, how old is it now? How many more years can you get out of it? 

A roof that you are quoting today is $20K, in 10 years, that price might be $30K. 
You can put 20% if you have the funds to put aside for all aspect of budget. 

Again, there's no 1 answer to this. Lots of variables.

I was a CFO & Controller so budget was a big part of my job. 

You can have 2 identical properties with same rent income, but the expenses and capex will be different. Mother nature can do 1 massive damage to one and not the other. One can get a lot more wear and tear. 

You are the lender and lending $280,000 at 0% for 30 years. Are you okay with that? or would you have to make some interest for lending that out?

You are free to pay it all in cash or pay it off early.

What if scenario: 
You are forgetting that most likely your $350K house in 30 years might appreciate close to $800,000 so if you say you ended up paying about $700K, you are well in the $100K net profit

Buildium would be the most cost effective. I keep hearing bad things with Doorloop.

Appfolio is great, but you won't qualify for it. 

@Arie Guerra is the CPA and bookkeeper in the same company or you hired them separately?

For the QB, is the bookkeeper handling all your rentals only or both corps?

If the CPA only needs to file 2023, I do not understand why they would say it should run smoothly until 2025.

If you hired the bookkeeper in April, it is mid-June, by end of July, the books should be running smoothly for at least this year. 

Guys, this thread was 4 years ago

I actually consult with PMC that uses AppFolio.

Your PM should be able to send you the owner statement that shows the consolidated summary of your portfolio.

They might have to use the Owner Statement (Enhanced Report)

 Can you clarify what you mean by the back end financials? There are a few things that can improve, but overall the financial side seems fine.

Buildium is okay, but they are limited to what banks you can sync with.

I love Yardi Voyager 7s, but the down side of it is the lack of bank feed, it is nonexistent. It's very manual. It's been 5 years since I used a Yardi product so not sure if they updated that.

Not sure if you meant Yardi Breeze, I never even played with it. 

 I wasn't looking for one.

There's many ways to go about it.

When you say building a team, are you looking for 1099s or employees? Are you going to manage it or you mean a team of professionals that aren't really a team? 

Talk to some local PM company

Accounting - 1 size fit all or you can have multiple ones that handles the property level and the corporate level. Get a separate person for a CPA.

Get a legal advisor

go to meetup or just find them here. You can form a team just from the people on this forum.