All Forum Posts by: Brian McCarter

Certainly, I’d be happy to share more about what the tool does. It extracts data directly from PDFs and imports it into Xero with minimal manual intervention. Previously, I worked with CSV files and Excel templates (and the first version extracted from those), but even the those required significant post-processing and were challenging to train others to use efficiently.

The current version eliminates unnecessary payment lines, such as owner distributions, automatically adds accounting codes and tracking codes, and ensures the invoice numbering is handled seamlessly without manual effort. These features save time and reduce the likelihood of errors, making the tool particularly useful for property owners managing larger numbers of units.

Out of curiosity, how are you currently managing this process? I’ve noticed that many smaller property owners don’t have access to PM software accounts that allow them to pull Excel-like reports and all have to copy out of the PDF, which can make data extraction more challenging. Does your setup involve similar hurdles?  A few units, copy paste is fine, but this got to be a problem at scale. 

Hey, everyone!
If you’re managing properties and using AppFolio but find it frustrating to convert reports for Xero, QuickBooks, or other accounting tools, I’ve been in the same boat. After dealing with this for 5 years by hand, I developed a software tool that makes the process much easier.

It’s been a huge time-saver for me, and I’m happy to share more about how it works if this is something you’re struggling with too. Feel free to reach out or reply here if you’d like to discuss!
Cheers, and Happy New Year!

6 years later, many PM's still act like your the only one asking for a spread sheet. 

Long time lurker on this thread and I appreciate all the tips you have given people over the years. 

Do you have any best practices for managing property managers?

Do you use your own property management software and plug in local managers, or do you use each PM's system. 

How do you handle coaching your pm's when there are areas they could do better, but may be resistant to change?

Where is your break even point in units to bring management in house?

 Awesome news. I am making my first major exit soon and have transitioned into larger projects.  What was the number one most surprising thing for you about these larger deals vs doing smaller ones? It would be a pleasure to hear more about your experience with them. 

@Gita_Faust , what rule are you basing your 100% deduction of these meal expenses on?  

Publication 463 clearly states that the 50% limit would apply in the first three cases.

"The 50% limit applies to business meals or entertainment expenses you have while:

• Traveling away from home (whether eating alone or with others) on business,
• Entertaining customers at your place of business, a restaurant, or other location, or
• Attending a business convention or reception, business meeting, or business luncheon at a club."

Also you might want to double check the tax court cases in regards to eating meals alone. I read a case where an attorney ate out breakfast every day alone and did work at the same time in a dinner near his office. His deductions were invalidated.

@StevenHamilton

Can you shed some light here?  My knowledge of this area of the tax code is a bit weaker than others.

Ask your lenders if they do "blanket loans".  Those are the type that cover more than one property at a time.

Double post by accident. Moderator please delete.

Does anyone have a good spreadsheet for condominium conversions? I am looking at a mixed use building in the 6 to 12 unit range in an expensive area of the country. I would like to learn from the wisdom of others and build off of what has been used successfully. If I made any substantial additions to it, I would be happy to share it with the community and give credit to the person who made the original. Specifically, I am looking to track the projected rehab cost of each unit, cash flow from rented units, first lien costs, general partners and limited partner returns. If anyone has something like this, it would be greatly appreciated.

Thank you in advance.

@Ann Bellamy Your always a source of wisdom and experience.  I also share your sentiment that there are a lot of wonderful people who are lawyers in the world with whom I have had the pleasure of being friends or working with. There are also those that sue everyone for sport. While I can understand that as being and interesting intellectual hobby, we have business to run in a risk heavy business, and my job is to bet the odds and mitigate risks.

Unfortunately I did not make it to the meeting with Chairwoman of the Board of the Massachusetts Commission Against Discrimination. I will send a PM to you to forward to her and post any results for the group.  We are both sure that you can auto reject lawyers. It's law students, and in this particular case a law student at an internship with a law firm that's in question. The distinction may not matter, but we will find out.