All Forum Posts by: Jackie Anderson

Currently seeking a women’s mastermind. Interested to hear if anything has come to fruition. And… only one word comes to mind when I read the guys’ responses… Gobundance, anyone?? I think its a great group and respect so many of the guys that affiliate with it. But why do women get pushback when they want to do something similar?

Nicholas Q. - how did this turn out? Did you end up hiring VA's and if so, how is it going? I am considering the same thing but you don't see a lot of people doing it this way, so I am hesitant.

My thoughts are that the VA would handle prospective tenant screening, setting appointments, current tenant phone calls and maintenance requests, as well as data entry that is monthly. I am currently doing all this but not very well - and I want my tenants to have a great landlord experience. The reason I prefer a VA over traditional PM is that I also need someone to manage social media for my RE agent business. I feel like once the VA is doing these things well and I've made an acquisition or two that covers the cost of them, I should be able to hire a "boots on the ground" 1099 employee that will show properties, interview tenants, do yearly walkthroughs, and check in on rehab projects.

I am curious to know your thoughts and how your experience turned out?

Adrien - that is a really good idea. I think we will do the same for the time being. I'm an agent and have investors selling because they are worried that their tenant will eventually be unemployed and there will be an eviction ban. In the past a longer lease has been attractive, but I like this MTM train of thought. A good way to pivot in order to keep doing business no matter what the investor future holds!

Alexander, I have a contact on the south side of Indy I like to use. Message me and I am happy to share!

~Jackie Anderson

Hello BP!

Does anyone have a program that serves as their Profit and Loss Statement that they love? If so, what is it called?

Just to clarify my question: What I am currently using is an excel spreadsheet that I downloaded. It worked great for inputting the properties that I had but as we are expanding, I am spending way too much time moving columns around to create space to input the info for my new property. And I really don't like how long it is getting - having to scroll all the way across the page to see my totals. I really like spreadsheets and using formulas, but I know someone has created something that will make this part of my job much simpler. Any programs or software that you are using - I'd love to check it out! Thanks in advance!

@Ryan Saulle and @Marshall Martinez - thanks for your input.  I have begun the process of transferring all of business funds and rental accounts to the community bank.  I spoke with the loan officer who handles all our transactions and told her that we'd be fully moved over in 6 months.  As leases renew or tenants vacate I can provide them with a new account number - which seems like a natural time to make that change. They have said they are building another branch closer to home and their tech department is working hard on some updates for their app and website. We'll just be patient while that happens and continue building those relationships at the bank. Thank you for your advice!

Ryan- my husband is from Staten Island! Graduated from Susan Wagner and grew up on College Ave. Small world!

My husband and I are new(er) investors and have a question about banking.  I have banked at a larger bank my whole adult life.  I have my personal accounts there and just recently opened up a business account. Each of my tenants have their own account under the business side and they deposit directly to the bank each month which is great because there a tons of branches and their online services are super easy to use for my tenants who like to pay online.  

But, we recently started doing business with a local bank which has also been great. They have helped us leverage two properties to have funds to quickly pick up new properties. They then put permanent financing on the new properties and we pay back the HELOC - these are all commercial products too. They have been so helpful and are very willing to educate and help us grow our business. However they only have two branches and their online services are not user friendly at all.

We just closed on another permanent mortgage at the local bank last week and the lender "strongly encouraged" us to make a switch and put all of our funds at the small local bank.  She said that they are laying out all this money for us to move our business forward but it looks like we have little skin in the game by keeping the bulk of our funds and the other, larger bank.  I do understand this, but we are paying interest on every loan we have there. And we don't have any loans at the large bank. Moving all our funds would mean switching all my tenants to new accounts and asking them to pay rent in a more difficult way. I want to make it as easy as possible for my tenants to pay and I want to do the same for myself when it comes to accounting, as well, and I fear that their difficult website will just be more trouble than its worth.

Has anyone else ever encountered this? What would you recommend we do? Is it so much more valuable to be able to use a local bank that I should just make the jump and move it all over? Or is there a half and half solution (keeping deposits and some funds at the big bank while moving the savings and the tenants rent money over each month myself to the small bank)? If we did go half and half would that mess up our year end accounting?

I haven't yet talked to the big bank about their commercial lending requirements. I plan to go tomorrow. And I should also mention the local bank will also lend only up to 1 million in debt. So at that point we'd be capped out if we stayed - we are nowhere near that right now, but if we keep our goals we will be in a few years.

Thanks to all who have any suggestions or have had experience with this before!

Yes! Please email me addresses, price, and any other information to [email protected]. Thank you!

Amie do you still have this property available? Thanks!

Yes, I am looking for properties on the south side of Indy.