All Forum Posts by: James Haywood
James Haywood has started 2 posts and replied 8 times.
Post: Ongoing Investment Analysis for Owners?
- Posts 8
- Votes 6
Quote from @Sean Haley:
Quote from @James Haywood:
Hey all,
I own a bunch of my own properties, but I do manage properties for other owners as well. I think BP and a lot of the internet is full of pre-buying Real Estate analysis. As in, there are a bunch of calculators and Excel spreadsheets out there that will project or estimate if the deal is a good buy. BUT I don't feel like there is really anything out there to CONFIRM or AFFIRM that you made a good purchase.
I have demo'd and used various Property Management software over the years. They all do really solid accounting. Cash flow / Balance sheets / etc.
Most of them do not really analyze your piece of property. Metrics like Cash-on-cash return, ROI, NOI, Net Worth, Loan-to-Value.... these things change every month, every year.
As a property manager AND owner, I want to be able to look at my properties each year and see where I am at. Similar to a stock portfolio. Stocks are easy because you can pretty easily see... "Oh, I made 8% return this year on my investment." But how do we do this in real estate without manually calculating things.
I have used Stessa, which is great, but it doesn't connect to my PM software. So I need to manually upload everything and categorize it. It's tedious. At that point, I'd rather just have a pre-built excel sheet I open once a year and type in my years' expenses and income.
Anyone have a spreadsheet like that? Or maybe a software like Stessa with an open API I can work with? Or another solution? Again, not a PRE-buy analysis... but an ongoing one.
I'd be open to buying a spreadsheet of this magnitude. Ha!
Here is a model I built for tracking purposes. May add more bells and whistles later, but if you have any questions, just lmk
Post: Ongoing Investment Analysis for Owners?
- Posts 8
- Votes 6
Quote from @Jake Baker:
I co-own a company that does 20 Flips/BRRRRs per year and use these tools:
Underwriting - DealCheck
Project Management - ClickUp
Bookkeeping - QuickBooks Online Plus
I use QuickBooks Online for most of my bookkeeping clients. A great bookkeeper will keep your books up to date monthly/weekly. Having clean books will do the following:
1. Accurate books for a seamless transition during tax time.
2. Interpretation of the data, allowing you to make confident business decision.
QB has a great Projects feature as well that is great for tracking ongoing flips/rehabs/STRs etc/
Love it!
so does QB online have all the data points and analysis I need?
Post: Ongoing Investment Analysis for Owners?
- Posts 8
- Votes 6
Hey all,
I own a bunch of my own properties, but I do manage properties for other owners as well. I think BP and a lot of the internet is full of pre-buying Real Estate analysis. As in, there are a bunch of calculators and Excel spreadsheets out there that will project or estimate if the deal is a good buy. BUT I don't feel like there is really anything out there to CONFIRM or AFFIRM that you made a good purchase.
I have demo'd and used various Property Management software over the years. They all do really solid accounting. Cash flow / Balance sheets / etc.
Most of them do not really analyze your piece of property. Metrics like Cash-on-cash return, ROI, NOI, Net Worth, Loan-to-Value.... these things change every month, every year.
As a property manager AND owner, I want to be able to look at my properties each year and see where I am at. Similar to a stock portfolio. Stocks are easy because you can pretty easily see... "Oh, I made 8% return this year on my investment." But how do we do this in real estate without manually calculating things.
I have used Stessa, which is great, but it doesn't connect to my PM software. So I need to manually upload everything and categorize it. It's tedious. At that point, I'd rather just have a pre-built excel sheet I open once a year and type in my years' expenses and income.
Anyone have a spreadsheet like that? Or maybe a software like Stessa with an open API I can work with? Or another solution? Again, not a PRE-buy analysis... but an ongoing one.
I'd be open to buying a spreadsheet of this magnitude. Ha!
Post: managing properties with Doorloop software
- Posts 8
- Votes 6
Quote from @Erik D.:
Also looking into DoorLoop, looks like they have great UI and many features. My only fear is that they are trying to encompass any type of real estate whether it be trailer park, self storage, or long term rental. I am also looking at Hemlane since they offer 3 different service levels and get good reviews.
I just started using Doorloop. I will let you know my experience.
how many units do you have?
Post: Feedback or Input on Doorloop Property Management Software
- Posts 8
- Votes 6
Quote from @Jason Jauregui:
I've been searching for a while now for a 30+ unit portfolio. I was about to purchase doorloop, until I found out about Rentec. They seem the same, but Rentec is a tad less expensive. Doorloop seems a little bit "prettier."
I've done all the demos with Doorloop, but still waiting to do Rentec's next week.
Anything y'all could tell me that differentiates one from the other, besides price?
This is a perfect summary of where I'm at. I did both demos of rentec and doorloop. Both really solid. Rentec has a feel of the late 2000s and hasn't been updated. It does exactly what's needed though. Doorloops UI and marketing website look really nice.
I only have 42 units so I'm struggling to justify Dooploops price. BUT, I want to start managing other peoples properties soon and Doorloops marketing website looks nice. I'd be concerned about trying to grow a business with rentecs old looking marketing website.
I mean no disrespect to either. They are both really solid. Rentec is focused on functionality at a reasonable price. Doorloop is more modern, a few more features, and a higher price point.
The other software platforms out there are either too small for me or too big.
Post: managing properties with Doorloop software
- Posts 8
- Votes 6
Following this. I'm debating doorloop and rentec direct.
I only have 42 units myself so I'm not sure if I'm too small for DoorLoop
Post: Personal Properties and LLC Properties
- Posts 8
- Votes 6
Thanks for the responses - I think that answered my question adequately!
Post: Personal Properties and LLC Properties
- Posts 8
- Votes 6
I have 2 properties that I own personally and 3 properties that me and a partner own under an LLC.
I have a GV number and separate bank accounts, however, do I need a separate email address? Seems trivial, I know, but the property management software I use, Tenant Cloud, only allows for one email address for outbound communication. I send out requests and correspond via email through the platform. Can I continue to use my personal email for both my personal properties and my LLC (shared) properties? I know you shouldn't mix the LLC with the personal side but I manage everything and it's only an email address that is shared between the two due to Tenant Cloud.