All Forum Posts by: Jamie Banks

I'm building out my own calculator because I haven't found one that services larger multifamily and MTR well. I track all of our requests in our markets so that I can come up with a multiplier between LTR and MTR rates. It's still a work in progress but it helps me when analyzing deals

I offer MTR market reports, if you'd ever like to learn more about them DM me!

 I hope it works out for you! 

Hi Peter, are you solely using Furnished Finder to assess the supply of MTRs in the market? Many landlords don't update their availability so FF can be skewed. I think you might need to consult with a local MTR expert in the area and/or dig a bit deeper into the market. I always use a mixture of sources between Furnished Finder, Zillow, DPGO, and other sites to understand the supply and demand of MTRs in the given market. 

My rule of thumb is that to invest in a MTR in the area I need to have at least 3 pillars of demand. Travel nurse demand is down quite a bit so I wouldn't just count on housing traveling medical professionals. 

I used Stessa briefly and I found that it didn't have all of the capabilities that I needed. I switched over to Baselane over a year ago and it has worked well for my growing portfolio. I have a mix of MTRs, STRs, and a room rental and I can perform all the needed property management and bookkeeping features on the site. 

To pay my contractors and employees I collect their bank information and can send an ACH directly to their bank account. 

Although Baselane doesn't have a formal app I find it very mobile friendly, I use it on both my iPhone and IPad

I just took a look at your city, I manage a 2 BR in Murray, UT not too far away. Taking a look at Furnished Finder, we haven't received any unmatched leads for 3+ bedroom homes in the last month. @Curtis Harrison

In my experience managing a portfolio of MTRs from room rentals to 5 bedroom homes, our larger homes don't get as much traction on Furnished Finder. The ideal guests fro 3+ bedroom homes are going to be larger groups traveling together and/or families who typically use Airbnb, Zillow, and other sources to secure housing. I'd suggest reaching out to a MTR expert in your area for consulting and/or a market report to understand how to price your home. Finding comps on MTRs is a long process and if you choose to do it yourself make sure you look at a variety of sources: Furnished Finder, Airbnb, Zillow, etc. 

I've been using Baselane for my portfolio of owned, arbitraged, and managed properties. It's the perfect software for landlord banking and bookkeeping. Reports can be generated for the software showing the cash flow for each property, two properties, or your whole portfolio. There's other statements you can pull as well and even a tax package to pull for your CPA. 

@Andrew Dasso How is your experience going using Baselane?

Baselane has rental property accounting software that I've been using for over a year. Quickbooks and similar programs are designed for businesses and not landlords like us. Baselane's bookkeeping capabilities are great and it's easy to categorize expenses by property. Once income and expenses are categorized, there's a lot of reports you can generate like the cash flow statement for each property. 

A good bookkeeping software will help make the process easier. I use and highly recommend Baselane for this task. Each partnership / LLC that you own can have a separate account with one singular login. From there, you can set up a virtual account for each property that can also have a virtual card attached to it. This helps when ordering supplies for a specific property because you can use the virtual card attached to the account which will automatically tag the transaction for that specific property. Then, for bookkeeping purposes, all you would have to do is upload the receipt and categorize the transaction as supplies, repairs, etc. My virtual assistant saves down all of my receipts in the "Date - Amount - Expense Type" format in a folder for each property so we can easily identify which receipt is for which expense.