All Forum Posts by: Jane A.

I am reading that Buildium may cover both sides -accounting and PM

Does QB support Property Management needs? could tenant pay online?

so would property management software cover our accounting needs for about 20 doors of landlording?

Awesome, guys!  Thank you very much for sharing your experiences.  I definitely need to start using something smarter than a shoe box :) At this point, I am on the way to apply Samantha's way of doing this.  Thank you, everybody!

Once a year during tax season the question of a better record keeping hits me :)  We manage about 20 rental units and once a year I need to go through all our business accounts statements and credit cards to sort through records for the whole year.  At the same time, I try to keep all receipts for every unit in a separate folder.  I tried to keep all current records in the online excel sheet, so it will be easier to track all expenses, but I need some discipline to go there every time.  I am about to get a real notebook to keep records of expenses which were paid cash with real signatures of contractors.  Did somebody find a better way for record keeping?  It is my side business, I want to keep things as simple as possible. 

very interesting questions :)

I am in the process of figuring it out for myself, 

as I understand 2% limit is about maintenance + repairs + improvements

In my experience, my expenses are usually higher in these 3 categories, because some units need full rehab after long-term clients.  And here I use DMSH for appliances, somebody offered that we could apply DMSH to floating allure floor and carpet (but I am not sure :)

If I am lucky and had mostly improvements under 2% - SHST will help a lot, but my big improvements - windows, roof, new kitchen - usually higher than 2%

as I understand we could use SHST and DMSH at the same time and they do not limit each other, but Maintenance Safe Harbor is included in the limit of SHST.  But I would think that regular maintenance is a current year expense anyway.  If repairs are higher than 2% they are still current year operational expenses and we deduct them. 

I was trying to perfect my understanding of these comments:

https://www.irs.gov/businesses/small-businesses-se...

I will be very happy to hear how other people leverage these new advantages

Which PM software is better to manage small portfolio of rentals. I would prefer the software which is able to mail letters to tenants and paper checks to vendors. One of my custodians prefer to receive paper checks instead of ACH :))) I am looking for a software which is able to do this. Thx

Yes this is a question. One of my custodians prefer to receive paper checks instead of ACH :))) I am looking for a software which is able to do this. Thx

My friend signed the listing agreement and in a few days decided that service does not meet his expectations. Listing agent demands $1500 for cancellation. This looks unreasonable because seller provided professional pictures, description, flyers design. He offered $500 but listing agent does not accept it. What is the best way to get out of this listing agreement?

Thank you very much Jo-Ann. Good point about current mortgage rates :))) how I missed this from my consideration :))) sure this is important. By the way, what is the problem there - when you buy some property you need to pay the rent for a land :))) sounds unusual for me :)))