All Forum Posts by: Mike Hoover

Quote from @Grant Francke:

For those with using Buildium for property management software, do you use Buildium's public site or do you use a website you have made and maintain?

I'm currently using a website that I created 4 years ago, posting vacancies by creating a page and cross linking it to a form in my website for applications.  This is getting very tedious and time consuming. I am by no means good at making websites, I still haven't been able to embed the listings page, apply now, or resident log in buttons to my website.

Just curious what others are doing to make an easier process.

Thanks!

 Hey Grant-  what did you end up doing to reconcile the data entry and system alignment between Buildium and QB?  TY

Quote from @Grant Francke:

For those with using Buildium for property management software, do you use Buildium's public site or do you use a website you have made and maintain?

I'm currently using a website that I created 4 years ago, posting vacancies by creating a page and cross linking it to a form in my website for applications.  This is getting very tedious and time consuming. I am by no means good at making websites, I still haven't been able to embed the listings page, apply now, or resident log in buttons to my website.

Just curious what others are doing to make an easier process.

Thanks!

Quote from @Jill F.:

We use buildium accounting for our units -- it was one of the reasons we selected buildium.

Hey Jill!   Did you have issues finding CPAs that would use Buildium accounting to do your taxes.  I recently started using Buildium and am realizing I now need to run both systems in parallel and unable to sink my bank account transactions on Buildium but Quickbooks is fine.  

Thanks for all your inputs making this a useful forum.  😊

Quote from @Simon W.:

Quote from @Ryan Rocchi:

We are trying to decide on a property management software for our company. We currently have 105 units and are using a variety of excel, google docs/sheets/calendars, apartments.com (ads and rent collection), docusign and QuickBooks online (which we would like to keep). 

Looking to consolidate into one software and believe we have narrowed our search down to Doorloop vs Appfolio. We would love some recommendations from users of both! 

Thanks!

If you plan to grow even more, AppFolio would be the one to go. Although, Buildium is good and affordable, it isn't just as robust compared to AF.

I hear negative things about doorloop and don't have any experience with it.

I consult my clients in AppFolio and Buildium so it really just the price and how big you want to grow your business.

 Hey Simone!   Appreciate your insight on this matter as I’m trying to get up to speed on all the functionality of Buildium.   My CPA requires Quickbooks online and it seems there isn’t an easy way to do the data entry and allocations and keep those two systems inline with all the transactions.   Are you using Buildium for your accounting records and for tax purposes?   How do most people handle this dilemma?  

John- the option I'm evaluating right now is to create new LLCs as single member LLC in my state and owned by a multi member LLC (my partner both at 50/50). That MMLLC would be a Wyoming LP to keep some ammoenimitty and another layer of protection for the llcs that own the properties.

Hey BP,

Currently a partner 50/50 and I have a dozen properties under one LLC. Buying another 30+ units (7 seperate properties all in PA) and I'm going to split them up into 3 additional LLCs but wanted to add an additional structure on top of those 4 and make the 3 new ones SMLLC owned by a Wyoming LP. See attached structure. I'm good with having four separate bank accounts and separate filing but wanted to get feedback and thoughts on this entity structure.

I would say personal asset protection is #1 but lower cost is a strong #2.   We both have high W-2 income and own all our properties clean and clear.   

Hey Kurt,

Long time since you posted this well worded and structured question.  Curious to where you landed and if you have any advice after running a few tax cycles.  

Hoov

What's up D Higgs. First, I don't like this deal. I don't like the loan details (11% with 2-points) and I think you need to be very confident on your ARV and Rehab costs. However you didn't ask for my opinion on that issue.

Let's walk through your question to make sure I have it right. You want to know how much cash you are going to need at closing? Do you have a settlement company you will be working with? If so, they should send you what you need or ask attorney. Does the $4,500 closing cost include the 2-points on your loan & any pre-paid taxes? Also, how did you come to the ARV? Is that what the lender and you agreed?

If so, lender is only willing to put down ($240k x 65% = $156k).   So purchase price ($141k) + lender closing ($4.5k) + home closing ($3.5k) + lender 2 points if not already include ($156k x 2% = $3,120), + any additional pre-payment of taxes etc.  You should check with settlement company.    I’m going to assume no additional costs in math.  $141k (home) + $4.5k (lender) + loan points ($3,120) + $3.5k (closing) = $152,120.  

Your loan should be $156k ($240K x 65%).  

$156k (loan) - $152,120 (purchase + fees) = $3,880 in your pocket at closing.   

The bad is you still need the $30k for rehab.   So $30k (rehab) - $3,880 cash from closing = $26,120 

You should get money at closing but will need to find $26,120 to complete rehab.   

Hey Desmond!    It smells a little fishy to me.  I may even get a real estate attorney involved and just ask the seller to meet you and the attorney to get this deal going.  Even if you get an AOS between you and seller and they don’t play nice through the process it will turn into a headache.   

@Mark H. Porter

Mark are you getting <4% loans through your company or under your personal name? I would love to put some properties in my name but get nervous about the liability and putting my personal assets and family at risk. Best I have gotten through my LLC is 4.75% and fees are at least 1.5x what a personal home mortgage would be.