All Forum Posts by: Simon W.

Quote from @Simon W.:

Quote from @Matthew Morrow:

Quote from @Simon W.:

Quote from @Matthew Morrow:

Hi everyone,

We’re launching a property management company early next year (PA), but we’ve run into a bit of a roadblock with software. We’re big fans of AppFolio, but they won’t demo or consider a new account until we have 50 active doors. While we’ll be close to that number soon, we don’t want to jump the gun.

Are there any other platforms you’d recommend as a temporary solution for managing fewer doors until we hit that 50-door mark?

Thanks!

Congrats - Buildium will work but AppFolio would be a better choice. The transitions will be a pain though if you were to set everything up in Buildium and decide to switch over to AppFolio later on.

I didn't know you were in Allentown lol

If you know how to use AppFolio already, you should just wait until you hit the 50 units and go with them. Learning a whole new platform isn't fun. I am still using them both. 

Disclaimer: I am not a PM, I consult and handle the books for clients that uses them.

 Hey @Simon W.

Thanks for the info! We’ve quickly realized that reaching the 50-door milestone will be easy. For the first 49 doors, we’ll be running an in-house system as a beta before transitioning to AppFolio, which is clearly the best long-term solution without needing to restart the entire setup.

Lehigh Valley is definitely home—it’s where all our businesses and rentals are based, and our team/brokerage operates here too, with plans to expand statewide soon. We feel incredibly fortunate and excited for what’s ahead!

Sounds awesome. If you ever need help with consulting or reviewing the financials, I can stop by!

 Sure thing. I noticed your from here and NY. What type of consultation / ops to you do?

Quote from @Simon W.:

Quote from @Matthew Morrow:

Hi everyone,

We’re launching a property management company early next year (PA), but we’ve run into a bit of a roadblock with software. We’re big fans of AppFolio, but they won’t demo or consider a new account until we have 50 active doors. While we’ll be close to that number soon, we don’t want to jump the gun.

Are there any other platforms you’d recommend as a temporary solution for managing fewer doors until we hit that 50-door mark?

Thanks!

Congrats - Buildium will work but AppFolio would be a better choice. The transitions will be a pain though if you were to set everything up in Buildium and decide to switch over to AppFolio later on.

I didn't know you were in Allentown lol

If you know how to use AppFolio already, you should just wait until you hit the 50 units and go with them. Learning a whole new platform isn't fun. I am still using them both. 

Disclaimer: I am not a PM, I consult and handle the books for clients that uses them.

 Hey @Simon W.

Thanks for the info! We’ve quickly realized that reaching the 50-door milestone will be easy. For the first 49 doors, we’ll be running an in-house system as a beta before transitioning to AppFolio, which is clearly the best long-term solution without needing to restart the entire setup.

Lehigh Valley is definitely home—it’s where all our businesses and rentals are based, and our team/brokerage operates here too, with plans to expand statewide soon. We feel incredibly fortunate and excited for what’s ahead!

Buildium has Corporate Accounting?  I must have missed that and would love to know how that gets setup?  Everything I have goes to each property and keeps me screwed up  

I’ve been using Stessa for a while and definitely appreciate the value of having a CPA who knows how to leverage the platform for tax planning and strategy. As a Stessa Pro member, I rely heavily on its features to manage my properties, and while sending over the tax package reports works well (since the Income Statement and Balance Sheet are standard for most accountants), my bigger challenge has been finding a real estate-savvy CPA who doesn’t charge more than my annual cash flow for their services!

But beyond the CPA issue, I've been dealing with some major frustrations with Stessa itself. The platform has persistent sync issues with financial institutions that just won’t go away, even after weeks of troubleshooting with their support team. It’s made tracking my finances accurately a real headache and has me questioning the platform’s reliability. The AppFolio integration works great, but everything else is hit or miss, which is incredibly stressful when you’re trying to stay on top of your property finances.

I’m curious if anyone else has experienced similar sync problems or if there are any recommendations for alternative platforms that might work better. It's definitely something to keep in mind if you're considering going all-in on Stessa.

Hi everyone,

We’re launching a property management company early next year (PA), but we’ve run into a bit of a roadblock with software. We’re big fans of AppFolio, but they won’t demo or consider a new account until we have 50 active doors. While we’ll be close to that number soon, we don’t want to jump the gun.

Are there any other platforms you’d recommend as a temporary solution for managing fewer doors until we hit that 50-door mark?

Thanks!

Job costing tracks costs and revenues of specific projects. I don't need lead generation, or budgeting. I just need to be able to track expenses and allocate to each project. I typically have 3-6 renovations or new builds going at a time. 

Job costing is an accounting method that tracks the costs and revenues of specific projects or jobs. It's used to determine the cost of producing a product or service, and is a key tool for businesses to remain competitive and profitable.

Quote from @Simon W.:

Quote from @Kylie A.:

I've never hired an EA or CPA before and need advice on vetting them to avoid being taken advantage of. I feel capable of handling my accounting in general, but I primarily need help with taxes for my real estate and small investments. I want the best professional who can save me the most money, someone who’s real and honest and doesn’t use too many big words. I’m a huge fan of keeping things simple since it takes me longer to understand complex topics, especially taxes. What should I watch out for, and is there a significant advantage to choosing an EA over a CPA?

It's not about EA or CPA, it is about experience and knowledge for real estate. 

For instance, at one point when I was working as a senior accountant in a property management firm, I was training a guy who was a CPA for 30+ years even though I was hired 2 months before him.

I worked only in real estate accounting and financing and became CFO. If I were to apply for a CFO role now, more than likely I have to advantage over a CFO that was in a manufacturing company for a real estate company.

EAs specializes specifically in taxation

CPAs have a broader knowledge for accounting, auditing, financial planning, and taxation.

EA must pass a 3-part IRS exam and do not require a college degree

CPA need a degree in accounting, 150 credit hours of education, must a 4-part CPA exam.

EAs often charge a lower fees

I might lean more toward hiring an EA and ask how they stay updated on tax laws and regulations since I don’t really need full accounting services. I do like the auditing aspects, though—isn’t that something EAs are knowledgeable about too? I also value the planning element, especially if I’ll be setting up a trust, so now I feel torn about which option is best.

I've never hired an EA or CPA before and need advice on vetting them to avoid being taken advantage of. I feel capable of handling my accounting in general, but I primarily need help with taxes for my real estate and small investments. I want the best professional who can save me the most money, someone who’s real and honest and doesn’t use too many big words. I’m a huge fan of keeping things simple since it takes me longer to understand complex topics, especially taxes. What should I watch out for, and is there a significant advantage to choosing an EA over a CPA?