All Forum Posts by: Saad D.

Yea. I can see why that's simple @Gregory Schwartz. I think most people default to this. Only issue is you have minimal insight on monthly performance unless you download the bank statement and then build custom charts in excel or google sheets. 

That's why Baselane has 120 real estate only categories so you don't have to code any classes or anything like that. You don't have to be an accountant to do bookkeeping - just click or auto categorize based on the rules you set up.

@Rene Hosman Yes. Two things:
1. Baselane uses Plaid to connect your existing bank and credit card accounts and you can import up to 2 years worth of data (depending on the age and type of account). 
To connect an external account and auto-import the data follow instructions here:
https://support.baselane.com/hc/en-us/articles/2548356963957...

Note: Baselane is working on providing CSV upload option and it should be launching in about 1 week. =). Great timing!

2. I think you can start now. Once you import the data, you can bulk edit and categorize transactions (e.g. if you have the same mortgage payment every month, you can search for the merchant name for all the mortgage payments, and bulk categorize all those transactions in a few clicks).

https://support.baselane.com/hc/en-us/articles/2548350790581...

I feel very strongly about this topic. To be transparent, I work at Baselane. In fact I joined the company to help build a product that can help everyday investors organize rental finances like the pros do. 

I have been use Baselane for the last three years and I like being able to login and at any moment get a very clear picture of my rental earnings for the month. 

Curious to learn from others. 

Hi all, Baselane is hosting a CEO fireside chat titled 'The Inflation Equation: Impact on Real Estate and How to Navigate it'

If you're attending BPCON24 in Cancun, join us on Monday 1:15pm EST. 

If you can't make it to BPCON24, we will livestream the conversation. 

Click here to RSVP!

Thanks!

Saad

Thanks for the reply. 

@Scott Trench what platform is that in the screenshot where you track rent yield?

I'm definitely looking to get into bigger deal sizes if the Cash on Cash and rent yield makes sense. The last two deals I did were in the $350-450k range which is more worth it in my opinion. 

Like others mentioned sub $150-180k doesn't seem worth it, especially in blue states. 

Thanks. I just started using Turno - haven't hired anyone yet. Let's see how it goes. 

We started using TTL Locks for room rentals and entrance doors. 

Hi All,

I was wondering are you still using the 1% rule when doing quick and dirty new deal analysis? Is anyone out there still able to achieve the 1% rule and in which markets?

Recently I noticed I get to 0.7 or 0.8% at best (i.e. 100k purchase price, $700-800 rent per month). 

Excited to learn from you all!

@Alyssa Wrightthanks for sharing. That's helpful. Does that mean you're doing fully self serve showings? What city or cities do you do that in? 

Once your unit is rented, where do you end up spending most of your time as an investor/owner?

Thanks for sharing @Rachelle Antoine. That's helpful. How many times a year do you go through that process? 

I only lease 2-3x's a year and end up using mostly Zillow / Experian for the listing, application and screening. So I feel like this part is pretty commoditized and doesn't save me a lot of time (since I don't use list that often it's not saving me tons of time).

Are you doing any other automations that save you time day to day, or monthly?

I'm trying to automate and digitize more processes of managing long term and shortterm rentals. 

Curious to learn what other landlords and STR listing owners are doing to automate day to day processes?

How much time are you saving by doing things more digitally and with more automation?

Thanks in advance