All Forum Posts by: Scott Alan Turner
Scott Alan Turner has started 2 posts and replied 2 times.
Post: Software recommendations for accounting, reporting, tenants
- Flipper/Rehabber
- Weatherford, TX
- Posts 2
- Votes 1
We have 3 SFR rentals, 1 AirBnb, and just purchased 7 more SFRs, and will add another 5 this year.
My wife has been using Quicken to send reports on our rentals to our CPA in the past.
Time to get more sophisticated. What would you use in this situation? QBO seems like it would be a pain the way it has to be set up for multiple properties.
Basic needs:
- Accounting to send reports to the CPA
- Cost/rehab/financing tracking + reporting to get into the numbers on each unit, IRR, Cap, cash flows, etc.
- Tenant applications, background checks, payments and tenant reminders would be a plus
- And I don't know what I don't know - so whatever else I might be missing
I've gone through the BP marketplace list of each software provider to narrow it down.
These were on my short list.
It seems like $50 a month for the service is common for this situation. Some vendors were $250 a month minimum.
Any others to consider? Feedback on these?
Landlord Studio - https://www.landlordstudio.com
REIHub https://www.reihub.net/compare
Hemlane - https://www.hemlane.com/
RentRedi - https://rentredi.com/pricing/
Buildium - https://www.buildium.com/
Post: Which legal entity to use for flipping
- Flipper/Rehabber
- Weatherford, TX
- Posts 2
- Votes 1
My wife (a realtor) and I have structured our entities so that we have a partnership on top, below that several LLCs, and each LLC has one or more rental properties. Used to have five rentals, now down to three.
We now want to start fixing + flipping.
When you purchase a flip, are you buying it under a separate LLC and using that entity for all the legal/deed/transaction stuff?