All Forum Posts by: Steve Neuman

I've primarily been using Chase cards for personal use for years, and man, their rewards programs have been great. That was likely the route I would go if someone doesn't sway me a different direction 😁

TL;DR- What is your favorite checking/credit card combination for managing your rental properties? Best perks, rewards, security, etc.

Good Morning!
I have a single entity LLC and I allocated an old personal checking account to primarily be used for this when I got it started. I have occasionally made purchases for the property on personal credit cards to maximize rewards points, or use credit instead of cash temporarily, etc. but I'd like to get everything completely separated because putting my income statements together is a mess if I don't stay on top of it (and programs like Stessa make it soooo easy if everything happening in a specific account is relevant to the reporting).

Which cards/checking accounts/etc. have you liked the best? What perks, rewards points, APR's, security, etc. have been most relevant and meaningful for your business?

Note: I LOVE rewards programs- I pay for everything with my personal credit cards to gain rewards, and I consequently, I haven't paid a dime for airfare, hotels, or car rentals while vacationing in 5 years because of it.

Thank you for your thoughts!

-Steve

Originally posted by @Jay Ingersoll:

@Alex Smith I changed to Turbo Tenant and I like it better than Cozy in every way.

 Woah! Hadn't heard of this one. Thank you, Jay! Hadn't heard of that one. 

I'm with you, it's not nearly as intuitive of a UI. I don't feel like I'm at the point where I can justify paying for software yet, so here is what I'm planning to do for now:
1. Apartments.com to manage payments.
2. Going to try to be more diligent about running all my data through Stessa for creating rent roll/ income statements- I may abandon and do this manually in excel with a really simple spreadsheet I've been using the past couple years.
3. Zillow has without a doubt been the best performer for me as far as getting applicants, so I activate it as needed. The $10/week is worth it if I've got a vacancy to fill because of the difference in speed of getting qualified candidates. 

OP, curious to hear what you ended up doing?

Hey guys! Long time listener, first time caller! I have a tax/capital gains/ insurance settlement question: I bought a duplex 3.5 years ago with a conventional mortgage. Owner occupied one side, rented out the other, until 1 year ago. There was a fire one one half of the property, and the water damage extensively damaged the whole thing- total loss by my insurance companies standards. The settled out to the maximum of my policy limit less depreciation because I'm not fixing it. Sold the house as-is, paid off the mortgage, and have money left over. Do I owe capital gains on any profit from the settlement, as I occupied the house for more than 2 of the last 5 years?