All Forum Posts by: Thomas Huberton

Do you have a CPA or tax preparer already?  They can probably make an introduction or recommendation for someone who does decent work.

Two good suggestions here.  At that level of gains I personally would go the 1031 route and roll it into a multi-family property.  

I struggled with the free and non-rental specific options because they either didn't do everything I wanted or were difficult to understand. Ended up with REI Hub (paid, not free) - @Scott Trench have you checked them out yet?

@Randy J. - I never figured out the best way to do a balance sheet and asset tracking in Excel.

I agree with Joe- an LLC will make things more complicated from an accounting standpoint, not less. LLCs are best used for privacy and asset protection, although umbrella insurance can also be used for the latter.

I agree with the sentiment here - it could definitely be a selling point for the right guests.  When I travel with friends with children, sometimes my wife and I want to be close to them, but not right on top of each other when someone starts throwing a tantrum!

All that being said, I would personally feel more comfortable with the investment if I were positive that you were allowed to do side as LTR alongside the STR.

@Mike S. I liked Innago and TurboTenant as free options, but ended up going with RentRedi, which does have an annual fee.  

@Benjamin Arritt Thanks for putting together!  Some good finds in there I wasn't aware of before.  I like that you focused on software OTHER than rent collection and property management- those get talked about a lot.

I'd also add REI Hub to the Rental Property Accounting section. They are kind of halfway between Stessa and Quickbooks Online- easy to use and designed for real estate investors and rental property like Stessa, but like Quickbooks can handle some of the more complicated stuff like a balance sheet and depreciation.

The other tool I use a lot I don't see here is Rentometer.

I like Zillow for listing rentals but I'm not a fan of either Zillow or Apartments.com for ongoing rent collection.  Lots of good alternatives out there now! 

@Leslie Reynolds I tried Quickbooks Online but didn't like it. I use REI Hub now and it works much better for me.

I use RentRedi.  I didn't trust the totally free sites but still wanted something made for rent collection instead of regular deposits or money apps like venmo.