All Forum Posts by: Zackary Phillips

For those that use or recommend Quick Books, can you track income and expenses by property? How about by individual unit? All of my properties are multi-family and I like to be able to get down to that level of detail.  I spoke with a rep at QB, he sent me a demo, but the demo was not real estate related so I had a really hard time envisioning how it would work for real estate investors. 

I have been using Stessa to track my income and expenses for the last two years and I have really liked the software. The software has everything I need from tracking income and expenses to running cash-flow reports by property.  Another great thing about Stessa is it's free.  About a month ago the link between my bank account and my Stessa profile broke and my Transactions are no longer being exported from my bank account to Stessa.  I have been in contact with Stessa customer support but we are going on week 5 and still no fix.  If you're anything like me, this has put me in panic mode because I like to keep up on transactions on a daily basis.  Has anyone else experienced this issue with the software?  What other expense tracking software/tools do you use that are free or cost effective?  I'm not giving up on Stessa but I'd like to figure out a plan B, other than going old school and using excel, if this isn't resolved soon 

Caleb,

The property I purchased is a 4-plex.  I self manage the property and did all of the renovating myself with the help of family.  When I first closed on the property there was one vacant unit and the other three were occupied by some bad tenants so I had to get them out.  I renovated the vacant unit and the first day I advertised I received an overwhelming response.  I showed the unit, accepted applications, and ran background checks until I found the right tenant.  In fact, I had a number of qualified tenants so I worked with them and they eventually filled my other open units once they were empty and renovated.  

Being that this is my first, and only investment property, I'm pretty hands on with everything and because of that I've developed good relationships with my tenants and I feel like that has really helped.

One other thing, if you don't already own investment property in Cedar Rapids, the city requires that you register as a landlord and take a landlord training class that is held twice a year (you only have to take it once).

I hope you find this information helpful.  Let me know if you have any additional questions.

Zack

I purchased my first investment property in March on the SE side.  Going into it I knew there was going to be quite a bit of work that needed to be done but the price was right and I couldn't pass on the opportunity.  When I closed on the property I quickly realized I had gotten myself into somewhat of a mess, mainly due to poor management of the property by the previous landlord. After of few months, 4 units remodeled, and all new tenants, I'm in a good place.  Looking back I can say it was worth it. In my opinion and based on my experience there is a demand for good, quality housing on the SE side and there are good people to rent to, you just have to find them. I also thought I would be able to draw  Coe College students but other than a few exceptions I think students are required to live on campus so I wouldn't bank on that.

Overall, it has been a good learning experience for me and when I'm back in the market for another investment property I will include the SE side in my search.