My biggest pain point is taxes, and tax preparation at the beginning of the year and getting that ready for my CPA to then submit my taxes and then move forward, because basically since January 2012 I've been 100% self-employed. I went on the hunt to see what software package I should use to manage this, and at this point, I was managing my business completely from my mobile phone, and my iPad. Sometimes I would do some very light computer work. I wanted my business to be mobile, I wanted to be able to travel, I wanted to be able to turn it on and turn it off whenever I needed to.
I went to the app store and found two or three apps that could potentially work...
I downloaded Landlord Studio from the App Store and did the trial, and I noticed right off the bat that Landlord Studio's response time in terms of customer service, tech support request and everything along those lines was very impressive. And you started integrating features that I would ask for, and there was one release where there was like 6 new features (and somehow 5 out of the 6 of them were things I had asked for).
I can't even explain to you how much easier my life is now that I have this.
I've currently got 13 properties, and 1-2 that I'm currently selling (about 15 properties loaded in the system)... My goal is to ramp that up to about 30, and at that point, I might continue to expand the business, but will probably massage it a bit. I think that will be a good number to keep me busy, but not too crazy busy haha.
You know it depends on what your goals are, I tell that to everybody. Property A might be in your portfolio for this reason, and properties B, C and D might be in your portfolio for these reasons. But you still manage them in a similar way, and if you want to look at an overall picture - as long as you have everything in there, the nice thing about software is you can slice and dice to move things around to make it work for you.
One of the things that I got asked is how do I manage an insurance claim where I get a check... I suddenly have an income that I have to track properly. But it's not rental income, so I put it in as a "negative expense" in Landlord Studio and then create a separate category, that way if I want to filter that out. It'll really skew the data if you're looking at the dashboard and all of a sudden you've got a $6000 insurance check comes in, but then you have a $6000 roof repair... so it's just about managing that.
What're your thoughts? Were there any pros and cons that you would like to share with our Landlord Boss community? Leave a comment below - we would love to hear from you!