This can work for a short time , but you’ll soon find that you simply need a bit more simplicity and analysis. After all, maintaining complex spreadsheets are often tedious work.
For landlords who want to introduce more power and automation to their accounting process, Stessa has the solution . it is a simple land financial tracking app. Stessa puts all of your important metrics like debt, occupancy, cash flow, total value, and more into an easy-to-read dashboard.
There are a couple of built-in financial reports also . Overall, Stessa may be a great intermediate intensify from spreadsheet accounting before it becomes time to distribute real money for a more sophisticated platform. Keep reading our full Stessa review to find out more about how it can benefit land investors.
Who Is Stessa?
Stessa may be a land performance tracking platform designed for landlords. Its founders are Heath Silverman and Jonah Schwartz. Stessa was created in 2016 and is predicated in San Francisco , CA.
“By providing powerful free tools for the individual investor, Stessa makes it easier for landlords to stay track of their land investments,” said Silverman to GlobeSt.com. “Our goal is to offer land investors more visibility with less effort in order that they will make better decisions and grow.”
What Do They Offer?
Stessa may be a website and mobile app that helps land investors keep track of their properties. consider it as Quickbooks lite. If you’re already using Quickbooks, you’ll find Stessa lacking in too many features. But if you’re cobbling things together using Google Sheets or Excel spreadsheets, you’ll find that Stessa may be a step-up.
The properties you’ve added to Stessa will pull in property info from the government and Zillow. this provides you a convenient method for viewing what proportion your property is worth and other stats.
Stessa allows you to make portfolios of properties. for instance , you would possibly want to separate an LLC from another entity or separate portfolios for multiple clients. There can also be a reason to make portfolios supported the situation of properties.
Related: are you able to Invest In land During College?
Keeping Track Of Tenants
Stessa allows you to stay track of information for every tenant. This includes:
When they moved in
Market rate of unit
Deposit for unit
Number of beds and baths
Documents (i.e., file attachments)
You’ll be ready to track various transactions like rent payments and expenses. Transactions are often entered manually and pulled from your bank or mastercard . While Stessa may auto-assign categories, you’ll customize transactions to your liking by changing the category and property it’s assigned to.
Stessa is just an accounting platform. It doesn’t process rent payments nor can tenants log onto Stessa to look at their rent payment history, file maintenance reports, or anything . If you would like a tenant portal or a payment processing tool, you’ll want to think about a property management software like Avail.
Stessa includes reports for the following:
However, you’ll find limitations when trying to make other report types or when trying to customize the present reports.
The Stress Test report is exclusive . It allows landlords to ascertain how long they withstand a discount in rent payments. This report is certainly applicable to the present pandemic environment where landlords face rent moratoriums.
The report allows you to settle on a property or portfolio and enter the reduced percentage of rent along side the time you expect the reduction to be in situ . for instance , you expect 70% rent for subsequent six months. That’s a 30% reduction in rent payments. The report calculates your rental revenue against expenses. It then shows the quantity of expected cash at the top of the amount .
Running a assay lets landlords find their break-even point is (i.e., income equals expenses), how long they will withstand a discount in rent, and therefore the amount of money left over after the evaluation period. the strain Test are often downloaded into Excel where you’ll then manipulate more values. The downloaded spreadsheet will retain all of the web formulas also .
Are There Any Fees?
No, customers aren’t charged any fees directly from Stessa. But by bringing new business to affiliates, Stessa is paid a fee directly from its affiliates. Stessa lightly promotes its affiliate relationships within the app. Affiliate services include:
Real estate investment services
How Do I Open An Account?
You can visit the Stessa website to open an account. Once you’ve created your account, you’ll link your bank accounts or import transactions manually. Stessa also can connect together with your property management portal if you happen to use AppFolio or Propertyware.
Is It Worth It?
If you aren’t using any financial software to stay track of your properties, Stessa are often an excellent start. It allows you to trace unlimited properties and run unlimited reports for free of charge . However, as your land portfolio grows, you would like to upgrade to QuickBooks or another paid land tracking software that gives more features and tools.
Document Cloud Storage
Import Data Files
Yes, QIF or CSV
Short-Term Rental Tracking
Customer Service telephone number
Customer Service Email
Mobile App Availability
iOS and Android