AIPIS 203 - How to Track & Analyze Your Real Estate Properties with Property Tracker

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Got Fernando and Zach on the line with me. So welcome you guys. Thank you. Yeah, thank you. Yeah, my pleasure. And I just, we're going to talk about tracking investments today and how to make managing them easier and all that good stuff. And let's talk a little bit about keeping organized when it comes to your investment properties and tracking investments and stuff like this. You know, this is where the rubber meets the road. It's critically important and good investors implement certain practices. And I have to say Fernando, you know, my hat's off to you. You've done a really good job at. It's probably at least in part due to your engineering background and your engineering mindset. You know, you've really treated this like a business. Your, your investment portfolio folio and, and you know, you've been on the show many times over the years. You were a client of ours. You, you bought about 70 units, 70 doors and I think 50 total properties, but 70 doors, right. And you really, you really manage your portfolio very well and, and you know, you software tools to do it and, and you guys of course have done a nice update from a very practical standpoint, your own experience, Fernando, in terms of updating property tracker and, and it's, you know, it's, it's look and feel and kind of the flow of organization there. So I just wanted to get an update about, you know, the latest and greatest there.

So thanks for the comments on, on being organized and I think that that's both a, a curse and I guess a strength. I do en.

And have a system in place to keep track of my investments and you were. It's interesting that we're talking about organization in property tracker right now because this is tax season.

Most people should know that Corporate taxes for LLCs and corporations are due in just a few days. So yeah, on the final extension, actually.

What I'm referring to is more important than that, a personal income tax due in October 15th. You of course need to file an extension from the normal April 15 deadline. But we've heard from CPAs and attorneys that have been to our events that you have a lesser chance of being audited if you file your taxes by October 15th.

In other words, if you file late.

If you file late. Correct. And I certainly have taken that advice to heart. And I file by October 15 every year. So we are in September now, 2017, and I am going through my documents to provide to the accountant for property taxes that are due in over a month or so. So one of the things that I wanted to talk about is how important it is to keep track of the different income and expenses for your property. I, Jason, as you probably would guess, I literally create a Schedule E from Property Tracker for every one of my properties and create a PDF for that Schedule E and I put it into a folder and then transfer that to my CPA for my taxes to be produced. It makes their job a lot easier because they can see all of the numbers that I have for the year for each property. And this includes, of course, depreciation as well, includes all of the generic expenses that I have for my entire portfolio. I have so much confidence that the numbers are correct. And when I give that to the cpa, there is relatively few differences between what the CPA has using their software compared to what I'm able to give them from my schedulees. Without a tool like Property Tracker, I don't know how anybody would do it properly. You know, you can, you can use spreadsheets, you can put some formulas in there, but you have to do a lot of research. And at the end of the day, you wonder if the spreadsheets are correct or not. If you're giving the CPA the correct numbers for your. For your properties.

Yeah, absolutely. It really helps keep you organized. So there are some sort of fundamental things that a good organized investor needs to do. Let's call them the Organized Investor. Okay, like a name. Let's give them a name. The Organized Investor. They evaluate cash flow, return on investment, and even internal rate of return irr, which is sort of the holy grail of metrics, if you will. They track income and expenses. They analyze their portfolio on an ongoing basis. They use software to help produce tax forms, which saves them money on accounting and, you know, CPA bills and so forth, forth. They research and kind of keep tabs on appreciation, although they don't stay up at night about it because again, as we've always said, that's the icing on the cake. It's not the cake, okay? The, the, the fundamental investment is not about speculation and appreciation. They use calendars okay. They use calendars to keep track of their lease renewal dates, their property management contract renewal dates with their managers, if they're not self, their insurance policy renewal dates. If they don't pay association fees on a monthly basis, then they use a calendar to remind them when to pay the HoA dues. They file their contracts in the cloud and they, they have that filing cabinet. But if they're smart, they always keep a backup themselves. Okay. Of course they keep a correspondence log in terms of, you know, who they've talked to, what they talked about, you know, just a little couple of words, just like to jog their memory type of thing. And these are some of the things that I think the organized investor, you know, they, they engage in these practices. These are like the best practices. Wouldn't you guys agree?

Oh, certainly, yeah. I think automation, you know, to keep track of all of these things is, is obviously the key, but how easily it is to enter that information and to grab that information, to somehow compile, if you have several properties to get that information easily in a format that can be distributed to. You mentioned calendars, for example. For a lot of what I do in being organizing my properties, I remind property managers and check on leases that are expiring through looking at the calendar feature. And if you are showing your property manager that you're on top of things, you will be treated differently because when they talk to you, they know that you are paying attention and that makes a difference.

They give you a whole new level of respect.

Yeah, and our software makes it so easy to be that person who's constantly on time, constantly up to date with an aggregated calendar, that it takes less effort now than it ever did before to track your assets.

One thing, Jason, that I wanted to mention since I started to talk about schedulees, of course, as this is tax season, I do produce the schedule Ease, which are at the end of the day, the schedule that really represents the performance of your property for that year. But along with that schedule E, for every one of my properties, I produce straight out of Property Tracker a schedule of depreciation for the tax year, in this case for 2016. For the benefit of the audience, the schedule of depreciation will show the most common items that you should keep track of that depreciate over many years, such as the dwelling on the property, the breakdown of when you purchase a property. There's a percentage that is dwelling in the structure itself and the land. And of course the dwelling is depreciable over 27 and a half years for a residential property. And when I produce that schedule of depreciation, it breaks down the land and dwelling according to the information you added to the tool. And then it gives you the prior depreciation from last year and the current depreciation for this year, all in the same table, along with any closing costs that were depreciable, closing costs that were entered into the tool when you first purchased the property. And most importantly, this is where it becomes painful for the investor. When you have improvements to your property, capital improvements, new roofs, a new paved driveway.

Large expenses that are normally not to be taken during that year as repairs, you need to make sure that you have the proper lifetime associated with that depreciation. It could be 15 years or five years, depending on what sort of item it is. And the tool helps keep track of it. It helps break that depreciation per year and also keeps track of where you are in your lifetime. And without having this information easily available and correctly identified.

You could get in trouble if you get audited and you did not break it down properly. So once you purchase this property, it becomes very important to understand as repairs come along and track these repairs so that when it comes time for tax income preparation, the correct information is given to the accountant and reduces the amount of issues that you might have later on.

Okay, so most people, when you start talking about taxes, they start to fall asleep. And I just want to remind our listeners that taxes are the single largest expense any of us have in our lives. So, you know, you better stop thinking taxation is boring because it's not. It's where you can save a lot of money. It is the biggest expense you'll ever have in your life. Taxation, okay? So learn how to deal with it and respect it. It's very, very important. But that said, you know, hopefully that drove the point home. What else do you really love and use with Property Tracker in terms of, you know, being a better investor, being that organized investor?

Well, I, we've, we've talked about calendars. That to me is a key feature. I, I like to keep tabs on, on lease expirations.

As my main focus, to make sure that I know where I am at as it comes to vacancy rates and so on, and what is expiring and when, and the tool makes it very easy to keep track of it. And by the way, I know Jason, you did mention the upgrade that we gave to Property Tracker, we call v2.0. But I want to give Zach a chance to talk about the user interface and how much it really has been modernized And I think we're pretty proud of what it looks like.

Yeah, Zach, go for it.

Well.

For our returning customers that have used the old property tracker, they probably noticed that.

We needed an upgrade. And what we did is we took the same framework of our old website and software and did a full ground up visualization overhaul, even changing some things in the back end to make it a little bit more fluid for our users. So we created a pathway for inputting your asset information into the tracker and we made it a little bit more intuitive for our users. We opened up the communication channels so you have a lot more access to our support team and we could faster implement features and changes in the future and kind of keep it like a constantly changing and evolving piece of software for our customers. So it should be a lot easier than it was before. But also we continue to improve it as we move forward.

So as an interesting tidbit here, Jason, I know that when we talk on our events and also in your podcasts, our RV ratio, the rent to value ratio is such an important metric and we discuss the RV ratio and to, to hopefully everyone's delight, we've made it so that property tracker, when you do the evaluation or a particular property, we will display an upgraded pro forma projection, a one year projection for a particular property that will show the rent to value show right near the top right as you look at the projection, which will make it very much.

Much easier for people to know if the property is worth looking at. Small change, but I think very meaningful.

Yeah, you know, that's just a really simple rule of thumb metric, but it's the one that everybody's just got to be super conscious of. And you know, I had an interesting, I'd love to get your guys comment on this because I had an interesting vox with one of our listeners today and one of our listeners from Canada was. And the funniest thing is all these people from Canada, they always say I'm from Canada instead of saying what city they're from. You know, you from Vancouver, Toronto, Quebec, you know, we, I mean, where are you from like specifically? And, and he says to me when we were talking about this before, you know, most Americans don't know where those cities are. Isn't that a shame? He's actually right about that. That's a shame. It really is. You know folks, I, I just enlighten you all. America, as great as America is, it's not the center of the world, you know, or the center of the universe at least. But, but yeah, so he says I've never understood. Exactly. I haven't gotten my head around the thing that you say and meaning me, what I say about when you own an asset, when you own a property, every day that you don't sell that property, it's as if you're buying it back for, you know, you're buying it from yourself. Okay. And I just want to kind of elaborate on that. And I think Zach and Fernando, you'll. You'll have some comments on this because it, it really speaks to that RV ratio metric that is now part of Property Tracker that you were just talking about. And here, here's the example. I first said that, explained that concept in a seminar in Newport Beach, California, probably in 2004. Okay. When I was giving my first version of my Creating wealth seminar way back in two. For. And I was saying that, you know, every day that you have a property you own and you don't sell it, you are buying it back from yourself. And, and here's why I said that. The typical deal back then was the Southern California investor, okay, who owned a $500,000 property and they were renting it for 2,000, maybe $2,200 a month. Month. Which gives them an RV ratio of less than 0.5, less than half. And our ideal target, Fernando, Zach, what is our ideal target?

1%.

Yeah, so. So we. That $500,000 in real estate investment ideally would generate approximately, give or take, $5,000 per month. And they're getting 2000 or 2200 per month. Right. This is the typical Southern California investor. So, So I pose that question to the audience to say to them, look, you know, if you're not selling that property, you're buying it back, knowing what you know now, would you buy that property today? Would you. Would you go and look at a property that's $500,000 and accept $2,200 or $2,000 per month in rent? No, you wouldn't. So why are you hanging on to that crappy property? Because you have an opportunity cost. And usually the LA kind of diluted investor mindset gets to this kind of thinking, this rationalizing. They say, well, you know, I've owned it so many years, I've got a low mortgage on it. My tenant doesn't hassle me too much, so I just let it go. Well, you're losing $2,700 a month or 2,800 or $3,000 per month. That's a serious expense. If you had to write a check for that, you'd be paying attention. So that's how important the simple dumb little metric known as the RV ratio is. And it's right there now for you.

So, yeah, that's a really interesting thought, Jason, that if you had to write.

A check for it, you would pay attention.

Totally change your mind.

Yeah, it's. We, you know, we are funny as humans. We, we have a funny nature and we've got to make sure that we keep our own funny oddities of our psychology in check. And I know because I'm this way too. Like I've said before on the show, I will spend, you know, a couple hours trying to save a hundred and five dollars on an airfare.

Like, why do I do that? I don't. I look at myself, I'm like, why do I do that? It's stupid. I can make $5,000 in that time if I apply myself productively, you know, and I just admit it. I do these weird things and I try to overcome them. You know, a big part of life is overcoming ourselves. You know, there's a great quote by, I think Jack Parr said it. He said, life, my life is one giant obstacle course with me as the chief obstacle. And I think that's true for all of us. I know it's true for me, but what do you guys think?

Yeah. So since you mentioned this again.

Being the organized type, as you put it.

One of the reports that I get out of Property Tracker, and I keep track of this pretty much every quarter or so is when you do a detailed report of your property, you can see the amount of equity that is sitting in your property and this ties together with the market value of the property. What I normally do is I update the market value of the property via Property Tracker. There's a way to update the market value and there's a history of market values associated with the property, which then gets fed into this detailed report that I produce and look at in various different ways for different properties and different years.

I output that information and put into a spreadsheet type graph ranking the properties that I have the most equity in. Going back to your point of if you're not actively looking at the property, that perhaps there's money being left on the table because the property value is much higher than that 1% rental value. Your ratio, you're leaving money that is untapped and you probably should be looking at maybe doing a 1031 exchange or even selling a property and buying cheaper properties. I've done this, we've talked about this in the previous shows, and I'm going Through one of the sales right now with a property in Naples that has appreciated quite a bit. By looking at that chart of equity, I was able to determine that the best thing for me to do is to do a 1031 exchange. So again, you know, make sure that as an investor you are looking at all these different aspects of the investment, not just the cash flow, but how you can save money with taxes. Make sure you're organized with producing the correct data for your account and then have the correct forms with the proper values and then look at the analysis portion of the, of the portfolio to see if you should be selling it. So just a few ideas?

Yeah, absolutely. Yep. Yeah, you've always got to be evaluating your portfolio, you know, and you gotta, you know, keep your eyes on those calendars as to what's going on with your property. You know, it'll, the software will send you notifications as to, you know, you've got a lease renewal coming up, you know, and if, if you're the one who forwards that to your property manager, they're going to be like, wow, this guy's on the ball. Okay. And maybe you're not really even on the ball that much, but at least you can fake it, fake it till you make it.

Hey, you know, being, being organized with Property Tracker and kind of getting that, that 40,000 foot view over your little mini empire of all your different assets and what equity you have, it kind of gives you the headspace and the time to really make smarter moves and, and trim the fat and save some money like you guys were saying. So it creates a different perspective, a different perception of how to view your assets which with being disorganized, you're constantly going through all the work of having to get all your paperwork together and file it and organize it.

So.

Fernando's right on.

Yeah. Fernando, any other best practices you can share with our listeners? We've talked about sort of the physical, physical world of organizing files have, have two files. I mean, this was a long time ago. I've did a, just a couple shows on this. We talked about it at the Meet the Masters events over the years. And you know, having an acquisition file that's all the documents from the acquisition of the property and then a separate file that's the operations file. And one of the things I love about Property Tracker is the, the file storage, you know, that you can, you can really access your stuff from anywhere in the world. You know, thank God Al Gore invented the Internet for us all. I mean, I'm so happy.

I'm joking, of course.

I didn't know. Yeah, well, I think there is. Yeah, I do. I think this is an important piece. As, as we.

Become more and more digitally inclined, I like to make sure that every single document that is sent to is scanned. And you can do this yourself. You can buy a simple scanner that will do the job. If you're receiving HOA letters or if you're receiving bank statements, whatever you are, make sure that it's scanned. And ocr, you have to have optical character recognition so that you can search that file after it gets scanned for any information that you might want to look at in the future.

Let me just interrupt you there. I mean, a lot of our listeners know what you're talking about, but I just want to explain that a little bit. So OCR stands for optical character recognition. You can scan a document and the document is essentially a picture. It's a photo, essentially. Right. Or you can scan it to text recognition or optical character recognition of what's on the page. So if the word, you know, 123 Elm street is on the page, the, the address, you know of the property. Right. You can actually search your computer for 123 Elm street and find that document. You know, and the OCR is not perfect. It doesn't always work right. But it's better than nothing. So this is a pretty cool feature. I only started doing it recently. I set my scanner to scan OCR and it's, it's really cool. You know, all kinds of documents come up now when I look for stuff that I wouldn't, wouldn't have found before except manually by labeling the file. So that's a, that's a cool, handy feature.

Yeah, yeah, that doesn't work anymore. I mean, there's the amount of information that we are bombarded with. And the problem is the easier the devices make our. Or the easier the devices make it so that we can share information, the more noise you will see. And there's a fallacy that you're becoming more efficient, but the problem is everybody else is becoming more efficient. So therefore the volume just goes way up. And.

I am partially responsible for this, working for Apple for so many years and helping create these devices. But nevertheless, I think it's very important to.

Participate in the game correctly. What I mean by that is by having everything that comes in being scanned in OCR so that you can search it when there is a question, when there is an expense that comes up, when you're about ready to do your taxes that you don't recognize and you Want to go back and try to find out, well, what is this for?

How do I know if it's an improvement or a repair and so on? If you have it properly organized and, and scanned, you can easily find it. Otherwise it. You will spend a lot of time doing this. Yeah.

And so what Fernando's talking about there is, is kind of like two concepts to give them a label. I like to give things labels because then it helps me remember them and, you know, refer to them later. One is the. And you're gonna love this one. Fernando, as the engineer, you know that you are the signal to noise ratio, right? You're pretty good at cutting down the noise. I'm not good at that. You are always tell me you got to cut out the noise, Jason. Yeah, I've got so much noise in my life. So the signal to noise ratio, number one and number two, you know, the arms race. Basically it's an arms race because I remember when I got my first cell phone, I had a cell phone like really early when most people didn't have a cell phone. So I was like way ahead. But then the arms race began and everybody had a cell phone. So I no longer had an advantage. Right. So there's this and you know, and then the other concept which I talk about with self driving cars and autonomous vehicles is that the more technology people have, the more stuff they share because it's so easy to share. And one of my predictions is the easier it is to travel and the more mobility we have, the more people will travel. Okay. Because it's just easier. There's less resistance. So, you know, if you can just summon a car and it'll come pick you up and you don't need to wait, worry about anything, and it'll just drop you off and you don't need to drive. Right. You're going to travel more because it's easier. Right. There's less resistance to it.

So it's interesting you mentioned that. I remember going on a small tangent. I remember looking at studies that show that when they actually removed carpool lanes from certain highways, the traffic became better.

And it has to do with this usage concept. If people know that something is easier or not know that it's easier, you know, either way it will affect their behavior. So, you know, use of devices is a very interesting, you know, psychological type of study. But yeah, just be careful. You know, you have to, you have to be organized, make yourself, make your life easier by being able to search. So if you're going to opto up, upload the documents via property tracker or just keep them in a local folder and make sure that you have it searchable and a backup. You know, if you want to use something like Dropbox or if you want to use some other automated way, Property tracker helps you with the automation. But you want to also have your personal data and your property data backed up as well.

I heard someone and say just the other day that if you don't have three backups, you have them backed up. Now again, here I am preaching do what I say, not as I do. I do not have three backups, folks.

But I heard that the other day and it sounded good so I thought I'd share it.

Can I also mention real quick, just for existing users and for all the people listening, when you do use OCR for PDFs, you don't have to reread all pages. And the nice thing is I don't know if everybody knows about this. I'm finding out more and more that more people don't. But if you hit Command F or Control F whether you're on Apple or PC, you can search any amount of characters for keywords so you don't have to reread all these pages. And when you get your OCR PDFs onto your cloud on your Property tracker account, you can just search for keywords and find things immediately. It saves so much time. It's unreal. So I hope all of your listeners, Jason, know about Command F. I use it a lot.

It's great.

It got me through grad school. So if anybody doesn't know about that, you're missing out.

Well, that and probably massive fees and student loans, but okay. Yes.

Yeah, that too. I don't like to mention that one.

But yeah, yeah, well, we, we've debunked that concept a lot on the show over the years, but okay, so let me take care of a couple housekeeping items and then let's kind of wrap it up with some final thoughts about the organized investor. So housekeeping go to Jason hartman.com contest Jason hartman.com contest we got a new contest running and two new questions. We love the engagement from all of you listeners and clients and we always try to get your opinion about a few things. So we got a couple new questions out there. I think you'll like answering those. They only take a second. They're quick. Jason hartman.com contest win the Amazon Echo the second one we're giving away. Remember, listeners, we only have like seven listeners on planet Earth, so your odds are really good when you enter these contests because, you know, three of our listeners are here. There's four of you out there listening. So. So, you know, you got like a 25 chance of winning. I'm, of course, thankfully, just kidding. We have lots of listeners, but, you know, a lot of them just listen and they don't enter, you know, and I know they're listening because they, they engage with me and they tell me they're listening, but they don't enter the contest. So I'm telling you, if you're listening, enter the contest, your odds are good. Okay. Jake Blair won the last Echo and he loves it. I think. I think he loves it. What else we've got? Meet the Masters of Income Property coming up. This one is going to be the best one ever. They're always the best one ever. They really are. Because every year we really work hard. This is our annual event. I believe it's the 20th meet the masters we've held. We used to do it twice a year. This one will be in La Jolla, California. It's a gorgeous, stunning hotel property, the nicest venue we've ever had, the biggest event we've ever had. We've got a room that is far bigger than any of our past events. We've sold more tickets earlier ever than ever in our history. I think we're up to about 80, 90 ticket sales so far. And it's, you know, the event's not till January. Okay. So that early bird pricing is really bringing in the ticket sales. So take advantage of that. Go to Jason Hartman.com events for Meet the Masters of Income Property 2018. Of course, our Venture alliance members, our Mastermind group, they're all free. They get all our events for free. And. But we do have a Venture alliance event coming up in beautiful Palm Springs, California in October. That's going to be an awesome event. And I think we're going to get in the air on that event. So you'll see how we do this. But we are going to be flying in one form or another at that event, I'm pretty sure, and doing all our cool, usual Venture Alliance Mastermind stuff, you can go to Venture Alliance Mastermind for some detail. Venture AllianceMasterMind.com sorry, Venture AllianceMasterMind.com for some details about that. And I'm not sure this page is up yet. I've got one more thing I want to tell you about. It's new and it is not up yet, but I'm hoping by the time you hear this show, it'll be up. And that is jason hartman.com Charity for Hurricane Relief and we're trying to assemble a list of good charities to donate to for hurricane relief. And I am personally donating so, you know, help your, your, your neighbors and less fortunate out there who've been affected by these territories, terrible hurricanes and jasonhardman.com charity, we should have that page set up for you for some good reference and guidance there on ranking of charities and so forth. So check that all out, you guys. Anything we didn't mention as we talked about, you know, the organized investor here, Fernando?

Well, let me pass it on to, to Zach and we can talk about our, our promotion that is going on right now.

Yeah, absolutely. Go for it.

Yeah. So for the first, we had a previous offer on a previous podcast and that filled up pretty quick. But for the first 20, I guess after this podcast airs, customers that contact me at administratorealestate, you're gonna do another.

You'Re gonna do with this again? Zach, aren't you too busy?

Yeah, I'm crazy. I know, but I, I enjoy it. I and, but anyways, for the first 20 people to contact me, they're going to get an hour to work with me to upload their property information onto propertytracker.com In a trial form and. Yeah. Would you like to talk about the offer, Fernando?

Well, sure. Yeah. So we have.

For clients of jasonhartman.com we have the $27 monthly price for property tracker subscription or $247 for the yearly subscription. And this comes with one free month, the trial month that you can cancel at any time during that month and you won't be charged the different. In the addition to our normal offer, which I just described to what we're offering now is the one hour onboarding with Zach that Zach was describing. He's becoming quite busy with. But this is very, very valuable because as a client or former client and still a client of my own tool, I know that the first property or properties that you add on to your tracking software are the most challenging because everything is new and, and you might be a new investor and don't quite know exactly where to put things. And having somebody help is very helpful and it will allow you to then feel very confident that you can add properties after that point. So take advantage of it.

Yeah, yeah. You know, once you get the momentum going, it becomes easy. That's how it works with any new habit software, whatever it is, eating right, exercising, you know, all of this stuff in life. Right. Just get the habit of it going and Zach will help you with the onboarding. So that's really great that you're still doing that, Zach. I thought you were, I thought you were going to say no more of that by now. But you know, this is, this is not scalable, obviously folks, so get it while the getting is good.

Yeah, I look forward to, to working with everybody and kind of getting you through the little barrier to entry, to getting on there and utilizing it to its full potential. The, the software so.

Well, Income Property is the most historically proven, proven investment in the world. We just love real estate investing. So we're trying to bring you lots of different views and experts and tools and, and Property Tracker is certainly one of them. Zach, just give out that email address one more time for the free one hour onboarding.

Yeah, so it's administratorealestatetools.com and I look forward to meeting every one of you that contacts me.

Sounds good. Thank you to everyone for listening. So happy investing to all and we'll talk to you in a couple of days.

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