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Stessa Review: See What This Free Software Can Do For Your Rentals - YouTube
Channel: REtipster
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hey guys Brian Davis here into a quick
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video overview and review of how stessa
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works for managing your rental property
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financials and accounting data so when
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you first log in you'll see a dashboard
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that gives you a quick high-level
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overview of how your prefer it looks I
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was performing so poor Phillip value
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return on investment you're often see
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rates income mortgage debt number of
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properties and units you can see a
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visual of your monthly cash flow where
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your properties lie on a map we can
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compare different properties in their
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performance so a nice high-level
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overview of what your profile looks like
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in that moment now you can drill down a
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little further here into the different
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properties and portfolios so for
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properties you can see of course
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document C acquisition price market
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value loan balance equity a number of
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units for each and of course you can
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edit all of this you can go and add
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another property here to your portfolio
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I'll just do a quick example for how
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this looks
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so 2106 Bank Street in Baltimore and it
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will pull up some of the public record
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data for that property so not only
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information from your local governments
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public records but also information from
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Zillow things like square footage and
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baths and photos and the Zestimate in a
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Zillow's Zestimate of the property's
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value so it will pull all of that up for
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you and then when you click this button
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it will ask you to add a little bit more
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information manually and approve some of
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the things or verify some of the things
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that it pulled for you automatically now
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going back here to the properties page
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you can add multiple portfolios to your
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account so for example with you or a
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landlord and have a few properties in
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this one LLC over here and then you have
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you know three or four more properties
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and this other girl I'll see you over
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here you can use different portfolios to
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keep your LLC property data separate and
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it makes it a little easier for your
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accounting not especially come tax time
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or if you are a property manager I have
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multiple clients you can have
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separate portfolios for each client
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again helps keep this a little bit
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easier for keeping your financials
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separate I'm moving on to leases and
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tenants this is where you can add
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tenancy information for example
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attendance name rent amount of their
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panic security deposit when they moved
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in when their current lease term expires
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if the market rent is different than
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what they are currently paying then that
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might be interesting to know as well and
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have here so you can also have your
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documents for each property on here as
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well
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and let's jump down here to the
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documents section explain how this works
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real quick so you can upload any
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document for any property things like
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lease agreements move in move out
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condition check lists addenda
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disclosures home inspection reports
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appraisals we first buy a property your
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mortgage documentation important stuff
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right insurance policies so all of this
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kind of documentation you want to be
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able to keep for each property without
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necessarily having it saved only on your
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hard drive which of course can crash as
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most of us have experienced at one time
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or another and without having to have a
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hard copy somewhere is storing an
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enormous file cabinet so that's a great
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way to keep this document booth stored
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off-site securely and to have it
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organized for each property now the real
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meat and potatoes here forced as a
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service is its financial transaction
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data so you can enter income and
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expenses so for example against you have
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a rent payment recorded here and I have
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connected a partner's mortgage account
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to this just for sake of example so you
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can see the mortgage payments paid here
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and list it to chase now let's jump down
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here and just show exactly what this
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looks like so one of the places where
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Tessa excels is importing your financial
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data automatically from your financial
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accounts now financial accounts could
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mean your mortgage account so you can
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see you I have this mortgage account
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connected here to one of these
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properties can also connect bank
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accounts for your your operating
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checking accounts
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each property so for example let's say
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that you use Bank of America for your
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operating checking accounts for your
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properties and LLC's all you have to do
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is log in once to your Bank of America
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account through stessa and it will link
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the account to your property you can
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assign it to a specific property and
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have it import data from then on so
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things like when rents are deposited or
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you're right in a thousand dollar check
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for a maintenance or repair expense
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event all gifts in court or
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automatically added to your transactions
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data now sometimes you need to go in and
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manually clean up some of that
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transaction data so you can see on here
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or sometimes it will ask you to choose
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the category if it doesn't know what it
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might be what the category is you can
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also choose the property that it's for
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so one quick gripe here is that when I
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first added one property to the account
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and I added one mortgage account it did
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not automatically assign the two I had
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to go in and manually assign them myself
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and then even after assigning them it
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did not retroactively lead go back and
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assign the different transactions to
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that property
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I wish would've been nice to have done
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that but it's a small equivalent
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transactions from that point forward do
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get automatically assigned to the right
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property and you can do things it's easy
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to just select the property and clean up
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this data and when you want to go in and
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make sure that your data is ready to be
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exported which is exactly if one of the
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things that stuff that does the great
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excels is its reports so income
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statements cash flow statements expense
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statements and best of all this tax
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package statement that makes it really
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easy for you to go in whether you are a
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DIY
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tax preparer for yourself or whether you
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have an accountant who prepares your
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taxes for you tax package makes it easy
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to plug the numbers right in to the line
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items on your tax return so one area
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where that's true Lea does shine here
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and they also have a few extra resources
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here for tax time things like overview
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of tax deductions for rental properties
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tax checklists for rental properties
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you know guys for rental property too
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so you get the you get the idea here no
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this is very much a useful resource for
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accounting and taxes now stessa is free
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which is awesome the price is certainly
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right now it's not property management
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software right it's not like your
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appFolio or billion that does everything
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for you including tracking your
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accounting and income expenses but it
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does do one thing that does it well and
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it does it free now we're stuff that
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makes their money is actually through
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affiliate partners things like mortgage
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lenders insurance providers so they will
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recommend some of these additional third
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party services periodically for you and
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that's how they make their money is from
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these affiliate referral fees but what I
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like about this is of course that they
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have a great product it's free but I
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also like the fact that they're not
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trying to ram certain non necessary
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expenses on your throat they are
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partnered with services that you're
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going to need anyway as a landlord right
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you need property insurance for your
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rental properties no matter what so
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Tessa will provide you with one option
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or several options and if you don't like
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those you can of course use someone else
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but they're not trying to push
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unnecessary third-party partners on you
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so one other quibble here it would be
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nice if they offer online rent
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collection to keep this ball in the
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house in one place
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so not only are they tracking the rents
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that come in but they're also processing
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those payments for you be nice but again
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Yanis Tessa is not in that business
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they're in the accounting and financial
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tracking business so all in all it's a
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great service it's free so let us know
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what you think give it a shot you know
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take it out for a spin and get back to
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us here at our a tipster and let us know
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what your experiences are and how you
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feel about it so I hope you enjoyed this
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quick overview of assess the service
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