On this episode of House Flip Masters Holly is joined by guest Raj Bhaskar. Raj is the co-founder of mobile profit and taxes app, Hurdlr, designed for self-employed entrepreneurs.
Raj had his first taste of real estate when he created his first software platform for real estate management; this software was used by housing agencies all over the country helping them to manage their public housing and affordable housing properties. Raj built this company up for 10 years and when it sold in 2010 to real estate software company Yardi.
With his own real estate experience and knowledge from the platforms that he has created Raj believes that real estate should be a part of everyone’s investment portfolio in some way of another whether it is actual property or an indirect real estate venture.
Raj got interested in real estate software when he and his wife bought their first home together and decided to rent the condo that Raj owned. When they decided to rent out this property Raj was asked to get together all his expenses concerning that property – this was the first time he had to do this – and he wasn’t prepared to do it. When gathering the information that he needed Raj started thinking that gathering the required documents was basically a business.
During this time Raj was already building an app for entrepreneurs to help manage all of their business finances – when he was gathering paperwork for this condo he realized that his personal task was a great use case for the app – he then started adding functions to the app that allowed for real estate investors to track their finances along the way so that when tax time came they could just send information to their CPA with a tap of a button.
Raj reminds us that in real estate investing it is vitally important to track your numbers and to invest smart; invest to make a return on your investment. By knowing your numbers you will make good money and have a good business. The best way that Raj suggests to know your numbers is to start off by opening a separate bank account or credit card and use that only for your rental property expenses. With a separate account every time you receive a statement everything will all be related to that specific business you opened the account for. Raj also advises that you do not mix your personal expenses with your real estate investing expenses.
Holly agrees that it is a good idea to separate your flips from your rental properties from a tax perspective; she also says that it will make your life easier to track expenses and to have that separate bank account or credit card opened.
Raj’s app, Hurdlr, allows users to sync bank accounts and credit cards to the app and every time a purchase is made you will be notified and at that point you can tag the expense as personal or business allowing you to keep everything organized. The app will also give real time income tax estimates.
If you would like more information about the app or to download it you can visit www.Hurdlr.com or download the app in the iTunes app store or Google Play Store. You can also reach out to Raj via the website or with the chat function side of the app, you can chat directly with him or a member of his team if you have questions or concerns.