How To Manage Your Real Estate Portfolio with Stessa

In this episode, Devin Redmond from Stessa gives us a peek under the hood of the Stessa asset management software. Deven explains Stessa's functionality, reporting tools, and how to use it with a live demo. --- Transcript   Before we jump into the episode, here's a quick disclaimer about our content. The remote real estate investor podcast is for informational purposes only, and is not intended as investment advice. The views, opinions and strategies of both the hosts and the guests are their own and should not be considered as guidance from roofstock. Make sure to always run your own numbers, make your own independent decisions and seek investment advice from licensed professionals.   Tom: Greetings, and welcome to the remote real estate investor. On this episode, I'm joined by   Michael: Michael album.   Tom: And today we're gonna dig into some of the Stessa features and functionality. Devin leads the customer success team at Stessa. So a lots of great things we're going to walk through note this episode, while it's valuable to listen to, and it's gonna be extra valuable if you check out our YouTube channel as well. So worth checking out both. Alright, let's get into it.   Devin, let's get a little bit about your background. So you lead the customer success team at stessa. Let's talk about let's roll back, roll back a little bit further. How did you get to stessa? Are you an investor as well? Let's hear about it.   Devin: Yeah, yeah, sounds good. Let's Well, we'll set the stage a little bit. So yeah, I started with Stessa, about three years ago. So I've been there almost since the beginning. And Stessa, from the beginning has been a financial management platform for rental property owners specifically. So at the time, you know, a few years ago, there's Mint, Personal capital, a lot of these platforms coming out that were more sort of stock market oriented or other investments, and there wasn't much for real estate investors to efficiently track their portfolio.   And so that was the original idea for Stessa. It's the word assets spelled backwards. And since then, we've, you know, introduced through a steady stream of new features over time, that have come together to be a sort of all in one platform for tracking your your tenants, your income and expenses, you can store real estate documents, and you can run all your financial reports there as well. So that's kind of the quick overview on Stessa. It's great for whether you have one property five properties growing portfolio of 10, plus single family rentals, smaller multifamily. That seems to be kind of the sweet spot where people get the most out of out of the platform.   So I run the customer success side, I spend a lot of my time talking with investors, understanding what their challenges are, and figuring out ways that stessa can can help address those. And then I'm also an investor myself, so invested in property, both in California and Hawaii. And I self manage a lot of that so that, you know i'm i'm in investor shoes, seeing what the issues are working with vendors, and building relationships with tenants every day. So that's that's part of what I'm doing what I'm bringing to my job at Stessa.   Michael: Oh, man got to go show a vacant property in Hawaii, poor you.   Devin: Yeah, it's it can be pretty tough. Sometimes I've actually been doing that remotely. So like, I'll get on FaceTime with someone. And they'll go hit the lockbox and get in, we'll sort of tour together. And it's actually worked out really well so far. I don't know if it's just that market, or it's not a cheap property, right. So I've been able to kind of like screen tenants in advance and make sure they're qualified. And then they come for a tour. And I've had really good luck with it so far.   Tom: I remember talking to you about this before, it was interesting learning the rules in Hawaii. Where is it? Right, you have to own it for a certain number of years before doing short term like you have to do long term first, or I thought that was just kind of an interesting factor on the rules. And why do you mind elaborating on that?   Devin: Yeah, yeah, no problem. I mean, it's pretty complicated. Each island has its own rules. Each island has its own County, and the rules are kind of determined by county for the most part. But yeah, getting into short term rentals, there are certain areas on each island where short term rentals are sort of de facto allowed. And you can buy one of those and start doing short term rentals, you know, day one.   On the rest of the island. And a lot of the neighborhoods, they've really cracked down there were a ton of illegal short term rentals going on like that. And those have those have been shut down. There's huge fines for doing that. So on Maui specifically, you can if you buy something in a you know more of a long term rental neighborhood, you've got a five year waiting period before you can even apply to do short term rentals. So everything I'm doing over there as long term rental, it's pretty tricky to manage short term rental from that far away without a property manager and that's kind of how I've preferred to do things so far at least.   Tom: I wonder if it's like the resort lobby. like trying to like snuff out? I don't know, being conspiracy theorists, Tom over here. Like,   Michael: They send someone in to lobby for Marriott. Hey they're killing returns?   Devin: Yeah, definitely part of that I mean, and then there's you know, understandably there's local opposition to and when long term rents are going up you know a lot of that frustration gets directed at people who are doing illegal short term rentals which you know, they shouldn't be doing. Tom:: Sure is and just kind of curious on longer term strategy. Do you see that as like retirement spot as well or I love interesting places where people invest in Maui's awesome,   Devin: Yeah, yeah, I mean, that was definitely part of the objective that it has that option, as a place may want to retire or semi retire in a while. You know, it's a little tricky to spend a lot of time over there. Now, pandemic, there were some opportunities to do that when everyone was working remote. And that was a nice sort of bonus, because one of the properties has a little in-law unit that my family was able to tuck into for a few months, and we got a feel for what it's like to, you know, to live in Hawaii, not right on the beach in a rental condo.   So yeah, and that's one of the ways I think about investing is Okay, is there some reason that apart from just getting getting a good yield, or return that I would need or want to be in this place? Right? So is there some other reason to get on a plane and go there and deal with the property meet people start building a network in Hawaii kind of fit the bill for me on that front?   You know, I have family in Cincinnati, and my family's from part of my family's from Nashville originally. So like, there's other places that also have that, that sort of angle that I think is one way investors can kind of think about things so that it's not just about yield, or just about the math and the model. I think it's nice to have some other ways for things to work out in a positive way for your life overall.   Tom: Optionality for sure. Well, I, we could probably talk about investing in the islands for a long time. But getting I guess we'll save that for another episode going deeper on that. But let's let's circle back into Stessa. So what I wanted to do within Today's episode is to walk through some of the key functionality and use cases, just to give listeners a better idea about what what is the product? What does it do? You know, how is it different than property management, all of that good stuff?   Devin: Yeah, absolutely. So I think the first thing to note is that when you think of property management, you think of really being in the weeds, vendors, maintenance requests, you know, long list of items that have to be taken care of rent collection, etc. Stessa, we've thought about this as more asset management. So this is a layer that kind of sits on top of property managers, or on top of the DIY owner who's doing a lot of property management on their own. So, you know, think of it 10,000 foot level, rolling up a lot of the data and information to help you understand how you're doing on a more macro level.   So, to that end, I'll go ahead and share my screen here. And you can see our dashboards. Can you guys see my screen? Okay,   Tom: I can and note for listeners on the podcast, we have this all the the video is on YouTube, but we're going to talk through it. So you get a good idea on what is within the the dashboards and functionality.   Devin: Yes, so when you set up a test account, it's pretty easy. It's, you just enter a property address. And we go ping a bunch of different public records and put together as much information as we can, then you key in your rent roll some other basic information. And pretty quickly, you'll see a dashboard like this. So this is for our demo account. This is overall portfolio view. And you'll see you know, kind of key metrics like value, set return, if you've set up all your acquisition information, will track your occupancy, we'll do the math on the projected income, you can put in all your mortgages. And then you get a portfolio you know, for if you've got a big complicated portfolio, you might have 10 properties, a bunch of units here, this math gets pretty hard to do on your own. So this is a nice kind of quick reference.   In terms of tracking actuals you get a net cash flow by month chart here, where this blue line is your actual results. And this dotted black line is your pro forma your budget. So you know, one of the things that we learned very early on from talking to investors is a lot of them don't necessarily have a great idea as to how they're doing month to month. You know, you may check in with your CPA, your accountant once a year when it's time to do your taxes. But that's not really enough to know how to operate better during the year, he really kind of need to track your results month to month to know what adjustments you can make along the way so that when it does come time to file taxes, you're making as much money as possible.   So this is a great a great way to automatically track things. As long as you have all your bank accounts set up and your your data is coming in smoothly.   Michael: This is so powerful. And debit, I just want to pause here for one second, if you scroll up just a hair, so we get back to the bar graph. So for anybody not watching this on YouTube, what we're showing is this bar graph, which shows the breakdown of the income and then the expenses that get paid. And then the cash flow is being being tracked. And it looks like for any other math nerds out there, like the sine wave, which basically goes up and down and up and down, and up and down. And that's what we project, that's what we anticipate our actual cash flow to look like. Versus when we're modeling, we assume that it's uniform, every single month, we'll make the same amount of money. And every single month, we'll have the same amount of expenses going out, which if anybody owns properties, you'll know that's not the case, because you might have property taxes due once a year, and you might have your insurance payment once a year. And you might have a big expense once a year, or whatever the case may be if your individual property. So I think it's so important to recognize and understand that it's not smooth, it's not uniform. And this is a really great visual for this.   Devin: Yeah, absolutely. That's a good point. Yeah, property taxes, insurance, these are lumpy things that happen throughout the year. And you want to make sure you're managing your cash flow to accommodate that, right. So this is this gives you a nice visual of what's actually going on and how things really work.   Michael: That's great.   Devin: We've also found that this is really helpful for for some investors who don't necessarily have an appreciated how much capital can be required on certain investments, right. And so when you were accurately tracking all your capital expenses, you can see that that introduces some some lumpiness as well.   And then we also do a cash on cash return down here, which, in the early, early days of an investment is a great way to understand, you know how you're doing in terms of the actual cash dollars you've, you've put into the deal. less important over time, we try to focus more on ROI and ROE over over the long run. But in the beginning cash on cash is is pretty useful.   Tom: We love some cash on cash metrics that Michael and I it's, we have big fan of that one, I think one last thing that I that I love about this is, you know, you may have some dashboards with your property manager that you're using. But if you have multiple properties across multiple property managers, I mean, this is one where you can aggregate it all together, you can, you know, look at you know, perhaps, you know, perhaps part of your portfolios in Texas, you just want to see the Texas properties great. You can run all these reporting for just that specific or all of them, or one of them. It's just really granular, cool reporting.   Devin: That's right, yeah, you can easily switch back and forth between portfolio and a specific property up top here.   Michael: Well, it's something to keep in mind too, is your property manager has a limited insight into what the property is doing. And only from their perspective. So they might be paying the management fee. And I've been the expenses of any kind of repairs that come up. But you as the owner are likely the one paying the property taxes, the insurance, you might be paying some vendors specifically if there's a big a big capital improvement that's being generated or going into the property. So it property managers so often don't have the full picture Oh, and the mortgage, like duh, that's the biggest, oftentimes the biggest expense, they might have no idea what that looks like. So this is Tom, you mentioned, it just aggravates it altogether, one place becomes so nice. You don't have to do that for yourself.   Tom: Great point, Michael.   Devin: Yeah, absolutely. So while we're talking about property managers, and data, let's maybe go under the hood a little bit here and see where all this information is coming from. So the transactions ledger, it's kind of the real engine of Stessa. And this is where all your data gets consolidated in one place. So just like mint or personal capital, you can link directly to bank accounts, you can link to your lenders, you can link to your credit cards, and you can link to various property managers depending on which software they use. So if they use Apfolio or Property Ware we can tap into those reports directly. So when everything rolls up into one place, you can pretty easily go through and categorize all of your income and expenses. Most of these categories align really well to Schedule E on your tax reporting. So, you know, we try to get you to kind of the five yard line before taxes and want to coordinate with your CPA to get over over the finish line. But you can get pretty far just with these quick tools in the in the transaction ledger.   Michael: And just just to clarify that analogy, Devin, you're talking about the five yard line, very close to scoring as opposed to your own five yard line, almost getting saftied.   Devin: Yes, yes, that would be very far. Absolutely. I would imagine a lot of people feel like, you know, especially during I don't know, I felt this, I don't know if you guys experienced this, but like CPAs were just totally overwhelmed this past year. And so I always felt like we always we had a long ways to go just to like, get the conversation started and get someone engaged and working and asking me questions. I don't know what your guys's experience was, but it's been, it's been hard lately.   Michael: I'm still holding my CPA to get my state tax returns. He just got my federal over to me. So I feel that sentiment 1,000%.   Devin: Yeah, yeah. So you know, when you can roll it up and give someone a nice report that's got all your information where you've done a lot of the categorization, which is sometimes hard for CPAs to do, because they don't know your business as well. They don't know your properties, they don't know how you like to do things. I feel like it does kind of put you in the pole position to get you know, better attention from from your CPA and get things done.   So, the transaction page here, this feeds all the reporting all the dashboards, it's very easily searchable. So if you're looking for something like let's say you wanted to say, okay, where did I? Where did that Home Depot, receipt go. Or what did I spend money on last month, you can really easily search and pull that information up. Everything's pretty responsive.   For any particular transaction, you can also attach a receipt so you can drag and drop a file here. And then we also have iOS and Android apps that do receipt scanning. So when you scan a receipt, it'll automatically create a transaction for you attach that receipt here. And then you have a great reference. And you don't have to store store papers at home.   Michael: Awesome. And Devin, if I have regularly occurring expenses, every month, I pay the property management fee every month I pay utilities, or whatever the case may be, will Stessa start to learn that type of stuff, or do I still need to go in every month and manually update what this expense was and categorize it?   Devin: Yeah, in terms of the categories, we do have algorithms that pay attention to your patterns over time. So to the extent those expenses are coming in with the same description from the same source every month, once you categorize it three or four times in the same way, our engine will pick up on that and start to do it for you going forward. So it's not perfect, but it does over time, the more you put in in the beginning, the more time you save down the road.   We also support file imports. So this button here allows you to import Standard Bank files, like OFX and QFX, you can also bring in CSV files. So if your local bank happens to not be supported for a direct connection, you can still get your data in efficiently. Of course, you can also add transactions manually, if something, you know for whatever reason slipped through the cracks, and you just need to track it.   Michael: Awesome.   Devin: So that's the transactions page. I'll show you reports. Next, maybe since this is another place where the data feeds into, we've spent a lot of time building out the report center to be very focused on what investors actually need. So you know, some general accounting programs will give you like a sort of vague p&l for a business. But that doesn't necessarily break down the way you want it to to understand how your investment properties are performing.   So we've got a net cash flow report. This is somewhat influenced by how, you know commercial real estate investors look at things, very detailed operating expenses. So you can see line by line, each category gets a breakdown by month. This is all clickable. So if some numbers seems out of whack, you can just click on it. And so we'll look at what was this $390 and February looks like it was travel, we click here and boom, there it is. Okay, it was a looks like a plane flight to somewhere. So it's a great way to cross check your data. By going through through your reports.   Michael: This is such a powerful report. Devin, I just want to kind of highlight this for a minute. This is one of the first things that I asked for when I'm looking at a deal to purchase is I want to see the T 12, which stands for trailing 12 months of numbers on that property. And also ask for Schedule E from the seller to make sure that those numbers are aligning that they're telling what they're telling me is the same thing they've told the government and as far as operating expenses and costs associated with the property.   And so if you're someone that's thinking, Oh, I'm you know, going to be selling a property, I might not have any use for Stessa because I'm going to get rid of that property. This could be an actual perfect case study to use Stessa because you'll be able to generate these numbers and provide these report to a potential buyer. I mean, this is really, really, really powerful because this aggregates everything that we were talking about previously, all of the property manager expenses, and combined with all the expenses that you're paying as an individual, as an owner, we get to see it all in one place. And so you can show somebody, hey, look, here's living proof of what this property, how it's performed over the last 12 months, or whatever timeline you're looking to, to acquire.   Devin: Yeah, absolutely. I mean, I would have way more confidence in a seller in a property that I'm looking into buying if they provided me with something like this, that looks professional, or all the numbers add up, and it's clear that they've been paying attention, right?   Michael: Hmm. I hate getting the handwritten stuff.   Devin: Right. You wonder well, what else has been kind of like, you know, Jerry rig here? nicest on the property. Right?   Tom: Canary in the coal mine.   Devin: I always one of the things I always look for is is what kind of conditions the mailbox in is it? Is the pole straight? Is the mailbox, like painted a new or is the thing like, all, you know, sideways and falling apart, and no one's bothered to notice?   Michael: That's a good one.   Devin: It's amazing. It's amazing how many slanted like you know, rundown mailboxes that are out there.   Tom: Kind of unrelated kind of related. I. So Have you guys heard that story about rockstars saying like in their writer, you know, in their dressing room, they only want like red m&ms or something like that,   Michael: Like being very particular about their wants, specifically for red m&ms.   Devin: This is this is a great story. This is that I think it's Van Halen.   Tom: Yes, exactly. And I think Devin, you may know, you may know where this is going. But they included this like really detailed thing and the writer kind of buried in there. And what was happening during that time, the electronics and a lot of these stages were sketchy and people were getting electrocuted. So as a way to kind of check that the venue in the team there locally, like was on their game. They had these really kind of obscure requests. And if it wasn't there, that was a huge red flag that, hey, this place might not be safe. Oh, well, we put in our contract that has to be you know, in there, or we're getting paid. So kind of similar to you talking about the mailboxes looking at these like kind of external things to making sure if there's issues there, there may be one of those things. If you find one bug, there's probably 10 bugs hidden in the wall. It was the same sort of reason. It wasn't about being a diva. It was like testing kind of testing the water for some other risks.   Devin: Yeah, yes. I remember a Van Halen specific rider was we need a big bowl of m&ms in the in the waiting room. And it's all the brown ones have to be removed. It was like something crazy like that, that they could immediately walk in and tell whether they had read the vendor had read the contract or not.   Tom: Yeah, in the mailbox. I love that Devin, like super similar. One of the things that you would, you know, easy to overlook if someone's not kind of paying attention and potential risks and other places. Love it.   Devin: Yeah, like they probably haven't maintained the HVC system either. Right? And yeah,   Michael: Yeah, that's really smart. That's really smart. But also kind of silly, because everybody knows that brown m&ms are the best. So Van Halen threw that away.   Devin: There was a cost to it. Kind of the full look at all the reports that we support at the moment. So beyond that cash flow, there's also a balance sheet, which pulls in your bank account balances and then also ties into your valuations for each property and gives you kind of a net portfolio value. You can track your your rent, roll and report out on that. So this one's helpful. If you're buying a new property and your lender needs to see all your underlying data, you can run a quick rent roll, tenant ledger, this tracks, you know, payment status by tenant who owes you how much when their last payment was scheduled real estate owned. This is kind of a full full summary of the portfolio from a high level lenders often like to see this to get an understanding of what your obligations are and what all your holdings are.   General Ledger allows you a full export of all your data line by line. And then you can do whatever you want with it and excel CapEx just what it sounds like. You can also track useful life and date placed in service there. So this is a good one to give your CPA it's pretty helpful. And then tax package is something that a lot of folks use in March and April. This runs a an email with links to all of your key reports that you can then share with a forward to a CPA or spouse or investing partner.   And then we also have a stress test, which is a modeling exercise we did during the pandemic where you can understand what would happen to your portfolio if suddenly your recollections fell to 70% of normal or 50% of normal, just as a kind of pressure test on on your situation. Tom: That's it. stress test is so cool. I mean that just kind of like speaks to the agility of the reporting in the in the company at Stessa where it's like hey, this isn't really you neat feature that could be really helpful right now. Really neat, neat, neat functionality in reporting.   Devin: Yeah, and this is only built as a as a built in model where you can actually change the inputs right here and see how it how it affects performance.   Michael: This is just goes to show you that this stessa was created by investors for investors. If this kind of stuff that you find so helpful and useful, as you continue your investing career.   Devin: You won't find this in any standard accounting program.   Michael: No.   Devin: But that's the fun thing about doing something that's purpose built for niche for an audience that you know, rather well as you can, you can get into all this more sort of esoteric stuff that that you just can't find anywhere else.   So in terms of setup, I'll jump over to the Properties page here, just a high level portfolio overview is a great sort of SREO schedule real estate owned, it shows you what's going on in terms of acquisition price, your market value, so your valuations are easily set through, you can click there and do a short cut on this to this property details page, where you can toggle between different valuations. So it's a little bit of a modeling tool here, you can enter a custom valuation. We connect to Zillow, and you can get updated real time values.   You can also do it based on gross rent multiplier or capitalization rate. Especially if you have a larger portfolio, this high level view calculated equity on these property is a really quick way to see you know, what your current status is, overall. These loan balances are tracked. So if you have your lenders connected through the automated, external account page, this will update automatically as you pay down principal.   Michael: Yeah, I've got a quick question for and this is more so for me as as kind of a teachable moment. In terms of gross rent multiplier grm. I see it all the time I see it used regularly. It's not a it's not a metric that I ever used. So I'm just curious what, you know, what people are using it for it and how it can be helpful to folks who who find it valuable?     Devin: Yeah, I don't actually see it used much on single family rentals. But I do see it on smaller multifamily properties, more sort of industry standard. So, you know, in a typical market, the gross rent multiplier might be 12, or 15. It certainly changes over time as investor return requirements change. But it's a real quick and easy way to say, Okay, let's take my current current rents, and let's apply a, you know, 12 grm. What's that imply for the valuation?   Let's say maybe this market is pretty hot, and the grm is more like 18. What does that mean for the valuation? Well, it's 982. It's a lot higher than what Zillow is saying. So it's an alternate way to kind of like check in a given market that may have a bunch of comps that support a particular range of grm. What does that mean for my property?   Michael: Got it. Okay. All right. Thanks for that.   Devin: So let's spend all the time on leases and tenants. This is where you key in all of your rental information and manage your tenants, which is a big part of owning property, right? That's where all the revenue comes from. So we found talking to investors, a lot of them, if you've got property manager, maybe you got two or three property managers, sometimes it's hard to appreciate what's actually happening on the ground, who's paid rent, who's behind. Sometimes property managers aren't always on top of it, especially during the pandemic.   So I've got overloaded try, just trying to keep track of everyone. And the leases and tenants page is easily sortable by portfolio or property. And we've got these flags here that give you a quick heads up as to who's current who's due, and in who's late. For any particular tenant, you can then dig in. And you can track a lot of detail here. So if you have complicated lease structures, where rents are changing over time, you can key those all in here going forward. You can also track phone numbers, basic contact information for reference, each lease you can renew or set as month to month. So we handle a lot of different scenarios there.   And then down here at the bottom, I think this is the most powerful part, at least in the tenants page, you get a ledger that automatically creates charges in this column based on the information you've set up up here for your reference And then all this payment data is coming automatically from the transactions page. So you can quickly see when someone got behind how behind are they, and what the total balance due here is, which is calculated right up here.   If you have tenants that reimburse you for utilities or any other sort of random expenses or damages, you can add charges. You can also add credits here, if you're say, crediting them for for something off of their rent. So that makes it easy to kind of rebalance the ledger and keep everything tied out.   Michael: This is great.   Devin: And then you also get a reference of all past tendencies. So this is great for you know, if you're, if you've owned a building for a while, you can really keep track of how rents have changed over time who was there, etc, which is something you know, new buyers, if you ever go to sell, probably want to see.   Let's see, let's also talk about document storage. So police's, mortgages, vendor contracts, all this paperwork that seems to accumulate when you own real estate. It's hard to keep track of and it's often difficult to find the right document when you need it. If a lender asked for it. You know, when does my insurance expire, these are all sorts of questions that come up pretty often. And by keeping everything in one place, it's very easily searchable, retrievable, you can look things up and keep going.   So we find a lot of investors have hundreds of documents uploaded to their Stessa account, because they just want to know that when they need something, that's where they can find it. In the past, I've had a bunch of different folders on two or three different laptops. And sometimes it takes half an hour to find the right thing. And organizing and consolidating it all on on stessa in one place. makes that really efficient.   Tom: Yeah, I love this feature, having recently refinanced a few properties and you're collecting tons of documents also going through tax time. This I love the document management part is super helpful.   Devin: Cool. So those are kind of the highlights. You know, we talked a little bit about bank and external account linking. That all happens on on this page here. And you can see we just have one demo bank account connected now. But you know, we have many investors with accounts that Chase and Wells Fargo and BofA. And then they've got a credit card somewhere else and to property managers. And you can have a lot of data connections set up here. And it's incredible how much time it saves to have that information coming in automatically, versus having to create transactions, or go through, you know, checking account statements, credit card statements, separate out which ones are you know, rental investment versus personal. A lot of that can happen for you automatically.   Michael: And Devin, a concern that I had when mint came about and any of these other companies and services were basically it aggregates data and pulls data from from various financial institutions. So you have to go put your your account information and username and password in. And so from a cybersecurity standpoint, maybe you can speak to that a little bit about folks who are entering their username and password. How are they protected against cyber hacks?   Devin: Absolutely. So we use a third party called Yodlee Investnet, who handles all the secure connections. So when you add a new bank on Stessa, you don't actually share your credentials with Stessa. You share them with with Yodlee, who does this for 1000s of companies and organizations around the world. And they go directly to your bank to access the data. So no one at Stessa can see or, or pull up credentials, it all happens through Yodlee. And then, in addition, there's a few of the major banks have moved to this new open banking standard, which which we actually really like, it's a little smoother in terms of getting the data in real time. And they also have you log in directly. So you'll for chase Wells Fargo BofA now, when you add one of those banks on stessa, you'll you'll get redirected to their site where you log in directly and then it actually establishes a connection without having to share your your credentials.   Michael: Awesome.   Devin: So I'm hopeful that things kind of keep moving in that direction. And it's more secure. It's more seamless. It's just a better experience for everyone.   Michael: Yeah, that makes total sense.   Tom: Awesome. Yeah. I mean, Mike was alluding to it earlier, like, going through it, you could pretty much tell that it's you They're not made by a bunch of marketers. It's definitely made for real estate investors. Love it. Love it. Love the demo.   Devin: Yeah. One other quick thing I'll mention is, we also have this alerts and insights page, which is relatively new. And this is where we bubble up interesting things that are happening across your portfolio. So, you know, might be something like we noticed an LTV guy is it this loan to value is pretty low on this particular property, right. So maybe that's an opportunity to refinance or, or cash out in some way, right to redeploy the equity elsewhere.   Things like expiring leases, that's another one where we've got a word set up 30 and 60 days out, so you can get a heads up on something before it's, you know, too late to reach out to that tenant or deal with the situation. And then we'll also surface interesting things about what's going on with expenses recently. And you know, we're spending a lot of time on this particular feature to, to develop even more specific insights around, okay, if certain expenses way out of whack if there's a water bill that's too high, sort of that sort of intelligence that, you know, can help you save money and things you might not notice on your own. So we plan to introduce more of these in the future.   Michael: And this is so great, Devin, and I think it speaks to what you mentioned at the beginning of the episode is that this is more of an asset management layer. And then that, you know, your property manager is not going to tell you, hey, things, you know, your value has probably increased. We're seeing a lot of comps sell higher in the area, you should think about refinancing that's kind of outside their purview. So adding a tool like this into the fold can be so helpful to have that macro level.   Devin: Yeah, absolutely. I mean, these are the things that you know, investors often reach out to other investors to understand, right, like, how do I think about hold sell? How do I think about growing my portfolio? What happens when my LTV gets so low because the value has gone up a lot? Right, like good situation. But how do I handle that? What do I do? And so yeah, Stessa does really try to focus on helping you answer those questions.   Tom: Awesome, Devin? Well, this is awesome. Thank you so much for going through this, you know, another pointer kind of feature within Stessa. That I think is really great. Is the the forum committee that you guys have set up where people can, you know, ask questions about products, they can upload feature requests, you want to talk just real quickly about that?   Devin: Yeah, sure. I can actually do a quick screenshot of that as well. I think it'd be helpful. Let me share a screen here.   Devin: You guys see the forum?   Tom: Yes.   Devin: Great. Yeah. So this, this forum is organized by different threads. We've got set up in support, we've got tips and tricks, these are kind of ways to optimize your Stessa count. bug reports. They do happen sometimes, and we really try to jump on them. And then you've got the wish list, which is very popular. This is for new feature requests. So, you know, we found that as this has community has grown, people have started helping each other solve their own problems with Stessa or get more out of the product. And it's developed into a place where investors can talk to each other directly, which is great, that was kind of what we hoped would happen.   You know, particularly things like the wish list. This is where we often go to understand, okay, what new features should we be looking at building next. So when you sort by popularity of views, all the wishlist items, you can see that, you know, back in 2020, people really wanted an Android app. So we built an Android app. Before that, people wanted cash on cash metrics. So we built that. Tenant ledger by unit status of rent payments. That's something that I shared a little while ago. So you know, we, we really like having our users, our investors involved in what we're doing. And they've been really great at it, about sharing ideas, and, and we'll often develop a beta version, and then post on the forum here. Hey, like, who wants to be part of the beta? We'd love for you to check out this feature. And I've been really pleasantly surprised at how involved people get and how much great feedback they give us that that makes us a better and more useful for everyone.   Michael: That's great.   Tom: Awesome. Well, thank you. Yeah. Thank you so much for coming on, Devin.   Devin: Yeah, thanks for having me. Appreciate it, guys.   Michael: Take care. Talk to you soon.