I’ve been playing around with the new guide for tracking purchases, sales, and refinances (Track Purchases, Sales, and Refinances | Stessa Help Center). I’ve been testing it for my most recent purchase and discovered what I think might be a bug.
I already entered the Acquisition Price value in the “Financial Details” modal back when I purchased. So, I went about logging a new transaction for Capital Expenses → New Acquisitions and then added a transaction for each line in my settlement statement using the Capital Expenses → Closing/Loan Costs categories. I went back to the “Financial Details” modal in the property page and found my acquisition price still there (let’s say $100k), but my closing costs read $106k because they include that transaction I made for the New Acquisition ($100k) plus the extra closing/loan costs ($6k). So it looks as though I spent $206k.
I thought this seemed a bit odd, but going to the dashboard confirmed it. My Asset Return metric and CoCR metric are very low and appear to be due to Stessa thinking this property set me back $206k instead of $106k. I think it might be counting the “Acquisition Price” I put in the modal and the “New Acquisition” transaction I added. Which effectively double-counts the contract price. To test this, I set the “Acquisition Price” in the modal to $0 and then my Asset Return section looks as I’d expect. However, the CoCR metric doesn’t like not having an “Acquisition Price” on the property and tells me I need to set one in order for it to display.
I’m not sure if maybe the Dashboard metrics need to ignore “New Acquisition” transactions if an “Acquisition Price” is set for the property or maybe the other way around. It’s also quite possible that I’m doing something wrong.
Thanks in advance! I recommend Stessa to pretty much every RE investor I know and have really enjoyed using it.
glad to see that my asset return isn’t nearly as poor as the dashboard said!