It’s noon on April 15th and your CPA has been asking for your rental property financials for months. Now is a bad time to be pouring through a shoebox full of receipts and printing invoices from your Amazon account. What’s that rule about filing 1099 forms for contractors again?


At Boomtown we make it easy to pull-down the financial information you need on demand. Income statements are posted to online owner portals each month. All back-up documentation (e.g., invoices and receipts) are scanned and uploaded to our secure file share site for your review. All questions answered the same day or within 24 hours.

– Payables Reviewed, Verified and Processed for Payment
– Supporting Documentation Uploaded to Secure File Share

– Bank Accounts Reconciled
– Owner Distributions Processed
– Income Statements Uploaded to Owner Portal

– File Required IRS Forms for Contractors Paid
– End of Year Income Statements Uploaded to Owner Portal


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Professional Financial Statements

Boomtown financial statements include a summary at the top of the report and detailed accounting of each transaction including a description at the bottom of the report for easy comprehension.

You don’t need to be a CPA to understand our statements, and double entry accounting with debits and credit is confusing to EVERYONE! Our financial statements are designed to look similar to a checkbook register showing “Cash In” and “Cash Out” with a running balance total.

We understand reading financial statements can be difficult (and potentially frustrating) which is why we give owner accounting questions the highest priority – all questions answered the same day or within 24 hours.


Professional Bookkeeping

Bookkeeping for a property management company is no simple task – and Boomtown employs the best! Some property income is subject to management fees – some is not (e.g., water bill reimbursement). Some money we receive is treated as income, some is not (e.g., security deposits).

Our bookkeepers are experts on how to account for and record every financial nuance for your property. They are both subject matter experts in accounting and our property management system to ensure you have the most complete and accurate financial record for your property.

Finally, we take the burden off you for security deposit administration and adjudication – which is a full-time job by itself. Maryland law requires very specific handling of tenant security deposits and the mishandling of these security deposits can be costly. Damages for mishandling this money can lead to tenant awards totaling 3x the original collected deposit. We collect, account for, and return security deposits based on our deep knowledge of the law and best practices shaped through years of experience. We take the burden of collecting and accounting for this money so you can sleep well at night!

From rent collection to security deposit administration let our experts go to work for you!


Monthly Reconciliation

With the rise of digital transactions and the decline in the use of paper checks, monthly bank account reconciliations have become a thing of the past for most consumers. Not so for Boomtown!

Monthly reconciliations of all property owner accounts is a best practice that will never get old. We regularly find errant changes, and double charges – we even uncovered check fraud during one reconciliation.

Even if you don’t have the time to reconcile your own bank account, with Boomtown you can rest-assured all of your rental income is property accounted for using monthly reconciliations.


Expense Documentation

You’ve received the dreaded IRS letter requesting back-up documentation for expenses related to your tax return. What now? Is this an audit?

Trust but verify. Back-up documentation for all expenses is housed on our secure file share and available to our property owners 24/7. As part of our “payables” process all invoices and receipts related to an expense are scanned, and uploaded to our file share so they are available before distributions on the 15th of each month.

Whether it’s the IRS or a detail-oriented business partner, Boomtown provides easy access to be able to download and share invoices and receipts to provide financial transparency for all inquiries. We regard this facet of our service as a key differentiator from our competitors. Many of our property management peers will mail hardcopies or email invoices and push the responsibility of expense documentation back to the property owner. At Boomtown we thoughtfully name each invoice to include the cost, a short description and the date for a quick reference if needed. Finally, we use software to automatically route each file into its respective property folder organized by tax year.


IRS Reporting

Improperly accounting for / reporting contractor expenses to the IRS can be a HUGE liability.

All expenses over $600 paid to contractors are required to be reported to the IRS using Form 1099 on a timely basis. 1099 Forms should be received by contractors before January 31st and filed with the IRS by March 31st for payments made in the previous year. Failure to report contractor payments using a Form 1099 could result in a tax liability for undocumented payments.

At Boomtown we shoulder the full burden of accounting for and documenting payments made for any work performed on properties under Boomtown management. Boomtown files all necessary 1099 tax forms with the IRS and provides a copy to the respective contractor.


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Frequently Asked Questions

How are emergency calls handled afterhours?2021-07-07T15:53:07-04:00

All afterhours emergency calls are answered 24/7 by a Boomtown employee trained in the immediate mitigation of property loss. If necessary, emergency services are arranged to limit property loss, and our owners are provided a video if an emergency site visit is necessary.

How will I know that the tenants are taking care of the property?2021-07-07T15:52:58-04:00

Maintenance inspections are performed twice a year. Boomtown property owners are provided with an inspection report with time / date stamped pictures so you can feel confident in the condition of your property. During the turnover process you can stream the move-in / move-out video for additional detail.

What type of properties do you manage?2021-07-07T15:52:46-04:00

We manage residential property in Frederick and Montgomery counties.

How quickly do I receive the rent income?2021-07-07T15:52:34-04:00

Owner distributions are processed on the 15th of each month and funds are generally available within 48 hours. All owner distributions are direct deposited.

How long is a typical turnover?2021-07-07T15:52:22-04:00

1-2 weeks. We generally need about 1-2 weeks after a move-out to inspect the property, and make it move-in ready for a new tenant.

Who takes care of turnover work?2021-07-07T15:52:14-04:00

We do! The placement fee includes the work Boomtown does to scope and administrate any work done at your property. Contractors perform the work, Boomtown administrates the work.

Can I do my own turnover work?2021-07-07T15:52:05-04:00

Yes. Our requirement for licensed and insured labor is only for occupied units. Boomtown only hires contractors that are licensed and insured; however, you are welcome to perform work on your own property and hire your own contractors without restrictions during the turnover process.

Can I use my own contractors?2021-07-07T15:51:56-04:00

Yes. We are happy to oblige any request for preferred contractors as long as they are licensed and insured.

Why should I sign with Boomtown?2021-07-07T15:51:48-04:00

This question is predicated on assumptions. A better question would be: “What matters to you as you consider a professional property manager?” Browse through our Services and Types of Owners sections. We are a property management company focused on adding value by innovating through technology to deliver better experiences at a lower cost. If that works for you, then our Rental Analysis is the next step.

What makes Boomtown different?2021-07-07T15:51:37-04:00

Low price AND great service. We use technology to drive down the cost of business and we pass the savings to you. We’re not a property management franchise. We’re not the largest property manager in Maryland (and we don’t want to be). We’re a small business with great processes and a professional staff working with like-minded property owners in Frederick and Montgomery counties.

Do run background and credit checks on tenants?2021-07-07T15:51:28-04:00

Yes, 100% of our tenants have been verified through background and credit checks. We also conduct employer and landlord verifications for all wage earners. Private landlords go through an additional step to verify ownership and validate the reference.

How would you market my property?2021-07-07T15:51:17-04:00

We used a paid marketing syndicate to advertise our properties on 41 different sites. When a prospective tenant shows interest our automated CRM software takes them through the process to schedule a showing 24 hours a day, 7 days a week. We regularly place new tenants in 48 – 72 hours using our proprietary system. Even phone calls at midnight on Saturday are processed immediately using our automation.

How much do you charge?2023-02-07T08:49:13-05:00

Our management fee is 6%/mo., we do not have any hidden fees. There are no start-up fees, or marketing fees and we do not add 10% to vendor invoices. Click here for details on our placement fee and lease renewal fee.


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