Income/Expense Tracking when using a Property Manager

[Alexander Price]

Recently in order to make heads or tails of statements I received, I translated them into something much simpler in excel rather than the AppFolio statements I receive.  This was to understand what money I am still owed. 

The question for others out there, do you all track each property personally even if you receive statements from your property management team? I just assume it is prudent, but have not done it to this point until my tenant has started making really small off timed payments.  

[Rob Lane]

I have a few stragglers in my portfolio.  I even has some that have been slow pay for years but they always end up paying after I show my  frustration.  What I do is text.  Every month I will text them on the first.  If they had $400 on their balance from last month I just put your new balance is $1200 and that keeps things straight with tenant and you also have in writing.  I get mad at myself sometimes for not holding their feet to the fire like I should. 

But that is only with a couple of tenants everyone else is pretty good.  You also might try adding a discount rent policy in your contract.  This is what I do.  They get to take $50 off their rent each month if they pay  on or before the 1st and take care of minor maintenance issues. 

Feel free to look at my contract its on millionairemaintenanceman.com under forms.  Hope this helps.