An easy rent/mortgage payment /repair system for landlords

An easy rent/mortgage payment /repair system for landlords

Glendale, AZ · Member since 2017 · 1k+ posts · 238 votes

Hi guys, what kind of system do you have?

I have a sticky note with a list of my properties and every month I go to my bank account and check which tenant paid and which did not.

I use the same sticky note with the list of my properties when I pay mortgages, I just go from the top to bottom and pay mortgages.

When a repair is needed I usually  have another sticky note that I keep on my night stand and on my days off I call a handyman and schedule.

Seems that a lot of people have a folder per property.

How does it work?

In that folder do you have a spread sheet and mark that this or that month the tenant paid? Or mortgage is paid?

Then what do you do when you need to get a repair done? Do you also write it down in the folder?

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Member since 2023 · 19 posts · 14 votes
3y

I use Avail for my listings, leases and rent collection maintenance tickets. I use Stessa for tracking P&L. Both are free. 

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  • Member since 2023 · 19 posts · 14 votes
    3y

    I use Avail for my listings, leases and rent collection maintenance tickets. I use Stessa for tracking P&L. Both are free. 

  • Glendale, AZ · Member since 2017 · 1k+ posts · 238 votes
    3y
    Quote from @Matt Merriott:

    I use Avail for my listings, leases and rent collection maintenance tickets. I use Stessa for tracking P&L. Both are free. 


     Thank you.

    Sorry, what is P and L? 

  • Nathan GesnerBusiness Member
    Moderator
    Real Estate Broker · Cody, WY · Member since 2010 · 28k+ posts · 41k+ votes
    3y
    Quote from @Mary Jay:

    If a notebook and pencil works for you, stick with it.

    I prefer electronic records and would use a spreadsheet. Google Sheets is free and you can access it at any time from any computer or mobile device, so you don't have to remember to carry a notebook with you.

    If you have multiple rentals, track each one on a separate tab:

    1. Rental address

    2. Tenant name and contact information

    3. Lease start/end dates, rent rate, and other pertinent information

    4. Running list of charges and payments

    5. Off to the right you can keep a running list of maintenance requests

    Check out File Place: https://www.biggerpockets.com/...

    The link is located in the footer of every page on the left side. This is an area where members can share spreadsheets, forms, documents, pictures, and more. You may find something there.

    If you find a file you like, be sure to leave it a review!

    The DIY Landlord Book4.7247 Reviews
  • Real Estate Broker · Palm Coast, FL · Member since 2023 · 23 posts · 10 votes
    3y

    We use RentRedi for payments but I also keep a good old Excel Spreadsheet.  I am not a pencil and paper person I like to have things digitally but honestly the best system for you is the one you are going to use, so if that is pencil and paper go for it.  

  • Member since 2019 · 7k+ posts · 4k+ votes
    3y

    use Stessa by importing each PM report monthly.

  • Sheena DrakePro Member
    Member since 2020 · 84 posts · 37 votes
    3y

    Stessa to either take a picture and automatically upload through use of stessa app. Stessa is free. I input receipts by hand because it’s my OCD cure. It will keep all profits and losses (P and L) for you and easy to send by email or downloaded on memory stick to give to your CPA.  

    Avail for collecting rent. Also for free or upgrade to $5 per month per rental for faster deposits (I have this charge as part of the rent) .  Easy to set up your bank acct info.  renter responsible for linking their acct to yours and money deposited automatically   Avail will send you emails to alert you to scheduled payments, late payments, or canceled payments due to insufficient funds.  You can then easily request new payment for late fees without having to talk to renter.  I then check my online linked bank acct to assure money deposited  I also use this bank acct to pay any vendor or otherwise expenses so it’s easy to track and paper trail if needed

  • Member since 2023 · 10 posts · 0 votes
    3y

    @Mary Jay I have something that would be perfect for you. If you don't know all the ins and outs of self-managing. 

  • Glendale, AZ · Member since 2017 · 1k+ posts · 238 votes
    3y
    Quote from @Charles Sotelo:

    @Mary Jay I have something that would be perfect for you. If you don't know all the ins and outs of self-managing. 


     Would love to hear what you have sir

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