Niles, MI · Member since 2016 · 41 posts · 11 votes
Hey all,
We just purchased our first rental (woohoo!). It's a small SFH with practically nothing to do to make it ready for rent. We're in the process of tenant screening right now (we've had like 40 bites!)
My question is, how do you guys keep track of yearly maintenance tasks done to your rental? I read the BP book on Rental Properties and they suggested doing certain tasks yearly to keep the place ship-shape.
Is there a software available for this? Does Quickbooks let you do it? We bought Quicken for managing the financial side of things since we only have one property at this point.
Also, how do you keep track of which repairs have been done to a property and which ones need to be done? I'm big on organization so I'm curious to see what y'all have come up with. Thanks!!
Property Manager · Grants Pass, OR · Member since 2009 · 429 posts · 201 votes
10y
Hi @Hilary Hageman - Congratulations on your first rental! 40 applicants is an awesome issue to have when you have a vacancy, so congrats there too.
Just some tips on tenant screening. Be sure you are being very diligent on this. You want to run full credit, criminal, and eviction on these applicants to ensure you don't move in a bad tenant. One bad tenant can ruin your entire vision for the property and make it unprofitable for years. These reports are easily and instantly available to all landlords these days, so no excuse. Plus the tenants are paying for it in their application fee.
For maintenance, if you aren't using a property management software has has the maintenance features built-in, you could just setup a recurring google calendar item for the routine things, and google tasks for one-off items. That's the 100% cheap way to go.
Retired Landlord/Author · Commerce Township, MI · Member since 2012 · 1k+ posts · 1k+ votes
10y
Purchase QuickBooks Pro.
Turn on the Class Feature in the Preference Section.
Setup your Properties as a Class and then when you write a check for expenses, you assign that expense to the that particular property. You do the same for rents (income) by setting up your tenants in the Customer Center and assigning their rental unit to the correct property (Class)
Whenever you want to see your bottom line (Income less expenses per property) run a Profit and Loss Report by Class.
Investor · Juneau, AK · Member since 2015 · 980 posts · 741 votes
10y
Congrats Hilary,
I would work on system that fits your personality and scale.
With a couple of single family rentals, a simple calendar with a tickler may work as mentioned for what needs to be done... There are some maintenance calendars and ideas on home improvement sites, realtor sites, and even from the big box stores...
Another easy hack for routine maintenance I use: I actually sync my fourplex maintenance with my own home to make it a no-brainer.
For example, my rental is not far away, so when it is time to clean my gutters at home (all the leaves have fallen), it is time for the rental, too.
And the same holds for my grass length (cut it same day so I don't even change clothes but once)... It grows about same pace on both sides of town... Snow is similar but it is a bit colder (micro -climate) by the rental so I do that more often at the rental (which is on the work commute, another recommendation I like for DIY landlords). Dryer vents I also clean more often at rentals, etc...
The key is the trigger that works for you (i.e., one seldom wakes up thinking I need to maintain this or that, so something to remind you helps). Of course, I like to consolidate, too, when possible (may as well clean the gutters if you already have a ladder out and are painting and trimming trees, for example).. Rituals around the season are ideal and may depend on your property type and climate...
Of course, on recording it all, I also like to hit the easy button and get a two-fer by using my tax records to also record work done. That is, all my receipts and invoices will include all your materials and repairs, so you likely get a record there of a new toilet, flooring, deck repair, or closet door.
So you record expenses and this can remind you when you did a task or replaced something, provided there was an expenses (like a replacement part which is common) associated with the repair. Also , write what property it was on the receipt if you have many rentals, for tax purposes and maintenance records. One could keep a diary or journal or spreadsheet, but I got into small scale landlording to get away from paper work and spreadsheets (enough of that at the day job)... But to each their own...
Also, the unit turn-arounds are ideal for thoroughly making sure ALL the wear points and moving parts are in top conditions. And you can develop a process for that. Then you know you gave the unit your once over at the lease turnover (which you will have a copy of for the dates).. So you know all the filters, flappers, and locks are new and drain clean and clear....
On "what needs to be done" in the future I think you will see this on your day to day maintenance (one advantage of being a DIY landlord) you can spot the loose boards and areas that need paint or protection, while sweeping, shoveling or mowing, etc...
For new properties, your inspection report may have even clued you in on some pending maintenance needs. Sometimes even a contractor will let you know if there is a routine or recommended maintenance item.
On a related point (more capital than maintenance) you can do a chart for CAP Ex and what may need to be replaced.... Of course, one may need a more systemized approach as they scale up and add many units, be it work orders or maintenance records.. This has just worked with me on a small scale.
Investor · Saint Paul, MN · Member since 2016 · 17 posts · 7 votes
9y
My pleasure Shaquetta Chittams . One of the guests on BP podcasts runs the DeRosa Group with his wife and shares insights on YouTube. @Matt Faircloth outlines his strategy for doing preventative maintenance every 8 months and what to look for. There are a ton of useful tips in each video so I'd recommend checking them out as you wait for the next @BP podcast to come out.