While running my own numbers, I realized I was only factoring in a loss of rent for vacancy costs. Here in Columbus, service providers charge a service fee, usually around $30-$50 per gas & electric, even if you don't use any power. Add that on top of marketing costs ($100 per month), and you're ...
Good morning, I am reaching to get input from other on what they have done in a situation where the refrigerator has went out and food had to be thrown away. The fridge went out last night and thawed and isn't cold, I went first thing this morning to look at it and have a technician coming at noo...
Hi team. I'm looking for a good PM in the Cincinnati, OH area with good referrals, good communication skills, and clear accounting systems. Any good or bad suggestions? Thank you.
I own 27 rental units across the U.S. and Canada. Cash flow gets most of the attention, but I also want to know how much debt I’ve paid down and how my equity has changed. I am horrible at keeping track of receipts and I have two year ends. One in Canada one in the US. Which sucks because year en...
I have 4 LLCs each LLC is in a different state. LLC #1 has 4 properties, LLC #2, #3 and #4 each have one property. So a total of 7 rental properties. Considering REI Hub for bookkeeping and my credit union which can support business accounts. If I set up each LLC and each property with their own ...
Do you include pest control as included as part of the lease/rent? Or do you leave it up to the tenant to pay for this? Our current policy allows the tenant to pay for it, or not. Its their decision. However recently we had an issue with mice in a property. After calling the various pest control ...
I’ve owned rental properties for many years now. I’m well-versed on property managers, and I’ve worked with some good ones and many subpar ones. But none compare to the horrendous company that is Rentwell in Pittsburgh. Fellow landlords, stay far away from this company. I hope this review can sav...
After spending 13 years in the property management industry, including over 10 years in upper management with leadership roles such as Financial Director, I finally decided to take a leap of faith and start my own company, Southern Magnolia Property Management, serving Augusta, GA, and the surrou...
Hello, my tenant is breaking his lease early and I need to find another tenant by December. Does anyone recommend any property managment companies in San Antonio? Zip code - 78220
For investors building a rental portfolio, what usually makes DSCR financing attractive for a particular property? Is it the property's income, the overall portfolio strategy, qualification considerations, or something else? What makes you consider DSCR over other financing options?
I recently hired a property manager for my Houston rental property. A contractor disabled the HVAC system for an inspection and did not turn it back on. I only noticed because my electricity usage dropped significantly. I alerted the PM and they sent someone out and now I owe them $200 for the vi...
One of the best ways to save time as a property manager is to automate tenant emails, especially for frequently asked questions. And you don't need to be tech-savvy to do it. All you need is one of Claude Pro plans; the cheapest one goes for $20/month. Here's what you need to do. Create two Claud...
Hey everyone! I am new here and looking to buy out of state and wanted to see if anyone had any advice as to how to manage your property independently, even out of state. I know it’s typically unconventional but I am not looking to build a huge portfolio, but keep a low overhead on what I do end ...
Wondering if there are product recommendations to monitor multiple properties for heating and cooling failures? I see there are multiple products that monitor temperature and humidity and as well as alert, have a different price point as well as subscription options etc. Appreciate recommendation...
Hi everyone, I got a property manager to run my LTR for the past 1.5 years due to things happening in my personal life. Now that things are settled, I am planning to transition back to self-management. Nothing against the property manager. Not bad but not notably amazing. For those of you who hav...
I've spoken with several property owners who manage their own properties, and many of them face challenges dealing with tenants, contractors, maintenance, and other common property management issues. If you're a property owner managing one or more rental units yourself, what is the biggest challe...
Hello, I rented a single family home to a family with two toddlers, and within 2 months of living in this home (new construction new home) they called and said there was dampness around washing machine. I sent the plumber out and he said there was nothing wrong with the machine (it is a brand new...
I have three LLCs with SFH rentals in different states. One has a PM, and I self-manage the other two. What is your exact LLC banking and bookkeeping setup? Have you found a high-yield LLC savings account that can receive rent and pay mortgages and other expenses? Which PM and bookkeeping softwar...
Happy Thursday everyone. Three more observations from the self-managing side of rental property. Three Landlord Tips 1. Look beyond the repair bill. A $1,500 repair may look better than a $6,000 replacement, but the lowest price today isn’t always the lowest cost over time. Age, repair history, e...
A late fee clause in a management agreement trips up a lot of owners, and I am curious how the people here handle it. When a tenant pays a late fee, who keeps it in your setup: the owner or the management company? I have seen it go both ways. Some agreements let the manager retain late fees as pa...
I manage rentals across the south and southwest Chicago suburbs, and the markets that keep producing steady cash flow are the ones a lot of out of state investors skip. A few I would point newer investors to: Matteson: single family and small multifamily at accessible entry prices with steady ren...
I manage rentals across the west and southwest Chicago suburbs, and DuPage County is one of the areas a lot of out of state investors overlook when they are chasing yield. A few places I would point newer investors toward: Naperville and Wheaton: strong schools and steady professional tenant dema...
I'm self managing 5 rental properties and one of my most time-consuming task is handling comminications between tenants. I have a 9-5 so I'm always juggling from scheduling repairs, or going back and forth with tenants. I'm curios if you guys having the same expeience and if you u are using a som...
A landlord friend of mine was venting to me about rent collection. His tenant pays late every month, and he couldn't figure out why. I asked to see his lease. Rent was due on the 1st, and late fees started on the 10th. I told him, "Your rent isn't due on the 1st. It's due on the 9th." He looked a...
I have a 3 bedroom unit with 3 adult and from time to time, they have 2 toddlers that stay for a short period of time from time to time They also have 2 teenagers that does does the same thing what would be the best way to handle this