I’m curious how this works in real life. Say you send a plumber or handyman out during a turnover, and once they’re there they find something else that needs to be fixed. The cost is now above what you’re allowed to approve, the owner isn’t answering, and the vendor needs an answer or payment bef...
Had a conversation with another landlord last week who doesn't reserve for anything, just keeps cash on hand and handles repairs as they come up. Works fine for him, three properties, healthy cash position. Made me think about when that approach actually breaks down. for me it stopped working aro...
So, I used to do everything on a spreadsheet, and I got kind of old. Any ideas for record keeping or anything? I was able to test a managing app, does anybody have anything comparable?
What's One Process Every New Landlord Should Put in Place Immediately? If you could give one operational tip to someone buying their first rental, what would it be?
As investors scale, property management gets more complex. I’m seeing better results when funding strategies and property management planning happen together early. How are others preparing for operational stress when growing beyond 10+ units?
Hi! To all my commercial property owners, what app/service do you like best for rent collection? And why?
I use both platforms currently at varying degrees. But have not had the chance to really test both side by side. Can anyone give their experience in using both and what they prefer and why.
Quick question for landlords who self-manage. I’m curious what other landlords are dealing with right now. What part of managing rentals takes up the most time for you? • collecting rent from tenants • chasing late payments • maintenance requests and repairs • tenant communication • bookkeeping /...
Software recommendations to run RV park (11 spots) and manage 12 single-family home rentals. Software that's hopefully secure, easy to use and cost-effective. Financial: Help with collecting and tracking rents that have been paid. Integrates/compatible with Quickbooks Desktop. Advertising to simp...
At What Portfolio Size Did Systems Become More Important Than Acquisitions? Many investors eventually hit a point where operational efficiency becomes the priority. When did that happen for you?
Most advice about maintenance reserves assumes you've owned the property since day one and know exactly when everything was installed.But if you bought something with an unclear history, inspection report is vague, seller "doesn't remember" when the roof was done, how do you set your starting res...
Curious how granular people actually get with this. Some of the replies on my last thread here got me thinking. A few people track age and remaining life per system (roof, HVAC, water heater, etc.) and set aside a specific amount for each one. Others seem to just keep one general "maintenance/rep...
My property manager charges 10% markup fee for all service calls. So a $250 plumbing call turns into a $275 call. Does that sound crazy or normal? I already pay them a management fee, you'd think that would be included in that but maybe I'm wrong? I pay 7% management fee or $55 a door whichever i...
Hi - I am looking to purchase my second rental property. Due to a previous not-so-good experience working with a property management company for my first out-of-state rental, I am very cautious about who I work with next. I want to get the community's help in finding a solid property manager you ...
Are tenants typically the ones to pay for all of the following: water, sewer, garbage, gas, and electric? If any of these are the landlords responsibility, do they add that to the amount of rent they charge or is it not enough of an expense for it to matter?
I am wanting to enter the REI world but will not have time or skills to self manage. Looking for a property manager and think I have found one but wanted to make sure his fees are in line with the norm: 9% of all rent collected. $100 placement fee when securing a new tenant. 10% markup on all ven...
Bought a duplex last year where the previous owner kept zero records. No idea when the roof was done, how old the water heater actually is, nothing. I had to walk the property with a flashlight and guess based on wear patterns and model stickers. Curious how other people handle this. Do you just ...
Hello all! Aspiring investor here, very close to pulling the trigger on my first deal for a long term rental investment. I would prefer to manage the property myself and would love any recommendations on software or resources you use for collecting rent, background checks, etc etc. TIA
Hey BP community! I’m looking to get honest feedback from fellow landlords especially those managing small portfolios (1–20 units). I’d love to know: What property management software do you currently use? What do you like most about it? What do you wish it did better? Have you tried any others a...
As I read over my leasing agreement for my tenant, I notice the verbiage indicates opening an escrow account. Is that standard practice?
With one property, a lot of landlords can genuinely wing it, know the place well enough, handle things as they come. Curious where that stops working for people. Was it a specific number of units? A specific bad year? Managing remotely instead of locally? What was the moment you realized you need...
I have a triplex with three wonderful young women who are renting a three bedroom. They work at very nonprofit nonprofits so they have no money and they are really fantastic. My challenge is that they used a dish rack on the counter right above the dishwasher, yet with no trey! At some point, the...
Are investors starting to prioritize: • fewer headaches • stronger systems • and cleaner operations more than aggressive expansion?
My partner and I own a small rental property in our personal names, but we also have an LLC that we use to manage it. We run the LLC ourselves. We’re thinking about putting only the LLC on the lease as the landlord/property manager instead of our personal names. The main reason is privacy—we’d ra...
My tenant moved out. We did final walkthrough. All issue were pointed out during the walkthrough. He could not attend in person, so I had to do one via video. I told him how much I will remove from his security deposit (about $1500 for the repairs) Remaining money was sent to him. Copies of invoi...