All Forum Posts by: Jay Levy

Ric - 

There are many options out there that integrate with the booking sites, allow you to have your own website, show calendars, etc.  here are some name:

Smoobu

Lodgify

Streamline VRS

Guesty

Air GMS

My VR

Kigo

Hostaway

Avantio

Lodgix

Vreasy

RNS

Fetch my guest

Cloud Beds

Bookerville

Drew - 

From my perspective would you let a stranger live free there, I assume the answer is no.  Given that it is your friends why wouldn't you expect them to pay and why wouldn't they want to pay.

As you can see renting to friends has its pro's and con's like anything, but nobody would expect you to pay their rent.

Jay

Hello - 

I'm looking for a good, easy to use, scalable lease management platform.  Looking for a tool that helps create them (with state specific info),  integrates or has an digital sign  tool, parses the data into a database, reports on them and stores them.

Ive used some of the inexpensive online lease creators and while they are good for one off lease creation they aren't a good solution for a landlord who has 50+ units.

Any suggestions would be helpful.

Jay

Hello I’m looking for a software platform that helps landlords manage their leases. We have been using ez landlord forms and while is good because it has state specific requirements it is somewhat cumbersome to use. I’m looking for scalable solutions as we grow our portfolio. Jay

Don't forget to include insurance costs.  

My model has this with about an a $600 a month in net income with a 30 year 5% mortgage at 75% and the rehab factored in the mortgage with a cap rate around 8%

@Nick C.

The units are pretty beat up and once they move out we plan on doing a renovation, so we figured it maybe found revenue.

Ive been thinking about 'self insuring' our units against damage in some of our properties.  The properties I would do this in are those that we plan on rehabbing shortly.  These units rent out for $1400 a month plus 1 month security.  Im thinking about offering tenants no security but rent of $1440.  Has anyone every given tenants this option?

One thing to keep in mind when purchasing a property of relative you need to be able to justify the price is at or around market.   I recently did this on a property that was around market so that it isn't being viewed as a gift.   There are areas that money is saved by buying from a relative i.e. RE broker fees so that can reduce the price by 6%, transaction fees can be reduced, etc.  Be able to justify the price is fair.

I recommend talking with an accountant as I'm not one.

Jay

Steve - 

Further at the end of each year they will have to provide you a form 1098 which will detail the amount interest you paid, mortgage balance, etc.  This will be necessary when you do your taxes.

Its a simple form to fill out, and the IRS can send you copies.

Jay

p.s. im not an accountant consult an accountant

One thing to consider is the direction interest rates are heading.  If they continue to move up you maybe very happy to have a locked in 5% and cash on the sidelines as properties will fall in price and cap rates should also go up.  Having some dry powder is not a bad thing.

Disclaimer: I’m not a financial advisor, you should consult with a financial advisor.