All Forum Posts by: Domenick T.

Need more info.

As long as you have any cash flow after accounting for ALL expenses including CapEx, PM, Vacancy, etc. it might make sense to rent it out. Be careful with your assumption that you are at the high end of the rental market. It's rare that a property that needs "a lot of updating" will get top dollar.

I've converted a couple of primary homes into rentals.  Message me if you want to talk specifics.  I have a few guides and checklists that might help. 

I'm in NJ too.  We lose power too often and for too long.

I do these 3 things for SFH:

• Lease clause that states Landlord is not responsible for loss or damage due to service interruptions similar to @Greg M.
• Lease Clause that states rent must obtain Renter's Insurance
• I provide an onsite backup generator 

In this situation you can offer to prorate their rent for the days they were without power but I don't think you are obligated to.  I'd also advise them to call PSE&G and ask if they are offering any compensation for lost food.  I doubt it but at least they will hear it directly from the service provider.  Live and learn. 

Cozy, Avail and TenantCloud are favorites of this forum.  Google "online rent collection software comparison chart" for some resources to compare them all. 

Without registration you will not be able to bring an eviction case and you can potentially be fined.

@Kyle J. sent you the link to the state form but also see if your local town has one too.

Congrats!  A simple spreadsheet is all you need for one property.  Cozy is also a good option.  Use it to collect rent online and it will track all the income.  It has expense tracking and maintenance tracking features as well if you want to use that to track your expenses but it doesn't create any sophisticated reports so you will need to create your own spread sheet anyway.  

Rent Prep is one of the few manual screening services.  They offer instant reports too (via SmartMove) but their expertise is in manual screening.  This means they verify the data before you see it and they can check blackout states which the instant screening services can't.

Cozy uses Experian which is an instant report.  It's a good report but it may not meet your needs.

Google "Tenant screening services comparison guide" to see a side by side comparison of several instant and manual screening services.  That will give you the information you are looking for.

Some of the rent collection services have editable applications built in.  Check out Spark Rental, Avail, and TenantCloud.  

Plus 1 for RentRange.  I use it every turnover.  I have a coupon code that saves you 25%.  Message if you want it.

I also came across a new site called MyRentCoach.  Check it out.  They might have a free trial going. 

Agree with @Heather Frusco.  I'm in an urban area and it definitely increases the number and quality of prospective tenants.  I estimate it adds about $100 to the monthly rent.

Try Zumper.  I've heard good things in other landlord forums.  I haven't used it yet but plan to for my next turnover.