All Forum Posts by: Domenick T.

@Nick Delfin

I think we all fear that at first. Once you’ve had a few turnovers and know the drill you get more confident.

My advice is to have at least 3-6 months of operating expense including mortgage in reserves when you start. If that’s not possible then save any extra Cashflow until you do.

Also, you can get more comfortable by analyzing the local market. Invest in a RentRange report which shows you historical vacancy trends. See how long listings last on Zillow. You will probably see the vacancy rate is around 5% or even lower.

Avoid leases that terminate between October and February.

And don’t get desperate and rent to the first applicant. Hold out for the right tenant. It will save you a lot more money than an extra long vacancy.

Good luck!

@Eric C.

Getting an extra $25 in the $4k security deposit account is just an insult to good tenants in my opinion.

I would consider it if I inherited tenants who didn’t have an appropriate amount in the account already.

RentRange is based on actual rents.

@Ali BenAyed

Remove the filter and make sure it’s clear of debris. Run the machine empty using Finish machine cleaner (I give my tenants a couple and ask them to run it every few months). It will clean the insides and remove mineral buildup. That should help with any smell too.

If the water hasn’t drained after the cleaning then you can trouble shoot a couple of other potential issues like a kinked drain hose (YouTube will have several videos) or call a technician.

@Douglas Curtiss

Try RentRange to see trends by property type. If you are in a fluid market it will give you a pretty accurate read of the local rents for a multi family property including vacancy trends.

@Bryan Clement

There are a lot and they all seem similar but there can be some big differences in what they search. Make sure you use a service that searches your county for evictions. That’s the best correlation to future evictions.

@Michael Slockers

It’s treated as income for tax purposes.

Not sure what system you are using but there should be a way to move it from the liability column to income.

Debit Liabilities, Credit Revenue in Accounting-speak.

@Charlene Stovin

Regarding Q2: the legal term is Severability

Definitely include it if you plan to make additions for your other questions.

@Luciana Warman

I like Cozy because it has everything I need but you might want to check out TenantCloud if you want some extra PM features.

@Tyler Eastman

Plus 1 for Cozy. Been using it for years with no issues. Tenants love it too.