All Forum Posts by: Emil Kostov

Quote from @Emil Kostov:

I started with Buildium, but after two years I moved to Propertyware and have been with them for 11 years 

Quote from @Emil Kostov:

Those were random names. I tested TenantCloud for a friend, but that was about 18 months ago. I looked at RentRedi because it's free from BiggerPockets, but I didn't really test it. I use professional software and have no need to research the DIY platforms.

Quote from @John McCabe:

Ok, I'm considering making the switch to RentRedi or Turbo Tenant. Please give me CURRENT pros and cons. I realize both of these platforms have made many changes over the past year. If you are a current user please tell me the good and the bad for each. Thank you!! 

There are professional websites with detailed reviews. You can't really know how good someone's review is unless you now them personally, how many units they manage, how long they've used the software, how tech savvy they are, etc. What works well for me may not work well for you.

I recommend signing up for trial accounts on both and running then through the wringer to see if they will perform the way you want them to. Some considerations:

1. Most investors don't need software until they have 5-10 rentals. All you need is a single place to track tenant information, payment history, maintenance, and a few other things. You can easily do this on a spreadsheet and it will take less time to track than it would to find and learn a new software. If the software is not simplifying your life or making you more accurate, you shouldn't use it.
2. Software does have extremely helpful features like online payments, marketing syndication (click a button and your property is advertised on multiple sites), electronic document review/signing, maintenance tracking, and owner reports. But do you really need that for your one rental?
3. There's no perfect software out there. Every system you try will have flaws or you'll salivate over a feature that shows up in other software.

Some common names you'll see thrown around a lot: Stessa, Apartments.com, RentRedi, TenantCloud, Innago, RentManager, Avail, Rentec Direct, Doorloop, etc.

I recommend you search for each of those apps online and see what they offer, how much they charge, etc. Make a simple spreadsheet or written list with the features of each and see which ones appeal to you most. Try to narrow it down to your top 3-4. Once you have a short list, get an account with each one and run them through the wringer to see how they really function. Do one task at a time in each app so you can compare apples to apples.

• Load a property with pictures and details.
• Market that property.
• See what your marketing looks like from the public's perspective.
• Submit a fake application to see how easy the process is.
• Run a credit/screening report on yourself.
• Enter a maintenance request, assign a vendor, attach a fake invoice.
• Enter charges to the tenant's ledger.
• Enter recurring charges and automatic late fees.
• Sign documents electronically.
• Run owner reports.

After testing a few apps, one of them should stand out for you. Choose that one and use it. No system is perfect, so don't waste your time chasing after the next shiny object. You should only have to change when your current software has a flaw or lacking feature that is causing you to spend too much work on a work-around. Then you can consider researching and finding something that meets your needs better.

@Emil Kostov  Have you looked into unsecured loans like SoFi or Discover?  I used SoFi in the past and they offered me $50k at 12%, rate is slightly high but it is unsecured.  Approved in one business day and funds in my checking acct within 2 more business days.

No fees at all, no prepay.  Discover offered similar terms although only to 35k.

Hope that helps!

@Emil Kostov

Not sure who gave you that site, but to me it’s not even a website

My recommendation is to post what it is your looking for and see if people will consider it

since those locks are most often lower energy Bluetooth at the lock, and the hubs just stay plugged into the wall.  

Quote from @Emil Kostov:

You are asking people to take a break from work to do more work.
I am not saying its impossible to find and if its something you are looking to find, I hope you find it.
I am just trying to set realistic expectations.

I think you should go to a networking event and invite a professional to attend with you. 
best of luck

Quote from @Forrest Soule:

Recent purchaser of a duplex I will be owner occupying. I plan on doing a lot of renovations as well. Should I set up a separate bank account for rent collection and renovation expenses? Is this typical? 

Thanks!!!

You need two accounts: checking and savings. If the properties are split into more than one LLC, then each LLC will need its own accounts.

Checking: collect all income here, then use it to pay bills. Pay the mortgage. Pay for maintenance. If you are setting aside funds for capex, taxes, insurance, or other expenses that don't occur monthly, transfer those funds to Savings each month and hold them there until it's time to spend them. You will receive the security deposit in Checking but then transfer it to Savings.

Savings: Hold the deposit here so it's separate from operating funds. You can also hold money for maintenance, capex, taxes, insurance, or other projected expenses. When a tenant moves out, transfer the deposit back to Checking so it's ready to apply towards expenses or to refund to the Tenant.

If you end up with excess funds in the Checking account, I recommend you transfer it to a third account that is specifically designated for future investments. That ensures you don't spend it on other things and that you know exactly how much you have available to spend on the next purchase. If it's mixed in with your deposits and reserve funds, you may accidentally spend money you shouldn't have.