All Forum Posts by: Jeff Gates

Nancy, well written!

You don't need quickbooks to get this property accounting. Property management software with a good accounting package does this. Exactly like this. Why use two software packages?

A spreadsheet will never check the accuracy of what you do, you can put any number anywhere and it will not object. A spreadsheet or microsoft word is about the same with the exception of formulas.  You should start with chart of accounts and account types.

Beware - Some applicants seek out private landlords with hopes they won't do a screening properly. They purposely avoid property managers with hopes the private landlords are sloppy in their process and procedures.  In the end it is a numbers game. In my last recent vacancy I had 104 applicants. Only about 5 were worthy of the step beyond the pre screen. A friend of mine just rented his place and had 45 applicants in one day. He had about 10 worthy of the step beyond the pre screen. 

Dwolla is a peer to peer system that may have security risks.  I did read this: 

Dwolla fined $100,000 for misrepresenting its data-security practices

If you have to discuss security deposit payment you know this applicant will give you trouble at some point. Just move to the next one.

Have you thought about the rent-to-own contract? I don't want to talk details here but a friend of mine did these for while. They improve cash flow. You would need to change the tenant. 

Don’t assume I discriminate against anyone. 

California is first come first serve. If you have a applicant with w2 income contact you first nothing is wrong with your choice.

When I have many applicants, I ask for w2 income. If they own a business I wont move forward as long as I have alternatives that have w2 income.

Use google, search for property management virtual assistants.  Folks will staff the call center for you.