All Forum Posts by: Jasmine Delves

Luxury vinyl plank (LVP) is another option. It tends to be more durable than laminate and can be used in just about every room because it's waterproof. It's more expensive than laminate but you'd have to do a comparison to see if it would be cheaper than tile. It's something to consider anyway.

Is there anywhere you can put a simple sign reminding them to turn off the lights before they leave (maybe the door on the way home)?

You can talk to the second-floor tenants too to remind them. Even if it's just from a purely practical viewpoint (the lights don't need to be on all the time), I don't see why they should have an issue with this. It's not a bad thing to be a little more energy-conscious! They don't need to know about it affecting the first-floor tenants' bill if you don't want them to.

I haven't personally used it but I know I've seen threads about it here before. Could be worth doing a quick search!

There are lots of great software options out there for property management. I'd recommend choosing one based on your top priorities - for example, some of them are better than others in terms of accounting and bookkeeping, whereas others might be stronger for rental listings or tenant screening. It depends on what you are looking for!

I'm sure someone here will have a personal recommendation but in the meantime, there are also online directories you could take a look at. Some of these are CPA Directory, Tax Buzz, Accounting Match, CPA Finder, State Board of Accountancy Directory, etc. They should allow you to filter by location and specialty. 

Podcasts are another great way to learn, too!

Lots of high-quality photos (hire a professional if needed), good copy, and social media advertising (free!).

As mentioned already, there are lots of great property management apps out there that have online rent collection features. If you have any other priorities (alongside rent collection) such as rental accounting or tenant screening, I'd consider those when you look for your software too.

There are tenant screening services that will check your prospective tenant's credit score, eviction history, etc. For rent collection, I'd recommend using property management software that has online rent collection features. That way, you can also automate reminder emails and late fees. Plus you have access to additional features such as tenant screenings, rental listings, and accounting capabilities.

An easy way to get an idea if people are renting in your area is to check rental listing sites (Zillow is one but there are lots of others too). You will be able to see how many comparable properties are in the area, as well as the rates.

It can be a little more difficult to determine cash flow on a vacation rental as the vacancy rate is likely to be less predictable (unless you're in an area where you can rent out all year round). It helps to have a location in mind as this will influence when the peak rental season is. Once you have decided on a location, you can look at comparable properties in the area to determine rates. As well as looking at Zillow, you can also look at vacation rental listings on websites like Airbnb and VRBO to get a clearer picture of the market.

If you don't have a location in mind already, you'll have to do more thorough research. Consider local attractions, the weather/seasons and recurring events (e.g. festivals).