All Forum Posts by: Jason Ray Richardson

Great job!

I have been using Tenant Cloud for several months now and like it for the most part. i like the look and feel it's very intuitive and they have a mobile app for both me and the tenants. They do not have phone support however I have had some of the people from there call me (including the founder) to get some issues I had straight. The only knock, which seems to be on some of the other ones, like cozy, is the payments take too long to get to my account. Ultimately just make a list of all the things you are looking for and try a bunch of PM systems out, most have free trials, and see which one checks off most of your wants.

In a hurry to do the deal not accounting properly for old AC units

Trying to run the numbers in my head

 Leaving water in pipes to bust when it froze

Be interesting to see what others say. Your deal looks remarkably similar to the one I'm looking at here in Mississippi. My big question on this deal I'm looking at is how much do you account for needed updates on the property. The 70% rule in single family says you take the ARVX70%-repairs=offer. I was wondering if that is realistic in commercial deals.

@Ryan Beckland I know this is an old post, but I had a question on your formulas. Here is an example of a deal I'm looking at there are 15 vacant lots that could be probably rented for 100. there are 18 park owned homes (12 rented 6 vacant and in need of repairs). Just knowing that what would be the max that you would be willing to offer?

@Bob Langworthy In my saying 1,000 profit for the whole building (5 units) is figuring 5% vacancy. In my area good, reasonable rentals (commercial and residential) usually go quick. you said you figure a 25% vacancy. what was that magic number for you that said as long as this deal nets me X a month I'll do it?

200 profit a door. So there are 5 offices in the building so it would be 1,000 profit (after mortgage, cap ex, management, taxes, Insurance, etc). That good?

Thanks for the quick reply! So I've heard Brandon Turner mention making at least 200 a door. So does that apply to real estate too? 5 units are in building.

I've seen several different ways to calculate the value of a commercial building. I believe that it's more based on rents versus looking for comps (like on single family residences). My questions are

1) Is there one method over another that you all would suggest?

2) This building is almost fully occupied however there are some AC units and rood repair that has been put off for sometime. Do you value like you do with the 70% rule in residential real estate. ARV X 70%- repairs= offer?

In the way of the update I now find out that it takes 7 days for you get a payment from the tenant! I've heard of other providers taking 3 days and people complaining. I'm probably regretting my decision at this point, Rentec Direct shows getting them in 1 or 2 days. Sure I could use multiple platforms 1 for keeping up with accounting and bill the customers through something else, but I would rather have the ease of one platform. I don't mind paying a "reasonable price" for a service like this. Anyone have any other ideas on other platforms?