All Forum Posts by: Krishna Chava

@Sam Spitz @Mikael Lickteig I have installed tech package that has the smart doorbell, smart thermostat, fire alarm and water leak sensors in 30 units in DFW. 

I would warn against smart locks in general but Kevo in particular. It's a great lock for the homeowner but it's easy for the tenant to lock themselves out because phone ran out charge and they left the physical key inside the unit,  or kevo app isn't working on their phone (It doesn't work well on newly released Andriod P operating system).

As owners/property managers we want to smart home tech to reduce our workload, not increase it by support calls. All the rent premium you get quickly goes away if that means extra maintenance.

Krishna.

@John Casmon I have installed tech package in most class C+ properties and tenants are ready to pay 25 extra for it. This wasn't possible a year ago, what changed the game is immense popularity and utility of video doorbells. 

@Harv Yergin IV My rentals are as high tech as they get ( video doorbells, smart thermostats, water leak detection etc.,) but smart locks weren't good ROI for me.

@Ryan Keenan Over time, I have learnt that I should ignore conversation with tenants why tenants are late on rent. I would hear them out, say I feel sorry but I have a job to collect rent. I do it even when then know I am the owner, not just property manager. I would get to eviction court and get a judgement. You can always let them stay after judgement if they pay up, but I wouldn't advice it in your case given your description. Krishna.

Interesting question, something on my mind as I have 0% vacancy most of this year on 75 units. I was overjoyed at first, not having to turn over properties, but I am now leaning towards increasing the rents and amenities to the point I will have some vacancies.

I used to be one of the people advocating slightly below market rent to keep tenants happy. But experience has taught me that tenants are happier with higher rents and better amenities. This also has the effect of slowly improving your tenant pool by adding people with more disposable income. 

My short answer is: Yes, 0% is not the best vacancy number.

My business partner and I self manage 75 units. We both have full time jobs. 50 of these units are at one place and 25 are scattered around. All within 1 hour radius of our residences. Here are the the things we did to systematize:

1) Use property management software for leases and rent collection. For people not willing to able to pay online, give deposit cards. Phase out cash and checks.

2) Get a google voice number and train your tenants to text the issues. Calling is only for emergency. Once tenants see that they get faster response by texting, they will get used to texting. Text back summary of any conversations you have such that you have a log of these and partners can seamlessly take over back and forth.

3) Use reliable professionals for HVAC, Plumbing and electric issues. You don't want to use handyman here even though you will spend more money. Eventually you would want to develop relationships with these professionals such that they give you good service at reasonable prices. Treat this professional services as extra expense for self managing.

4) Keep a handyman on call by paying him a small amount monthly. Since we have 75 properties, we let him stay rent free (750 per month) in one of the units. We don't need him more 2 days a week, but he is available when needed and that counts.

I am also automating my properties with video monitoring, smart thermostats and water leak sensors but that is a different aspect of automation that we have recently started.

Thanks for sharing. I installed smart thermostats in my rentals and they let me monitor humidity in the rental units remotely. I was wondering what I can do with that humidity information. Now I know, Thanks.

There is a Hikvision doorbell camera rebranded by LaView ( and may be 10 other  resellers) that's on Amazon for $99. Stores to local SD card and can access video from anywhere. Their app is little clunky ( even app is rebranded from original Hikvision app) but camera is great. I am using at personal home and overall happy with it for price I paid.

@Marco G My banker said that is the standard language (call any time) on all their portfolio loans. I didn't shop around much because I was getting a good rate and this was my first portfolio loan. I have done several other loans since then with same banker (>2mil total), but language remained same and I didn't think of questioning it. 

If I get to refinance these loans (unlikely, mine are fixed rate for 5-10 years), I will discuss making loans not callable and instead promise DSR above 1.3.

Great post @Phil McAlister . I have a related question. My portfolio loans can be called due anytime(My banker says they will never call the loan if my payments are in time, but that's not the way on paper). Say there is recession and my geographic area is not doing good in terms of Market, my bank will be less likely to call my loan if LTV is 65% vs 85%, right? I might be asking the obvious, but wondering if more experienced folks like you can throw more light on this other than the obvious.