All Forum Posts by: Account Closed
Account Closed has started 1 posts and replied 37 times.
Post: 2020 Best Property Management Software
- Rental Property Investor
- Brighton, CO
- Posts 37
- Votes 36
@Daniel Dietz Sorry, I don’t seem to always get the notifications on this platform.
It does the basics, but is limited when you want more sophisticated features. My bookkeeper has to use QuickBooks to fully track the books and when we move to Rent Manager, she will do all the accounting in Rent Manager.
Rent Manager has a mobile app my maintenance guys can use to capture photos for work on units.
We have about 300 units. While Rentec let us setup tenant portals, it’s not the easiest to use and my team spend a lot of time walking tenants through questions.
We are also concerned about tracing activity in the software. Someone can make a change and it is not always tracked.
I think for under 50 units it’s a good tool for the price.
Post: Austin Women's InvestHer Meetup Group - January 2020
- Rental Property Investor
- Brighton, CO
- Posts 37
- Votes 36
@Stephanie Banno she’s the Apartment Queen with only $2million in real estate?
I’ve purchased over $10million in multifamily, and I wouldn’t give myself that type of label.
Post: How to find a good Property Manager
- Rental Property Investor
- Brighton, CO
- Posts 37
- Votes 36
@Alisa Gerald the leasing fee has to do with all the time a leasing agent has to spend fielding phone calls, screening potential tenants and showing the unit. It typically takes 7 or 8 inquiries to get one showing and unless you are in a market with a shortage of rentals, it may take many showings to get it rented.
You may be able to get a property manager to reduce or waive the fee, but that also means your property will not be their top focus when they are working on renting vacant units in their portfolio.
Owners are quick to complain about fees, and some management companies have excessive fees. However, good property managers need to be compensated for doing a good job.
Post: Clayton Morris seeks over $7 Million from James Wise for Film
- Rental Property Investor
- Brighton, CO
- Posts 37
- Votes 36
@James Wise good for you for speaking out and warning others about a scam artist.
Post: 2020 Best Property Management Software
- Rental Property Investor
- Brighton, CO
- Posts 37
- Votes 36
@Michael Ablan my only caution about Appfolio is lack of integration. As you grow, you may want to sign up for other services and my understanding, Appfolio is one of the few that doesn’t allow you to integrate with other services.
I’ve also seen many complaints about the inaccuracy of their background checks, so look for another service for that if you do go with them.
I went with Rentec for quick and cheap setup, but we are planning to move to Rent Manager in the new year.
Post: Starting in Mobile Home Park Investing
- Rental Property Investor
- Brighton, CO
- Posts 37
- Votes 36
@Chris Young have you attended one of the mobile home boot camps? Frank Rolfe does an excellent job of providing comprehensive training on mobile home parks. There’s a lot you need to know and understand before you can determine if a park is a good investment. So much more than other asset classes. You need to do environmental studies, and stay away from parks that have their own sewage treatment plants or septic systems.
I was interested in investing in parks as a diversification from multi family. I spent a few years looking at parks and making offers. On larger parks, the big companies are willing to pay a lot more to acquire them than makes sense for a smaller investor. Parks with 30 or less lots would be easier to acquire, but if you are not local, they will be difficult to manage.
Proceed with caution.
Post: Tenant Abandoned Unit - What Type of Lawsuit for Unpaid Rent?
- Rental Property Investor
- Brighton, CO
- Posts 37
- Votes 36
@John Morgan there’s so much to leasing laws and what you can or can’t say in court.
You should be able to find an attorney that focuses on handling evictions and if they do them regularly they aren’t that expensive to hire.
I’ve seen tenants try to pull all sorts of scams and having an experienced attorney who knows the law is very valuable.
Post: Out of state small MF investing
- Rental Property Investor
- Brighton, CO
- Posts 37
- Votes 36
@Salome Ditmars I had SFH rentals for years in a Denver. For many years, minimal cash flow. Finally sold and bought multifamily in Ohio.
You do need to carefully research areas and ensure there is an honest and reliable property management firm. Long distance means they can play on the fact you can’t see what’s going on with your property.
Post: Property Management Expenses
- Rental Property Investor
- Brighton, CO
- Posts 37
- Votes 36
@Ryan Webster When a unit goes vacant, it needs to be fixed up for the next tenant. Rarely does a tenant move out and leave a unit in great condition. There are cleaning fees, painting, and sometimes repair to doors, etc.
You would need to pay the costs to make the unit ready for a new tenant.
Post: Recommendations for Turnkey providers in Kentucky
- Rental Property Investor
- Brighton, CO
- Posts 37
- Votes 36
@Christy Osterkamp we can help you out. Please message me.