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All Forum Posts by: Nathan Miller

Nathan Miller has started 0 posts and replied 416 times.

Post: Best property management tool for commercial and residential properties

Nathan Miller
Posted
  • Property Manager
  • Grants Pass, OR
  • Posts 424
  • Votes 198

150 units is a pretty substantial portfolio, congratulations!  A software designed for property management is going to be a huge upgrade to your operation and your tenants are going to love the features you give them with a tenant portal/app.

Some of the most useful items BiggerPockets members have identified are features that save time so they can spend time working on their next property. These are features like online renter payments, tenant portal (for payments and work orders), help keeping track of work orders, tax reporting features, built in tenant screening, and accounting functionality. One of the most important steps you can take as either a startup landlord or seasoned one is to use a platform specific to property management as it will elevate your operation and save you tons of time.

The good news is that most software designed for landlords includes these features. The differences between most software is subtle and may be how they bill for their service, support their product, or the process to use those features.

Here's some software options that you commonly see recommended on BiggerPockets.

The more mature software platforms that are designed for landlords & PMs include Rentec Direct, Buildium, Appfolio, Propertyware, and Rent Manager. These platforms typically have billing policies where you pay a per unit fee per month to the software and you get regular updates and support each month.

There are also a number of newer low-cost platforms available that are able to offer you a lower price by passing along some or all of the costs to your tenants (payment processing fees, applications, tenant screening, etc). These platforms include RentRedi, Stessa, Avail, Innago, Apartments(dot)com (formerly Cozy), and TenantCloud. There's even more new ones that have popped up over the last few years too with various billing models.

Which solution is best, boils down to which platform's processes, pricing, and support works best for you - since most of them have a similar feature set. The more mature platforms are going to be more complete and often be the best solution for a larger portfolio like yours; however, not everybody needs every feature. The best way for you to figure this out is visit the platforms and explore their free trial (if offered). Run through some of the features you will need like setting up a property, moving in a tenant, receiving rent payments, and publishing online applications.

Pay attention to which platform feels the best to you as you perform these functions. Each platform does it a bit different and you are going to like some more than others. While trying it out, call their customer service and see how they treat you and how knowledgeable they are on their product. Ask their customer service to walk you through the above options if needed.

It shouldn't take more than a couple hours of research to try out the top platforms and identify which feels the best for you. Those couple hours of research will save you hundreds of hours of time down the line, so it's well worth the effort.

Post: Hello! Looking for software/cloud computing recommendations, 1st time poster here

Nathan Miller
Posted
  • Property Manager
  • Grants Pass, OR
  • Posts 424
  • Votes 198

@Richard Justin Implementing a good property management software is a great move and will save you tons of time and most software is easier to use, and far better for property management, than Quickbooks too.  Your tenants will love the features that you give them to schedule rent online with their own app.  With the right software you'll be offering the same (or more) service to your tenants than the big PMs in the area.

Here's some software options that I commonly see recommended on BiggerPockets.

The more mature platforms that are designed for landlords include Rentec Direct, Buildium, Appfolio, Propertyware, and Rent Manager. These platforms typically have billing policies where you pay a per unit fee per month to the software and you get regular updates and support each month. 

There are also a number of newer low-cost platforms available that are able to offer you a lower price by passing along some or all of the costs to your tenants (payment processing fees, applications, tenant screening, etc). These platforms include RentRedi, Stessa, Avail, Innago, Apartments.com (formerly Cozy), and TenantCloud.

Almost every platform mentioned contains the features you are going to need. It boils down to which platform's processes, pricing, and support works best for you. The best way for you to figure this out is visit the platforms and explore their free trial (if offered). Run through some of the features you will need like setting up a property, moving in a tenant, receiving rent payments, looking over the tenant portal/app, and publishing online applications

Pay attention to which platform feels the best to you as you perform these functions. Each platform does it a bit different and you are going to like some more than others. While trying it out, call their customer service and see how they treat you and how knowledgeable they are on their product. Ask their customer service to walk you through the above options if needed.

It shouldn't take more than a couple hours of research to try out the top platforms and identify which feels the best for you. Those couple hours of research will save you hundreds of hours of time down the line, so it's well worth the effort.

Post: RentRedi user feedbacj

Nathan Miller
Posted
  • Property Manager
  • Grants Pass, OR
  • Posts 424
  • Votes 198

Congratulations on your first purchase!  That's exciting.

I think a lot depends on how many properties you plan to manage.  There are so many options and most of them have very similar features, just implemented differently so I would recommend trying a few of the popular options and see which feels the best to you.  There's also dozens of threads on BP on this topic with lots of info too.

There's a lot of free/discounted options like Stessa, Avail, Rentredi, etc.  Most offer free trials and Rentredi even has a deal for BiggerPockets.  All software companies have to earn revenue somewhere so they typically charge your tenant's for services so you pay less in software costs.

If you want to step up into a professional solution, which you pay a monthly fee for instead of your tenants, look into Appfolio, Buildium, Rentec Direct, or Rent Manager.  Most of these, other than Rentec, have fairly high startup costs, but they are all worth looking at if you are planning to add more units in the future.

Try out the free trials of everything that looks interesting to you and see which feels best.  And be sure to call their support and see how good that is because quality of support varies widely.

Post: Zillow Rental Application - what to do next?

Nathan Miller
Posted
  • Property Manager
  • Grants Pass, OR
  • Posts 424
  • Votes 198

For screening without integrated software, I've had excellent experience however with both RentPrep and ApplyConnect.  I'm told Transunion Smartmove has very limited criminal coverage.

There are also services that let you verify income so you do not have to rely on pay stubs, since it's very easy to fake pay stubs... google it.

Post: Do we need a separate bank account?

Nathan Miller
Posted
  • Property Manager
  • Grants Pass, OR
  • Posts 424
  • Votes 198
Quote from @Chaelynne Pope:

Interesting. I was advised by my lawyer to create an LLC and have a separate business checking account. I only have 1 rental property at this time, and per the advice of my lawyer was to put it in the LLC. The lawyer's perspective must have been the protection of my personal assets.


That's not bad advice at all. If I were a lawyer I would tell every investor with one rental to do the same thing probably. Lawyer's #1 priority is liability protection and an LLC does that even better than insurance alone (assuming the LLC also gets insured). But, the overhead of maintaining an LLC is pretty high compared to just getting more liability insurance, so you have to decide what is best for you in the long run.

Post: Software for managing a few properties

Nathan Miller
Posted
  • Property Manager
  • Grants Pass, OR
  • Posts 424
  • Votes 198

@Kevin Garcia It's difficult to identify the "best" because each platform has it's strengths.  Of the platforms you mentioned, Appfolio, Realpage (which now also owns Buildium), and Yardi are big software platforms that have been around a long time.  These fall into the mature platform category and are going to be feature complete, but each has a different workflow.  That's just scratches the surface though...  

Some of the most useful items BiggerPockets members have identified are features that save time so they can spend time working on their next property. These are features like online renter payments, tenant portal (for payments and work orders), help keeping track of work orders, tax reporting features, and accounting functionality. One of the most important steps you can take as either a startup landlord or seasoned one is to use a platform specific to property management as it will elevate your operation and save you tons of time.

The good news is that nearly every software designed for landlords includes these features. The differences between most software is subtle and may be how they bill for their service, support their product, or the process to use those features.  In your case with a couple units you are also looking for a platform with an easier entry point (ie..  lower minimums) as some of the platform won't speak with you until you have hundreds of units.

Here's some software options that you commonly see recommended on BiggerPockets.

The more mature platforms that are designed for landlords include Rentec Direct, Buildium, Appfolio, Propertyware, and Rent Manager. These platforms typically have billing policies where you pay a per unit fee per month to the software and you get regular updates and support each month.

There are a number of low-cost platforms available that are able to offer you a lower price and entry by passing along some of the costs to your tenants (payment processing fees, applications, tenant screening, etc). These platforms include RentRedi, Stessa, Avail, Innago, Apartments.com (formerly Cozy), and TenantCloud.

Pretty much every platform mentioned contains the base features you are going to need.  The more mature platforms, being around longer, typically have a few more bells and whistles under the hood as well, such as tax planning, cash payments, etc. For you, it probably boils down to which platform's processes, pricing, and support works best. The best way for you to figure this out is visit the platforms and explore their free trial (if offered). Run through some of the features you will need like setting up a property, moving in a tenant, receiving rent payments, and publishing online applications.

Pay attention to which platform feels the best to you as you perform these functions. Each platform does it a bit different and you are going to like some more than others. While trying it out, call their customer service and see how they treat you and how knowledgeable they are on their product. Ask their customer service to walk you through the above options if needed.

It shouldn't take more than a couple hours of research to try out the top platforms and identify which feels the best for you. Those couple hours of research will save you hundreds of hours of time down the line, so it's well worth the effort.

Post: New Landlord - where to list and screen?

Nathan Miller
Posted
  • Property Manager
  • Grants Pass, OR
  • Posts 424
  • Votes 198

@Catherine J. If you are using landlord software it can help you automate this process.  There's about 30 different listing sites you can post your property to and you can do them one by one by copy/pasting in your property data and images to each, but that's time consuming.  Or you can use landlord software which will automatically publish your property details and all pictures for you saving tons of repetition.  There's a lot of software options that do this like Appfolio, Buildium, Rentec Direct.  Pricing varies, but some of the options are very economical for landlords.

For ala-carte screening, I like RentPrep and ApplyConnect.  Both work well for landlords of any size and can be used ala-carte if you don't have software.  But if you are using landlord software, that will be built into the software too.  Software would automate those listings by publishing to all the sites, provide an online application your tenants can fill out, which flows into the screening process so you can select the best tenant.

Post: Pet deposit for property rental

Nathan Miller
Posted
  • Property Manager
  • Grants Pass, OR
  • Posts 424
  • Votes 198

I'm a big fan of "additional rent" when pets live in the unit because like it or not, the pets cause additional wear and tear.  You may not see the pet pee on the carpet pad, but it's there and it's going to cause you to replace the carpets sooner than you otherwise would have.  Micro scratches on flooring that cause it to wear out sooner too.  I see most PMs charging between $25 to $50 per pet per month.  Some also charge an increased deposit.

Post: Do You Require HEPA Air Filters for Tenants Using Medical Marijuana?

Nathan Miller
Posted
  • Property Manager
  • Grants Pass, OR
  • Posts 424
  • Votes 198

I'd recommend making the property a no smoking property which includes vaping and marijuana.  I'm not aware of any states that dictate that you have to allow your tenants to smoke indoors (but dbl check with your state).  Marijuana causes just as much damage as cigarettes and vaping has chemicals that stick around too.  They can go outside if they want to smoke. 

I would also recommend a hefty cleaning fee if smoking takes place inside.  When they vacate you'll need to wash all the walls and ceilings, possibly re-paint, and clean all the ductwork because of their habit.  A lot of PMs charge $250 or $500 for this, but even those values are insufficient for the actual costs involved in cleaning up smoke damages.

Post: insurance on appliances, such as Turbo Tenant offers (with a provider)

Nathan Miller
Posted
  • Property Manager
  • Grants Pass, OR
  • Posts 424
  • Votes 198
Quote from @Celeste Carter-McAfee:

I only have this bit of insight to add, I have not found extended warranties to pay off in the long run. That being said, I would spend more time researching the brands that you purchase when replacing. I am not a fan of LG or Samsung as in my area there is not a repairman to service those brands. You may want to ask your local plumber which brands he recommends as he is the one that will do the maintenance on them. I purchase Whirlpool, but am currently researching brands that use less water as I pay water on my units. So that may change depending on what I find out.  

 I 2nd this, LG and Samsung are the worst.  I like KitchenAid, Frigidaire, Whirlpool.  The latter brands break less and are easier to repair.  

@Celeste Carter-McAfee Honestly, water consumption on appliances is nothing.  Ten  minute in a shower uses more water than all the appliances use all month.  An efficient dishwasher uses one or two gallons less water than the others.  Same with washing machines.  How much does a gallon of water cost?  For me that would be a savings of about a penny per month.  I'll opt for reliable machines any day over water saving ones.

Also, if you pay water, please be sure you have something in your agreements to cover overages.  I just replied to another thread where tenant left water running all month long and cost the owner $900 in utility fees and they likely have no recourse.