All Forum Posts by: Nathan Miller

 @Zachary Buschmann you'll get a wide variety of opinions up here because there are a lot of excellent programs available for online rent collection.

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 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.

I would recommend to never using p2p apps like Venmo.  Incoming ACH payments is free via some of the solutions I mentioned, so there's no need to risk using a p2p payment app.  If you are busted using those personal payment services for a business payment they will take 3% of your rent in processing fees.  They can go back and do it retroactively as well and that's a huge expense.  Also, by giving your tenant an open door to pay you any amount they wish by venmo etc it makes it possible that a tenant can pay you $1 which can stall an eviction and cost you months extra lost rents.  Using true ACH platform through real property management software is going to give you the option to restrict payments to only the full rent amount or full balance.  Plus added options like letting your tenants pay with cash at 711 or Walmarts.. 

Agreed with the others, putting it in an LLC probably not worth it. But be sure you convert your homeowners insurance to landlord insurance so you have proper coverage.

RentPrep is going to give you a much more complete picture and much more reliable criminal background.  Transunion's criminal data is severely lacking in most states.

Wise advice above.  Even though the tenant did commit some crimes when forging documents, having them prosecuted for those crimes will not help you out of the situation.  You could, if it came to it, tell them you won't be pursuing further charges for the criminal activity behind their forged documents if they leave the place tidy on their way out.  Gotta feel the situation out to see if that would be advisable though.  Good luck!

What I would like in a premium service is:

a) That the property manager is going to be very picky with tenants and have very high screening criteria.  

b) That all my records are available online, and emailed to me monthly.

c) Frequent inspections.

d) A preformatted Schedule-E helper report which gives me everything that my CPA needs to file my taxes.  (ie, no extra cost to pay CPA to put everything together)

Software for managing properties is a common question and there are a lot of really great options.  The options you mention will bill your tenant for services instead of you for the use of the software, which is a perfectly OK business model if you are OK with that.

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.

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 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 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, 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.

 @Jessica Sudyn Door loop is a brand new platform and they are spending their VC money on a lot of ads, but you won't find a lot of people here familiar with the platform because it's so new.  It may be worth checking out if they have a free trial; however, there are a lot of more mature platforms out there as well that you might want to also look at.  

The more mature platforms that are designed for landlords like yourself 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 low-cost platforms available that are able to offer you a lower price 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 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, 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.

It's difficult to identify a "best" platform because there are a lot of different options and a lot of different pros/cons.  The cons of one platform might bother somebody else, but not you so it's important to try out, or at least demo a few options before settling into any solution in particular.  How platforms bill for their service is another big differentiator.  Do you want to pay the fee for the software, or do you want the tenant paying it for you?

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.

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

The more mature platforms that are designed for landlords/property managers 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 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 features you are going to need. It boils down to which platform's processes 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, 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.

We have clients who do this with thousands of suites and it seems to work out really well for them.  It's similar to renting rooms, but in a commercial environment.  Assuming the location is right, you can get many multiples more rent than renting it out as a single unit.

Our clients own their buildings, but a lease should work well too assuming the lease allows subletting.

Important facts.

1. There was no issue with the transition strip at move-in

2. The tenant never reported the issue before the mishap

Assuming that checks out and there's no other extenuating circumstances related to the accident, I see no possible basis for negligence on your part or the property manager's part.  Even so, it would be prudent to turn it into your insurance carrier as you are obligated to notify them of possible litigation, even if it's not unlikely to go anywhere.