Skip to content
×
Pro Members Get
Full Access!
Get off the sidelines and take action in real estate investing with BiggerPockets Pro. Our comprehensive suite of tools and resources minimize mistakes, support informed decisions, and propel you to success.
Advanced networking features
Market and Deal Finder tools
Property analysis calculators
Landlord Command Center
ANNUAL Save 16%
$32.50 /mo
$390 billed annualy
MONTHLY
$39 /mo
billed monthly
7 day free trial. Cancel anytime
×
Try Pro Features for Free
Start your 7 day free trial. Pick markets, find deals, analyze and manage properties.
All Forum Categories
All Forum Categories
Followed Discussions
Followed Categories
Followed People
Followed Locations
Market News & Data
General Info
Real Estate Strategies
Landlording & Rental Properties
Real Estate Professionals
Financial, Tax, & Legal
Real Estate Classifieds
Reviews & Feedback

All Forum Posts by: Patrick Leitch

Patrick Leitch has started 6 posts and replied 8 times.

I am working on coming up with a few ratios for a multi family property my company has. I am wanting to establish the operating expense ratio, total expense ratio, and debt coverage ratio. The debt coverage ratio is pretty cut and dry (I still welcome any input) but I feel like I’m missing something on the expense ratios. For the operating expense ratios what do you consider to be all of the operational expenses included? Excluded? Property management, repairs and maintenance, payroll for a property, etc. - is property tax included? - mortgage? (I initially think no because that’s not an operational expense per se). What is involved in total expense ratio? Cap Ex, depreciation, etc. Thank you!
I work for a property management company as the CFO and we handle an extensive amount of properties. After seeing so many investors of these multi family properties we manage, I can’t help but want to get into investing them on my own. My biggest dilemma is that I don’t have the cash to put down. I’m not willing to reach out to current investors my company works with because I don’t want to muddy up any relationships or cause my company any issues should something not align. Any recommendations? Thank you!
@Nathan G. We use Appfolio. Everything is tracked, however it is tedious specifically regarding repairs. This is because of all of the subs involved and trips to get parts. I’m hoping to establish a more automated way of handling these types of expenses. As it stands now, the item gets purchased, then emailed to me, then I enter, then I pay. Multiplied by many a day. Of course this is also making sure it goes against the right GL. Ideally, I could have the crew’s take a picture within an app, it’ll populate certain data, and they input the building and unit, then save. I automatically get notified of this and can look and revise as needed, but it’s already there. From what I’ve read, Appfolio has nothing that will integrate with it for this.
I just got a position with a management company and we handle 2200 units in Tennessee. We are growing at such a rapid pace I have noticed our systems aren’t adapting. For example, with all of the units, there are a substantial amount of repairs and maintenance going on. With that, more receipts than I can keep up with paying and ensuring everything goes against the right GL and hasn’t been missed. Does anyone know of any software or app out there I can use for my maintenance crews to submit their invoices/receipts that will automate this more for us? Any insight is appreciated!!
As a property management company, is there any app or software you use to have employees submit receipts or property expenses?
I’m in the Nashville area and am interested in becoming an investor, too . I work for a property management company as the CFO and we have quite an extensive portfolio of units we manage, should you need some perspective on the manageKent side! Looking forward to talking.
Either as a property manager or someone who uses a company to manage your multi family properties, what fees do you charge or get charged? Any other ways to bring in revenue as the manager? For example, a % is first month lease, renewal fees, admin fees, onboarding fees, etc. I just got a job with a property management company and we handle 2200 units in Tennessee and I am looking to see where I can increase revenue on the properties we already have.
Hey there! First time posting newbie here. I am entirely new to the real estate industry as a means of wealth. I recently accepted a position as a CFO of a property management company. I have extensive experience running a company as a 28 year old, and this will be a big new one. I only say this because when I was looking at this position, my mind was blown on the benefits of real estate investing through rental properties. BLOWN! Anyways, that rant is over. My current situation: I bought my current house (3 bed 2.5 Bath 1790 SF in Tennessee) in 2014 on a 15 year note ($~1280/mo) with 151k financed. I owe $116k more (current estimated value $270k). My son is reaching the school age so I am looking to buy a house in the preferred school district. The house I am wanting to get is somewhat larger, 4 bed, 3 bath with estimated cost 330-350k. Savings wise, my situation isn’t the best. $10k liquid in the bank. IRAs have about $20k between my wife and I. Then a whole life insurance plan that is $20k cash between my wife and I. My new job once I start will start up my savings once again. Basically the decision I’m fighting with in my head is 2 paths to buy my new house and keep my current: 1- save up as much as I can from new job. Best case 10-12k more over the next 12 months. Then buy my next house with that cash which won’t amount to a significant down payment. And leave all equity in my house alone. 2- save this same cash still, BUT cash out refinance my current house to leverage 75% of my house which will be 90k give or take depending when this happen. My thoughts: 1- not much to think about as I’m not doing anything other than saving so I’m not leveraging my house’s value to expedite my purchase(s). Not a huge fan. 2- all the thoughts! With this 90k I can buy my new house and save the difference or buy another 2-3 potentially. Being that I am going to be working for a property management company, I will learn a lot about that side of things so if the cash flow doesn’t allow for that management, I can bootstrap that. My BIGGEST concern with this is taking away my 3.5% 15 year note. Even though, realistically speaking, if I refi my house for a 30 year total 206k between current mortgage and cash out the payment will be very similar, cash flow won’t change much. My house will also rent for 1795/month based on comps in the area. Only a 5 year old house. Apologies for the long tail a story I just gave you! I would appreciate any and all input!