All Forum Posts by: Peter Mckernan

Hello @Jay Shaw

For accounting it sounds like everyone above are on the same page as suggesting Quickbooks. That is a really great tool. If you are looking for cloud based software for rental property management you should look into Buildium.com, Appfolio.com, or Yardi.com. These are very helpful because they tie in all the accounting aspects along with leases, background checks, maintenance requests, and much more.

@Derik S.

Passive investing for the future would be throwing your money into an IRA, 401k, SOLO 401K, or another retirement option.

For active investing for your retirement that is also diversified from the stock market is of course real estate, and that encompasses buy and holds. Even Grant Cardone talked about getting phone calls about two people deceased in the back of a car, and that's only one example of phone calls he received since he owned property.  The property manager, if you go that route and cover the margins for that option will still be calling you when something comes up and needs an answer from the homeowner. As many ways as you slice it, that is still actively working on your investments. 

Hello @Matt Sullivan

I do not have any experience with those websites; however, I currently use Buildium.com for any rental payments. It works with ACH transfers and works pretty seamless. The big property management sites have the same capabilities. If you are looking into that type of system too, I would signup with one of the online property management software companies and that would help you with you issues of having to use different software to accomplish the same thing. This would cut your time on your computer and help you build your systems more efficiently. 

Yes! 100% worth the money to form some type of asset protection for your company, rental property portfolio, commercial property portfolio, or multifamily portfolio. The minimal amount you have to pay for the LLC does not trump the protection you receive financially.

This is a key item that is very necessary in real estate. It is the equivalent of asking if car insurance is worth the money. As the other gentleman spoke about, it is well worth the hassle of paperwork and the fees.

Good luck @Johnny Park

Hello @Jason Utley

Well, there are many ways to choose a property management company, or perform those tasks yourself. You need to ask yourself some questions and with the answers you'll know what will be best for you.

Do you live within 30-60 miles of the property in question? If you are and you are resourceful I would say, yes, go for it! If you are not within that range I would say you should hire a management company for the fact it'll take you longer to get to the issue if you needed to be on site of the property with a maintenance issue. Also, if you do not feel you can reach out and tap into resources as easily as a manager would than outsource it.

Do you have enough margin in the numbers of your property(s) for that to happen? If there is not enough margin in those properties I would say that you are stuck in the management of the property since you do not want to be into that property for negative cash flow. May be you should think about selling it since our so close to just a breakeven.

Are you planning on buying more rentals in that area? If you are than I would say yes to the property management company since you could build a relationship with one and hold that relationship for a long, long time! Also, make sure you are not saying no to number two. If no, than I would say wait to see how the market acts in that area and if you want to start buying rentals somewhere else, then you could keep or sell that one, once you do you can buy another in the great area you found.

Do you see yourself hanging those property management style task? Phone calls, maintenance calls, emergency maintenance calls, or even just the random question from the owner or tenant. If you say no, then outsource.

When in doubt after evaluation! Outsource! 

@Nolan Abernathy welcome to the site. Glad to see you on the site getting to learn more about real estate. This site has great tools, people and education to get yourself in a great position to invest in real estate.

I actually live pretty close to you, so if you ever want to meet up to chat and get coffee, please let me know! There are quite a few real estate investment meeting in your area too. Look into getting to some of those meetings. 

Hello @Chris H.

Welcome to BP! That is great experience along with quite a bit of real estate holds. Congratulations on those properties. You'll find a great amount of knowledge on this site. There are plenty of people in all spaces of real estate on this site.

Good luck and I hope you get that commercial property conquered quickly!  

Welcome @Jacob Wohlgemuth

Congrats on the intern spot that you got with that management company. I would go in wide-eyed and looking to jump in with someone that really wants to reach out and teach. First see what interests you and then get to know the person at that company that has the best grasp on those strategies, tactics, and is as transparent as possible with everyone at the company and all the customers.

Good luck! 

@Herlando Y.

The first deal that you found sounds like it may not be a deal with all the rehab costs. There is no insight to the other numbers; however, with your reluctance about the high costs tells the reader that you either need to get one more estimate if you believe you are getting gouged, or the deal is not a deal. 

It sounds to me that you have some time to get one more contractor out there to give you that estimate. This will give you the chance to save your money, or actually make the deal happen! 

Good luck! 

Hello @Cesar Mendoza

Congrats man!!! You are doing well! What areas are your rentals and what areas are you getting the flips in? I see you are from San Bernardino, and I have some rentals in Redlands.