All Forum Posts by: Rob B.

I'm inclined to agree with @Michael Doherty on this; there are definitely a lot of helpful tools out there. It is a good idea to consider an option which allows you to collect rent much quicker than those others but still provides other rental management tools you might find valuable (again, not to knock Cozy or these other tools like it because I know a lot of people love them), but since you have 24 units it may come down to the pricing (all depends upon what you want to accomplish). Others above have mentioned Buildium which can be good for that number of units but there's still some flexibility though because managing 24 units isn't the same as 50 or even 100+ (and those other software solutions happen to be priced for those with more units). Still, there are other options out there though where you can easily collect rent and keep track of payments and even process payments faster. I will say, it could be worth considering a shot at an actual software solution built for DIY landlords (1 - 25 units) that helps you to automate your own rental process (ie. compared to other tools, one that helps you to actually build a single listing and syndicates it to 10+ major listing sites, allows you to schedule showings, provides you with super thorough tenant screening options, online digital leases which can be customized and help you by breaking out those fees, automated maintenance tracking, and fast rent collection which also offers your tenants the ability to report their positive on-time payments to the major credit bureaus; just another positive reinforcement/added incentive to get them to make those payments on time). I'm hoping all goes well with your decision! Exciting times @Clayton Cerer.

This is one of those instances where you have to make a decision based on your bottom line objective -- if they've been paying on time with no real hiccups, I don't really see much benefit to screening the existing tenants with only one major caveat being people have different screening standards (so, what you might have as a standard for your screening process might be drastically different from the last person). And the level of risk you assume differs from the next person as well (ie. what do these tenants' payment histories show, since being a tenant of one of your units at that location? sure they might be a paying tenant but are they paying on time? are they a good tenant thus far? -- If they've all been paying on time, great; not much else to it; but if not, could be indicative of troubles to come). Once that lease is up and it is time to renew, I'd probably have the tenants go on an M2M at that point (as you noted) and then exercise that rent increase. Again, all comes down to what your objective is (sounds like the units are occupied with rent-paying tenants who are creating cash flow for you). Best of luck! @Julie Marquez

Great goals, drive and work! I love it when I hear a story like this - and thank you for providing your feedback on those lessons learned. As someone who is still fairly fresh to the industry that is the type of information that I look for -- so thank you for that! Not sure if you're using a property manager or not but it could be worth considering a shot at a software solution built for DIY landlords (1 - 15 units) to bring some sense of automation to the rental management process, in turn, making things much much easier. Again, great work -- and the property is gorgeous. @Gorden Lopes 

Hi Nora! Welcome to BP (albeit, you've been a BP member for a month or so now, but still, welcome!). It is awesome to see you're starting on this so early (the best time to start in REI was yesterday)! Sounds like an excellent plan. I will defer to a few others on analyzing the numbers, but, once you make that decision (as for which direction you decide to take), definitely lean on the BiggerPockets community as a resource. I'll also say that it could be worth considering a shot at a software solution built for DIY landlords (1 - 15 units) to bring some automation to the rental management process (just to make things much much easier for you)! Again, best of luck on getting started and more than happy to answer any questions that you might have about online rent collection options. Welcome to the community! @Nora Douglas

Hard for me to say just from a few photos but I'm leaning towards this being a type of ant. I'm also leaning towards saying if you have this many ants coming in through your window you probably need to replace the windows and screens (especially if they're older). There are some quick fixes (and forgive me for this probably not being the most environmentally friendly solution but...); if you put some Spectracide down (both around the perimeter of the house and by the window panes) that should do the trick. You'll see a lot of products overlap for ants and termites -- though it can be admittedly harder to get rid of termites, especially with older homes. I hope everything works out for you! @Zocky Zhang

Sometimes the minor aesthetics can make all the difference. Refacing cabinets or even installing new ones isn't necessarily cheap, but things like lighting and even the backsplash/wall-tiling (space underneath cabinets, between the cabinet and the countertop) can give it a completely different feel. Stainless steel updates (faucet, cabinet handles, etc) can make all of the difference. I'm also of the notion that a lot of kitchens need to update the flooring to something more durable and water-resistant (also more resistant to other things like oils and spills). @Ashton Levarek

I know a family friend who has a bad habit of hiring friends who happen to also be "professionals" within their trade. He recently renovated the upstairs of a SFH and it is one of those situations where you really have to be mindful of the financial undertaking of a major renovation.

Always be wary of a "shortcut;" usually it ends up costing you in the end -- things like cutting corners for contractor pricing or going with a cheaper item (cheaply made), or hiring one person who kinda-sorta knows what they're doing when painting rather than a dedicated paint team, etc.

Detail. Go with someone who pays super close attention to detail. Those are the little things that make all the difference when you're taking on a big project like a major home renovation. The last thing you want to have to deal with is spending money to improve the overall value of the property, and then minor aesthetics and details are missed, which add up; ex. painted over light switch plate covers, or stairwell railings which have been painted over several times and never correctly sanded down, etc - gives it a look like it hasn't been done correctly and can decrease the value of the place. Just some of the issues he dealt with when the rehab was finished. @Hilary C.

You can try Goo Gone Latex Paint remover and that should do the trick; just be careful not to overuse it. They sell it on Amazon for about $7 or $8 -- it is also available at most hardware stores (Lowe's, Ace Hardware, Walmart, etc). I hope everything works out! It sounds like an exciting time (I love rehabbing success stories and DIY projects). @Christina Bates

Hi Natalie, I will say it is great that you're going through the process of rethinking where you want to set that price; and I don't want to knock Craigslist or Facebook for posting your listing because a lot of landlords have luck finding tenants there. I will say, it could be worth considering a shot at an actual software solution built for DIY landlords (1 - 15 units) that helps you to automate your own rental process and can help to get a renter in there fast (ie. compared to other tools, one that helps you to actually build a single listing and syndicates it to 10+ major listing sites, allows you to schedule showings, provides you with super thorough tenant screening options, online digital leases which can be customized and help you by breaking out those fees, automated maintenance tracking, and fast rent collection which also offers your tenants the ability to report their positive on-time payments to the major credit bureaus; just another positive reinforcement/added incentive to get them to make those payments on time). I'm hoping it will rent soon and I think you have the right idea thus far; it is still early enough in the fall so don't lose hope/steam just yet! @Natalie H.

Hi Stephanie, I will say it is great that you're going through the process of purchasing your first Triplex; and there are definitely a lot of helpful tools out there. It is a good idea to consider an option which allows you to collect rent much quicker than those others but still provides other rental management tools you might find valuable (again, not to knock Cozy or these other tools like Tellus), but you can easily keep track of who paid what and on which date with a tool that is reliable and processes payments faster. I will say, it could be worth considering a shot at an actual software solution built for DIY landlords (1 - 15 units) that helps you to automate your own rental process (ie. compared to other tools, one that helps you to actually build a single listing and syndicates it to 10+ major listing sites, allows you to schedule showings, provides you with super thorough tenant screening options, online digital leases which can be customized and help you by breaking out those fees, automated maintenance tracking, and fast rent collection which also offers your tenants the ability to report their positive on-time payments to the major credit bureaus; just another positive reinforcement/added incentive to get them to make those payments on time). I'm hoping all goes well with your purchase! @Stephanie Sicard