All Forum Posts by: Steve K.

Thanks for the reply Wayne, and great ideas. I love that the first item of the first reply to this thread was "Solar panel" because ironically I sell solar panels as my day job. I'm definitely hoping to put solar on all of our buildings eventually. Our area has a patchwork of rebates, incentives, and interconnection fees/net metering agreements. So unfortunately not all of our properties pencil out well for solar even with me getting equipment at wholesale cost and free labor. It would be great if the federal investment tax credit applied to investment property, but unfortunately it's just for primary residences or up to one vacation home, maybe that will change in the future. If there was an incentive to put solar on rental properties the solar industry would explode overnight. I get calls all the time from investors who want to put solar on all their properties but depending on where they and what the roof situation is the numbers don't always make sense to power the whole building. Even just powering the common area with a small system can make tenants happier however, and it makes the building feel more modern even if it's an old building. I also really like your idea for providing Wifi. That is definitely something I'll look into. Having high speed internet available will definitely improve tenants lives and attract better tenants. Your last comment about overall upgrades is also a great point. I've noticed that when I make upgrades the tenants also tend to take better care of the property, and everybody benefits. Other ideas I've had are perhaps less conventional, such as offering English language classes, providing info for tenants to access free counseling if they have marital/drug/mental health issues, and even hiring tenants to make repairs if they are qualified to do the work and trustworthy individuals. I'm interested in hearing from more landlords with additional ideas!

My wife and some investors and I have built a profitable little side hustle buying and holding MF rentals. I self manage so I'm at the properties fairly often and get to know our tenants. From the beginning, my protocol has been to maintain absolute professionalism and follow the line of "Always friendly, never friends" with tenants. Our business model requires me to raise rent whenever possible and evict whenever necessary. We're in it for money. However, in the back of my mind I often wonder if there are ways we might be helping our buildings residents, many of whom are good people who are struggling despite making the best choices out of the options available to them. I have been in their shoes and understand how a small leg up can make a huge difference. What are some ways that all of you have found to improve your tenants lives without compromising profitability?   

@Jared Bouzek To get filthy rich without ever having to work of course! JKLOL. I bought my first property in my twenties, fixed it up a bit, made a good profit selling it and I was hooked from there. 

@Garrick Peiffer PM sent. Always interested in learning from experiences of others! Also appreciate you not trash talking the company in an open forum. 

@Madeline Burke Do you happen to know approximately when TurboTenant will have online automated rent payment capability? Thanks! 

Thanks @Zachary C.!

Great thread. I'm new and looking for good software that is inexpensive and can grow with my business. 

Looking to hire a PM to manage an investment property (a 4-plex in Longmont). Can any local Coloradoans recommend a good PM on the Front Range? The property is currently being managed by Henderson (HMRE) and we're considering keeping them in place but Henderson doesn't work in Denver and we're hoping to pick up some property there soon. We'd like to have all our properties managed by one company. We've talked to 3 friends who own rentals here but none of them would recommend the companies they use. We're looking to keep our income as passive as possible. Any recommendations for who to call? We'd prefer a company that has been in business a while (10 years or so) and can manage all of our properties in Boulder County and Denver. If anyone can recommend a great PM in CO we'd love to hear about it. Thanks! 

I could only find old threads on this which recommended Rentec Direct and Truerent because they were previously free for landlords with only a few units. Both seem to have done away with their free versions. Are there currently any free software options? Looking for something to list property vacancies, screen renters, e-sign contracts, keep track of expenses, and collect rents/disburse payments electronically. We only have 4 units now but hoping to add 10-20 over the next few years. If we have to pay $15/month I'm sure it will be money well spent but if anybody knows of equally good free options I'm all ears. Also of the Working on a tight budget. Thanks! 

My wife and I are closing on our first multifamily this week; time to do some homework! We are planning to buy and hold 10-20 properties over the next 5 years, primarily multifamily units if possible but also single family homes. Lots to learn! This will be a part time job for me, the goal is to generate good cash flow with each property but because we live in an area with great appreciation potential, we're hoping to be able to take advantage of that as well.