All Forum Posts by: Tim J.

Quote from @Justin Goodin:

Here’s why many investors switch to commercial multifamily  👇

Let's say your rental property makes $200/month in cashflow.

Which is $2,400 annually.

This will WIPE OUT your cash flow:

❌ HVAC repairs

❌ Turnover costs

❌ Roof Repairs

Not to mention, you will most likely need 20% down to buy a rental.

$200K is a starter home these days.

→ How many rentals could you buy each year?

→ How many rentals would it take to replace your W2 income?

This is why many investors switch to multifamily investing.

 What are you comparing this to?!?

A roof replacement or other large systems in a multi-family building is going to be very costly...

Not sure what the point of your post was.  Did you just discover multi-family investing?

Might not want to go with that particular platform...

https://www.fastcompany.com/90891909/the-dark-reality-of-the...

House share/rent by room is not a new thing by any stretch of the imagination...

Just know what you are getting yourself into

Most recently I found a good starter template lease from a state landlord association.  I have learned a lot of lessons over the years and have added extra paragraphs to that lease.

I would treat it how I would like to be treated.

I have refunded in situations like these.

I can't imagine using quickbooks to manage rental properties.

I use Stessa and Buildium

before that it was excel

before that it was paper ledgers

I'd stay away from a bike rental business.   Is the property zoned to allow business?  Have you looked at what your liabilities and the insurance costs for renting bikes? Do you know bike mechanics?

If you want to provide a pair of bikes for your guests that's one thing - but I would stay away from getting into a bike rental side business.  

Stessa
Buildium
AirTable
Docupilot
PropertyMeld

Just run the numbers. You have given only two numbers: SF (which is not useful for us), and max cost to build.

What are the possible returns?


It's just numbers.
What is the opportunity cost?
What can you rent it for?  How much value does it add to your property?
How much cost to build?
How much will it increase your expenses?

I give my tenants the account number and they can deposit in the local bank OR they have to use ACH from my management software.  

Quote from @Jim Moore:

Can't go wrong with Stessa or Appfolio! @Jake Baker@Casey Ralston

Well, given this requirement: "Offers a tenant portal for maintenance requests" - Stessa is out