All Forum Posts by: Tim J.

That's a cash cow.  Keep it.  Figure out h ow to buy more later without selling it.  Make sure to keep up the maintenance and figure out ways to cut costs - like submetering the water?  Coin laundry and vending?   Definitely try to jack up other revenue on the property.  

Buildium

There are a few threads around that discuss the options.
If you have only one property then I'd probably work with excel for a while and see what things you need.

Stessa is great - it really is only missing maintenance request functionality - that's the reason I signed up for buildium.

I am not sure what you are asking here.  Are you thinking that some software will replace a hands-on property manager?  Are you looking for software to track tenants, accounts, rents, etc?

Your property management should send you pretty clear reports at the end of the year so as to obviate your need for such.

If you have more than 3 units and self manage I suggest software - especially if you are considering expanding.

I find Stessa useful
I also use buildium but not incredibly thrilled with it.  

Find a collection agency.  I had a few judgements in the past and collected on a couple.  

Good luck!  Hope you get some.

I got to the point where I was happy to just assign/give away the judgements so someone else would take it over and track them down and make them pay.

Quote from @Joe S.:

Quote from @Russell Brazil:

Ive had law enforcement tenants that were great. And Ive had law enforcement tenants who were nightmares.

So no, I dont offer a discount to them, or any profession for that matter. 

In what ways were they nightmares?

Just like having an attorney for a tenant...  people in law enforcement and the law can really make life difficult for a landlord - given their connections, influence and knowledge.  

+1 for getting a cosigner.  Depending on crime I would say let him lease there if he passes all other criteria.

Quote from @James McGovern:

I speak in extremes to hopefully clarify a point.  Many people are speculating that interest rates are going to go down and/or rents are going to go up.  In that scenario, if that happens, the prices will go up so they want to buy now and ride the wave.

 Rent prices are declining in many parts of the United States. Why would anyone specultat that rents are going to go up?

Are you seriously asking?!  It's a pretty safe bet that rents and property values will go UP in the next 10 years.  If your window is less than 5 years then, sure, stay away from buying, but if you are in it for longer term, then it is pretty safe to say that values and rents are going up.  Pick any 10 year period and compare...  Pick any 7 yer period and compare.  

This is one of many reasons why people need to think of and document exit plans BEFORE putting money into a partnership.

Someone or both of you are going to get the short end of the stick.  Either they have to wait to get their money, or you're going to have to pay for buying them out.  Or compromise and both lose out.  

The good news is, you can exit a bad partnership early and have a fairly inexpensive lesson about partnerships.  

If you did your diligence and the numbers work on the original deal don't second guess yourself because some guy said you are doing it wrong.  Congrats on the first upcoming deal.  It's the start of a journey.