All Forum Posts by: Tim J.

Quote from @Theresa Harris:

I agree with Greg.  Run the numbers and see what they look like.  Typically mobile homes don't appreciate as much in value.

Lol, that's an understatement - they go down!  :)

I would keep the condo, don't pay additional principal.  That's a great loan rate.  Within a few years it will be cash flowing well AND will have appreciated.  There will be frictional costs and non-monetary costs for selling it and then buying something else to replace it.

If you can't afford to throw in a thousand or two or three a year to cover your costs, maintenance, vacancy then sell it.  But if you can handle the costs without it putting a burden on you financially then definitely keep it.  

Agree with Michael Baum - I would never offer use of, or rent something with a motor.

Quote from @Greg Soon:

@Tim J.

I am exactly in the same boat. I like Stessa but with charge it seems better for me to pay for an 8ntegrated solution.

I checked Rentec which seems to manage both finance and property (maintenance, inspection).

People also mentioning Rei Hub, and you are mentioning Buildium.

I have about 30 doors. Wonder why you choose Buildium over Rentec.

Frankly, I forgot what the deciding factor was.  They were pretty evenly split matched.  I encourage you to contact both orgs and ask for a demo - 30 minutes with each one - ask lots of questions.  

Unfortunately I suspect you are going to need a lawyer.  Based on your post you are in MA?  Good luck...

I am sure you can find a translator on craigslist or facebook for reasonable prices.  Or call some local housing crisis do-gooders.  

Google probably can find you spanish versions of the forms.  but the bottom line - if they don't want to leave you are in for a possibly expensive and long ride.  

best advice:  Offer them cash to get out.

good luck

1. Set up all your payments on autopay or bill pay. (mortgage, utilities, etc)
2. set up all rent collection so it is hands-off - they either sign up for ACH auto debit or go to a bank branch and deposit into your account
3. have a checklist you follow for all move in and move out activities.  like switching utilities et.  The company may have a way to automatically revert to your name when a tenant cancels.  
4. Hire a part time assistant to do a lot of the menial cookie-cutter things - again - you need a checklist.
5. use software to track all expenses etc.  Google Stessa, buildium, etc.
6. Write down all the tasks that are part of your work flow for property.  Automate and delegate as many as you can.  You don't NEED a property manager - you need to be more effective at the role.

I had my hands full managing 10 units years ago - I used paper and pencil, then spreadsheets.  That sucked.
Sold all but one of those in 2006.

Last year I went from managing on SFR to a total of 23 units.  I realized I had to automate and use tools.
I still need to streamline - mostly with follow ups on late rent payments and sending letters.  And tracking maintenance issues.

absolutely file police report and small claims.  People need to be held accountable.

Posts like these make me wish there was a "downvote" button

Quote from @Lori Williams:

I have a rental in Ytown that I have to pay the water on. So I upped their rent by 100.00 over what I would pay (x 2 bc duplex) and then told them that I would pay the first 125.00/mo of water and trash, and they needed to pay their share of any overages monthly (based on number of ppl in their unit - so if they have 3 ppl annd the other unit has 2 ppl, they would pay 3/5 of any overage)

I hope making them somewhat responsible makes them more careful with water usage.

This may not be legal...  you should check on the regulations.  Sub metering is actually not that expensive.

Quote from @Eliott Elias:

Wait five years to buy it. Your holding costs are going to kill your numbers.

100% agree.  5 years is a long time.  a lot can change.  Do something else/invest the money instead.  Then you will be in a better position financially than having a property that was a drain.