The Misadventures of a Multi-Family Modernizer | Part 1 (1/22/24)

[Pavel Tamas]

For starters, I'll let you know why I'm writing this: I'm about to start on what I hope to be a long-term and successful project of modernizing a modest sized family real estate business in a northwestern corner of Chicago. I'm also doing it as a total real estate rookie, barely able to tell NOI from ROI. But I figured if I'm going to journal my (mis)adventure while doing this, I might as well let this community know how it goes. That and maybe I'll go viral.

So I invite you to comment, question, reply, upvote, share, DM, email, and otherwise ping me if you think you could help this unfortunate fool muddle through this endeavor. It will be always appreciated. 

My first order of business is figuring what kind of real estate management software I should use here to at least try to start centralizing data and workflows. Our little family business owns and manages approximately 70 single or two bedroom units across three properties, all of which are marketed towards lower-income renters. Everything done today to manage the business is done  in what appears to be its most rudimentary form - cash collection of rent, pen and paper accounting and rent roll, no background checks, zero invoicing from vendors, locating new tenants through primarily word of mouth, historically not raising rents, etc. I know a good software solution can't solve all of this (or maybe even any of this), but I'd like to start somewhere so I can get a semi-realistic view in one concise place. 

I'm starting with demos for software solutions that the BP community seems to like for small time folk like myself, specifically Buildium, Rentvine, and Appfolio (focus on the cheapest option for each). Am I missing any software options people really like and trust? Any flaws with those three that people really despise? Is it really worth $100-$200 per month and the headaches of rollout/adherence to use these platforms? Does anyone swear by those software solutions as of today (January 2024)?  

I have a background in accounting and finance, so I'm hoping I can at least start pumping out P&L statements in the not-so-distant future. But if I can just use one of these solutions to serve as a hub in an otherwise chaotic project, that's still a win in my book. 

Thanks all! - Pavel