SYSTEMS!!! What Systems do you use and how did you build them?

SYSTEMS!!! What Systems do you use and how did you build them?

Rental Property Investor · Ypsilanti, MI · Member since 2018 · 14 posts · 0 votes

I am a huge fan of processes. I am a rather organized person that feel like with these in place it frees you up to enjoy more of life. Less decisions on things you do regularly allows you to focus on bigger puzzles to solve. What systems do you have in place for rental business? I hear this come up time and time again in podcasts, books and other blogs posts. But how do you know what systems to implement or build and how do you do that?
Here's my backstory and where I'm currently at in my investing career. I've been studying for the past five years all I could find. After a short time of feeling overwhelmed by all there was to learn, I made my first aquisition in the first quarter of 2019. I found a great fourplex grossly underrated market rents. My second acquisition came in the form of a SFH I was able to purchase for a BRRRR rehab I picked up mid 2019. I completed financing on that project the first of the year and count it a home run deal.
That brings us to today. I’ve spent the first quarter of the year organizing from a whirlwind of a previous year. I see the need to build systems and processes BUT what, how, where? I’ve heard people say to dissect the processes and lay out a road map for things you do but feeling like I have not seen examples or references to some of these systems. If they are so important and everyone uses them I’d imaging there are templates out there or an overview of commonly used “systems”. It’d be amazing to not have to build these all myself or figure it all out to increase efficiency.
Can you help?
What systems do you use? How did you determine what you needed? Do you have a schedule of weekly or monthly tasks you do in your systems? Can you share example? I would love to hear what you all use to maximize time and efficiency and success.
Thanks for you help in advance!

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  • Cincinnati, OH · Member since 2020 · 4k+ posts · 3k+ votes
    6y

    @Chris Stranad obviously what works for one, doesn't work for all.

    My systems are pretty simply.  I have 7 total units, 5 single families and a duplex, and I self manage.  My wife and I also flip houses, but never have more than 1 going on at a time.

    Maintenance issues need to be texted to me.  If it is urgent, i.e. water is flowing through the ceiling, call, but beyond that it needs to be a text, since most are not super urgent and can fixed with a phone call to a repairman.

    Rent: My only process is a mental one.  5 tenants have their checks automatically issued and mailed through their bank, so those always come on time.  One venmo's me, and I sometimes have to ask.  One is cash, and I have to chase her down every month, but she lives 2 minutes from my house, so I deal with it.

    Bookkeeping: I use quickbooks.  This is where I have a set schedule.  Every Sunday I sit down and log all my receipts for the week and issue any outstanding payments for bills.  I use QBO, so I just log on my cell phone, because I can snap a picture of the physical receipt or invoice to be saved with the record online, and then I can throw it away.

    Acquisitions: I am not actively trying to grow my portfolio, but I do have alerts setup through the MLS that give me emails everyday. So I look through that email every morning in case something pops up I can't pass on, but 99% of the time it is all garbage or too expensive, so that email gets deleted.

    General email: I used to have a non-traditional job, so I was not at a computer/desk all day.  Now, I still use the same philosophy, before I go to bed, I will make one quick run through of emails to make sure everything that came in through the day that needed a response got one.  

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