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Updated about 8 years ago on . Most recent reply
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Self-managed Landlords' problems and solutions
I self-manage a few properties remotely and I couldn't find an affordable solution for managing my properties. I like buildium, but $150 / month is expensive. I also tried out hiring property managers but 10% of rent is a big cut for my profit margin and I had some bad experience with some dishonest property managers who bill me for works not being done.
As a software engineer, I have decided to build a software solution for the problems aforementioned. Do you have guys experience the same problems that I have? If you do, I can share the system that I have developed with you and see whether you find it useful or not. Yes, it is FREE for BiggerPockets community. PM me for details.
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If you want other software sites I've been collecting to compare what others offer:
1) Cozy.co this is what I use currently, it's also free and allows tenants to autopay from any checking account. It only costs if they want to pay by debit card, and if they are getting background checks and such. However I don't think they organize any type of accounting for year end or tracking of expenses to give to an accountant. That would be a big thing.
2) Crimereports.com - Helpful when proving a safe neighborhood to a tenant or shopping for other rentals to purchase.
3) Rentometer.com - Helpful for figuring out if your rent is too high/low based on who else is renting.
4) Erentpayment.com - Haven't used but I wrote it down for future consideration.
Perhaps links to websites with contractors? Not sure how in-depth this could be.
Taskeasy, Pro.com, Homeadvisor, thumbtack, and porch
A tab for Landlords and the laws in their states. Much like Landlordology.com and mrlandlord.com.
A really cool feature would be some sort of pie chart or graph showing how each property is doing. Something small but that takes the financial numbers like rent, debt payments, expenses, ect and shows what numbers you're getting from it.