Property Management software

[Paiea Palomanu]

I have been hearing people say COZY is a good software for Landlords to collect rent and have everything in place. I wanted to know if there were any suggestions for first time landlords that want to manage their own property. Thanks in advance for anybody who is going to share there knowledge. 

[Kenny Dahill]

@Paiea Palomanu, welcome to the landlord club!  You'll do great.

Some tips for first time landlords:

• Software:  Definitely utilize the help from landlord software companies such as Cozy or others.  They will provide most of the tools you need. If you only have a few units, I'd recommend a free one.  If you have a lot of units and/or partners to report to then consider the professional grade (i.e. Buildium, Appfolio, etc.).
• Know FHA Laws:  If you self-manage then make sure you understand the Fair Housing Laws.  Basically prevents you from discriminating against certain classes of individuals. i.e. race, religion, familial status, etc.
• Know Your Lease:  I would recommend you buy a state specific lease, they're online for $20-30.  It's important to understand every parties responsibilities. i.e. when late notices are sent, what deposits can be spent on, etc.
• Phantom Partner:  When you meet with tenants, always tell them you have a partner.  It's an easy out when you give them an answer they don't want.
• Create Separate Financials:  Your real estate portfolio should be treated like a business.  Set up a real estate bank account.  Set up a credit card.  This will help you keep your personal and business finances separated.  Makes it easy to extract data from your bank account into accounting software.
• YouTube Maintenance:  Before you call maintenance, YouTube videos so you can speak more intelligently to the contractor.  This could prevent them from over billing too.
• Use BiggerPockets!:  Seriously, it's the best real estate platform.  Come here often when you have questions.  Either search in case others have already asked or post a new thread.  We're all here to help each other become successful.

Best of luck!  Congrats on the first deal.