Do you use a DIY Landlord app/software service? If so, which one?

Question

There are a lot of services out there that offer a ton of services for DIY landlords (tenant screening, background/credit searches, rent payments, maintenance scheduling), all for no (or a modest) fee. I have heard of Rent Redi, Zillow Rentals, Avail, Cozy, etc. My question is, are any of these services worth it? If so, what would you recommend? Or, avoid all the above and just do it myself?

John Underwood · Answer

I use residentresearch.com or zillow for back ground checks.

Then I use Excel to track my rentals. It is very powerful and customizable.

I have a tab for every property.

I have data like AC filter size and trash day for each property.

Tenants pay rent by Zelle, ACH or many just deposit it directly into my bank account.

Using these tools and systems I can easily manage many property with just minutes of my time monthly.

Matt Nico · Answer

@John WalterJohn,

If you have not get gotten a software, I would definitely recommend one. Here is what I use:

1. A separate bank account for rentals. Have 2 accounts. 1 is for your day to day activities for spending, the other holds your security deposits. I also have a business credit card linked up to the day to day activities checking. Then I pay it off every month.

2. Cozy. Cozy runs screening for you, and collects rent. Tenants love it. They pay rent using a bank account or credit card, and it deposits into your checking account.

3. Quickbooks online. I keep track of every house individually with QB. All transactions are sorted by the house. Makes everything easy to see rather than manually plug numbers into a spreadsheet.

Hope this helps,

Matt

Nick Coble · Answer

@Matt Nico What version of QB online?

Kenny Dahill · Answer

@John Walter, every landlord is different and has their own system.  For most, a landlord friendly software is the perfect solution.

I suggest you write down the pro's and con's.  With free software, or modest fees, what are the limitations and downside for you?  The nice thing about these landlord software is the freedom to pick which elements you want to automate vs. doing it offline.

Steve Babiak · Answer

I am using Tellus. It is a free app.

Rent collection is free (except for those using credit cards) for both landlord and tenant. Once both are established with dependable accounts, money transfers in two to three days maximum (unlike some other rent collection software).

Communication through the app is logged, so your tenant messages and your messages are logged. I have one tenant not using the app, but when I send that tenant a message via the app, the tenant gets it as a text message on their phone, and when they reply to the text message from the app it goes through the app (and is logged).

You can invoice tenants for things through the app; you can also transfer money to the tenant if you reimburse for things they do in taking care of the property.

I have multiple bank accounts set up to receive rent (or pay expenses) via the app; each property has its income and expenses flow through the proper bank account for that property.

You can export your ledger for use in other software too.

It has other features you might find useful too.

Michael Marchman · Answer

I’ve been using Cozy and I love it!

John Walter · Answer

This has all been fantastic. Thank you all for taking the time, I really appreciate it.

I should take ownership of my first property (a triplex) in either July or August and want to make sure I have everything ready by then. That said, I have been watching another triplex for about two months now that still has not sold.

One of my family members has a couple dozen properties, and I really enjoy talking to them about their rentals. They have been very successful, but they are a bit "old school." They use the exact same, one-page lease for everything, and pick up their rent checks from each property every month. I want to use my time better than that, especially because I want to scale to at least their size.

I will start my research on these companies and take it from there. Thank you all again!

Sean McKee · Answer

I would not do it all yourself unless you have only a couple units, even then it would probably reduce your stress levels.

For searching use Zillow, Turbotenant and for rent signs. Unfortunately Zillow started charging I think 10 a week if your in certain markets.

For screening I usually use Transunion. Sometimes I get tenants that don’t use email and use Rentprep.For rent tracking and other accounting items I use LandlordStudio. It’s really easy to use .

I use virtual assistants for most tenants interactions and maintenance scheduling and pretty much any other item I don’t want to do.

Calvin Kwan · Answer

I've been using Cozy for the past 4 years.  Love it.

Sandeep De · Answer

Definitely use a service!  There are so many things that would be a pain to handle otherwise.

Cozy's fantastic if you're managing just a few properties.

Do you use a DIY Landlord app/software service? If so, which one?

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