House Hack Details-Water Subdividing/Rent Collection/Insurance

[Carlos Licon]

I am currently looking at a Triplex to house hack, however the numbers do not look great and I am looking at ways to try to optimize them. 

1) I often hear Brandon Turner say to Subdivide/Submeter the water utility that way tenants can pay for their own water. Though, from my understanding the ABQ Water Authority doesn't let you, but I was wondering if any investor in Albuquerque has done that successfully? 

2) I would have a negative cash flow of about (-$500-$600) depending on the final details of the insurance and utilities. But I would be living in a nicer area 2bed\2bath and garage. Or I could choose to purchase a multi-family in a not so desirable area with other issues such as (crime, vacancy, and parking) but I would break-even or possibly cashflow a little $100-$200?  

3)Any recommendation on a good Software to collect rent?

4)Any recommendation on a good insurance provider for a Triplex in Albuquerque?

[Kirsten M.]

1. I have a duplex and the water isn't separately metered. I just send a copy of the bill to each of the tenants and tell them what they owe. The duplex is near UNM and most landlords (in that area) pay for water, but I haven't had any issues finding tenants.

2. If one of the duplexes is going to be your primary residence, make sure you will be happy in the home. Don't settle on a less desirable neighborhood for your investment if you wouldn't normally live in that area yourself. Does the $500-$600 negative cashflow include your own home? If so, I'd say that's pretty good. 

3. Zelle, PayPal, Venmo...

4. I've used both Travelers and Farmers. So far, I like Travelers better.