Best Management Software?

Question

Hello BP Members!

If all goes well with my inspection I will be closing on a small duplex in a little over a month. What are your strategies for screening tenants? What software do you suggest using?

This will be my first buy & hold so looking to get some systems set in place!

Thank you for your input!!

Joe Martella · Answer

Hello, I currently manage 4 SFH rentals in addition to having a very demanding full time job.  There are many free resources out there for smaller investors.  I am going to list them:

• TurboTenantIt is completely free to advertise your rental, screen your tenants.You upload your pictures, write a description and it posts to 20+ websites for freeTakes about 24-48 hours for leads to come in.Once you select a tenant, they pay for the background check, upload documents (paystubs, ID, W2) and it is all set to you.It even helps you build a lease after you select a tenant (there is a $30+ fee for the lease)My referral code (https://turbotenant.com/r/T3duZXI6MTc5ODEy)Full disclosure.  I do not get any money from TurboTenant, nor am I an owner or investor in the company.They have a referral program where they will send me a $25 home depot gift card for a referral - you don't have to use the referral code
• It is completely free to advertise your rental, screen your tenants.
• You upload your pictures, write a description and it posts to 20+ websites for free
• Takes about 24-48 hours for leads to come in.
• Once you select a tenant, they pay for the background check, upload documents (paystubs, ID, W2) and it is all set to you.
• It even helps you build a lease after you select a tenant (there is a $30+ fee for the lease)
• My referral code (https://turbotenant.com/r/T3duZXI6MTc5ODEy)Full disclosure.  I do not get any money from TurboTenant, nor am I an owner or investor in the company.They have a referral program where they will send me a $25 home depot gift card for a referral - you don't have to use the referral code
• Full disclosure.  I do not get any money from TurboTenant, nor am I an owner or investor in the company.
• They have a referral program where they will send me a $25 home depot gift card for a referral - you don't have to use the referral code

• It is completely free to advertise your rental, screen your tenants.
• You upload your pictures, write a description and it posts to 20+ websites for free
• Takes about 24-48 hours for leads to come in.
• Once you select a tenant, they pay for the background check, upload documents (paystubs, ID, W2) and it is all set to you.
• It even helps you build a lease after you select a tenant (there is a $30+ fee for the lease)
• My referral code (https://turbotenant.com/r/T3duZXI6MTc5ODEy)Full disclosure.  I do not get any money from TurboTenant, nor am I an owner or investor in the company.They have a referral program where they will send me a $25 home depot gift card for a referral - you don't have to use the referral code
• Full disclosure.  I do not get any money from TurboTenant, nor am I an owner or investor in the company.
• They have a referral program where they will send me a $25 home depot gift card for a referral - you don't have to use the referral code

• Full disclosure.  I do not get any money from TurboTenant, nor am I an owner or investor in the company.
• They have a referral program where they will send me a $25 home depot gift card for a referral - you don't have to use the referral code

• StessaStessa is a website that I use to track all my expenses.It is another free site and you can pull reportsYou even can upload receipts.Roofstock recently purchased StessaCompletely free
• Stessa is a website that I use to track all my expenses.
• It is another free site and you can pull reports
• You even can upload receipts.
• Roofstock recently purchased Stessa
• Completely free

• Stessa is a website that I use to track all my expenses.
• It is another free site and you can pull reports
• You even can upload receipts.
• Roofstock recently purchased Stessa
• Completely free

• Zillow Rental Manager
• I use this to collect rent.
• Free for the landlord
• Tenant only pays a fee if they use a credit card to pay rent.  ACH is free
• Takes about 5-7 days for the funds to hit your bank account
• 
• Excel
• I use an excel spreadsheet to track my check register.  You can download a free template online

• I use this to collect rent.
• Free for the landlord
• Tenant only pays a fee if they use a credit card to pay rent.  ACH is free
• Takes about 5-7 days for the funds to hit your bank account

• I use an excel spreadsheet to track my check register.  You can download a free template online

Other free websites I haven't used.

• 
• Avail.co 
• This is another free website that I learned about this week listening to a podcast (may have been a BP podcast).  I haven't used it and cannot speak to it.
• This is another free website that I learned about this week listening to a podcast (may have been a BP podcast).  I haven't used it and cannot speak to it.

• This is another free website that I learned about this week listening to a podcast (may have been a BP podcast).  I haven't used it and cannot speak to it.

• Zibo.comThis is another free website where you can collect rent electronically and have an interest checking account.  I am still looking at this, because not all my tenants pay electronically.  2 like to mail checks.  I haven't looked at how to deposit those - I don't like mobile deposits.  
• This is another free website where you can collect rent electronically and have an interest checking account.  
• I am still looking at this, because not all my tenants pay electronically.  2 like to mail checks.  I haven't looked at how to deposit those - I don't like mobile deposits.

• This is another free website where you can collect rent electronically and have an interest checking account.  
• I am still looking at this, because not all my tenants pay electronically.  2 like to mail checks.  I haven't looked at how to deposit those - I don't like mobile deposits.

There are many free resources to use before you start paying for services.  Out of my 4 rentals, I have placed 2 tenants with TurboTenant - one tenant is on year 3 and the other tenant is on year 2.  I listed the properties, took some pictures (they weren't the greatest pictures) and had it rented in a week.  I was able to recycle the leases upon renewal and didn't pay any commissions for the rental, which is a savings of over $4,000 if you consider the rental commission to be 1 month rent.  I highly recommend it.

Zillow, I have to wait 5-7 days for the money to hit my account.  I don't mind it.  For some that may be an inconvenience that they do not want.

Stessa - This is my first year using it.  I haven't used any of the reports for the accountant, yet.  We can see how that goes.

Nate Smoyer · Answer

Hey @Adam Benenati, congrats on your duplex—that's exciting!

My strategy for screening tenants:

• List property with great photos and description—this is KEY to attracting your best potentials because it also helps you ask for at/above market.When you receive a lead, be sure to pre-screen. Get full name, email, phone, where they work, and find out their intentions before doing any sort of showing.
• During showing get to know them, but be sure to be mindful of fair-housing laws and do not ask questions such as "are you married" and "do you have kids". You can ask about hobbies, how long they've been in the area, how long they want to live at the residence, etc. If no red-flags, offer the application and spell out your exact screening criteria. If you require a clean background, credit score of 700+, and zero eviction history—say so. This is very important. Run the reports. If all is clean, offer the lease and secure with a deposit. If you can, collect rent through a trust online vendor designed for rent collection or a cashier's check. 
• You're in the right community for sure. I'm sure you're going to do well as a landlord.
• 
• Cheers!

Adam Benenati · Answer

@Nate Smoyer

Thanks a lot for the advice. This was very helpful. I plan on using these tips.

Appreciate the kind words.

Adam Benenati · Answer

Joe,

This was full of great information. I really appreciate it. Im not sure which one I will use yet but this helps a lot.

Thank you!

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