All Forum Posts by: Allison Park

@Nathan Gesner Thanks very much for the information...I never would have thought to check on Etsy.  The biggest advantage of a software for me is they allow online forms and esign.  I want to be able to do everything online since I value my time.  Other than that I would be fine with a spreadsheet to start.  I am already doing an analysis...will share it with the community when I complete it.

I am looking to rent out a single property in the next 6 months and wanted to get recommendations on a property management software for small time DIY.  The Top 5 in my search so far based on minimum requirements. 

TenantCloud: https://www.tenantcloud.com/
Inaggo: https://innago.com/
RentRedi: https://rentredi.com/
TurboTenant: https:/turbotenant.com/
Avail (Realtor.com): https://www.avail.co/

Minimum requirements:
-Low (<$20/mo) or No Cost
-Listing/Syndication
-Background Check (Credit, Criminal, Eviction, Income)
-Application and Lease with eSign
-Automated Payments (prefer an option without fees)
-Easy to export financials for tax purposes

Questions:
1. Are there any software options that I am leaving out that I should look at? Any major pros/cons for the ones listed?
2. Are there any other min requirements that I should include?
3. It seems like they all want to charge for ACH and Credit Card Payments.  I would prefer to have a free options.  Thoughts on this?
4. It seems like most are tailored to long-term rentals. Are there any that allow you to convert to short-term?

@Greg P. 

I am in a similar situation with corporate job, looking to diversify into real estate. End goal is a bit different though since I am looking to supplement retirement income with cashflow which is 20-25 years out. I am also looking for low time commitment and of course maximize cashflow. I bought my first property, a new construction townhouse. Benefit of new construction is that there is usually a 1-year warranty from the builder and you will have very low maintenance costs for the first 10 years on the property. The HOA fee takes care of external up-keep and maintenance so you don't have to worry that the tenant isn't taking care of it. I was also able to get a special rate from the builder at 4.5%. It's a 7-Yr ARM, but I am comfortable taking the risk since I could just pay it off if the interest rates are really unfavorable, otherwise will refi into a fixed. To maximize cashflow, I looked in my local area (on Zillow) to find favorable Rent to House Price ratios. Usually these are trendier areas with nice houses and amenities close by. You can also search vacancy rates to see how strong the rental market is. Price was $360, put $100K down, cashflow is about $180/mo and equity is about $325/mo. Planning on 3-5% rental increases. I am planning to rent it in late spring/early summer. You might consider buying this winter since houses are on the market 60-90 days right now and you have a good negotiating position.

One positive on the higher interest rate is that you can deduct the interest and lower your taxes.

Thank you, appreciate it!  This was my first house sale, so I probably should have asked for the advice earlier :)

Thanks for this info.  We ended up lowering the price to the appraised value and basically splitting the difference.  I was working with an agent and unfortunately a lesson learned for me.  She did not come for the appraisal or the inspection.  The buyer actually bid $5K above my sale price and my agent made it sound like she let them know that if it didn't appraise they would need to make up the difference, but it was clear she did not set that expectation because they came back to negotiate it. I will definitely make sure that the language is included in the contract going forward.  I would not have accepted the offer if I had known they would not cover it.

 Thanks for the reply.  In this case the house was priced comparable to others in the neighborhood within the last 3 months, however the appraiser used comps outside the neighborhood.  We did provide comps from the neighborhood, but they refused to correct the appraisal.

Hello, 

I am selling a property and it has appraised lower than the contacted price by $9,000.  In this case the buyer is asking for the seller to concede the difference between the sales price and the appraisal price.  Is this standard?  Can the seller avoid this buy putting in the contract that the buyer agrees to pay the difference?  Any other ways to handle this? 

Thank you for sharing!

What is considered good or bad for a vacancy rate?  I am looking in an area that has 6.6% Rental Vacancy rate according to the census bureau for 2024.

Hello,

Does anyone know if you can take a tax deduction for closing costs on the purchase of a rental property?  Specifically the real estate agent fees which are the highest part of the closing costs.