All Forum Posts by: Bonnie Low

I haven't had any issues with the wifi in either the Kwikset or the Schlage but my Schlage is in a city location with usually reliable internet. However, my Kwikset is in a very rural, mountain area (Lake Lure NC) and I have a 3 story cabin. The router is on the top level, the lock is on the main floor and power goes out regularly. We have a backup generator that kicks on within seconds when the power goes out and even despite all that, I have zero issues with the Kwikset lock. There is no separate wifi bridge. 

I just find the Schlage to be glitchy. It's more difficult to program, the interface isn't as good as the Kwikset and the batteries drain much faster.

I have units with the Schlage Encode and others with the Kwikset Halo and I far prefer the Kwikset. Unfortunately, I also use Hospitable for my PMS and they STILL haven't gotten the Kwikset integration. It's really not a big deal. I just have to assign the codes manually and make sure the code makes it in my automated check-in email. I just don't like the functionality of the Schlage. It's harder to program, the app is less user friendly, I find it glitchy and it drains the batteries much faster than the Kwikset.

Congratulations! House hacking is a great way to start and I don't think you can go wrong in Columbus.

Quote from @Allen Duan:

Quote from @Bonnie Low:

Quote from @Allen Duan:

For MTR bookings through an OTA, like VRBO or Furnished Finder, you'll have to get creative if you want to do background and credit checks. I've heard of some hosts adding to the house rules that the guests must complete those steps after booking on the OTA platform, otherwise the booking will be canceled.

At my company, we don't do background and credit checks for OTA bookings, but we do ask why they're renting a MTR and who will be staying with them. The answer to those questions is usually enough for me to know if I want to take the booking or not.

But you do have them sign a lease, right?

 Hi Bonnie, we do sometimes but not always. You definitely can require a lease for Airbnb bookings. Sometimes Airbnb guests find it unusual, so you may lose some potential bookings with the requirement.

 Thanks, Allen. At what point do you introduce the lease when you're using Airbnb? Do you mention there is a separate lease agreement in the property description? What if you accept the Airbnb booking and then they refuse to sign the lease? Do you cancel the Airbnb booking and just take the hit? I'm just curious how this works because I advertise my MTRs on FF only.

Hi, Paige. Congratulations on getting your first investment property. That is such an exciting milestone! You're asking all the right questions. I'll try to give you some feedback in the order you asked it.

1) We require a walk through inspection every 6 months for all of our LTRs. This gives us a chance to look for damage and to check for things like sinks under faucets, toilets that run, loose cabinet doors etc. It also gives us a chance to see whether they have any pets that weren't disclosed in the lease - pretty common actually. If that happens we just let them know the lease has to be amended and the pet deposit paid. (unless there's pet damage...that's a different story)

2) Ideally you'll want a property management system that allows tenants to submit maintenance requests through an online portal. It will help keep you organized, streamline your communications about the repair both to the tenant and to whatever trade person you use to do the work and make your bookkeeping related to the repair easy. There are programs like Avail and Stessa that do this and aren't too expensive. 

3) It's tempting to just use a spreadsheet when you have one property but before you know it you have several and it's a pain to switch over to an actual system. I speak from experience! I'm using Baselane now and it's dramatically simplified my bookkeeping. It's a banking & bookkeeping platform, it's free and has a very straightforward user interface. Check it out https://www.baselane.com/

4) See above. I use Baselane for collecting security deposits and rent. I like the payment processing feature that shows you step-by-step where your payment is at.

5) I've used different programs for creating leases but keep going back to Avail. I think it's easy to build, easy to modify and inexpensive to use. Whatever you use, make sure it's state-specific.

6) Putting a cap on utilities is smart, especially when you're starting out and have no idea what they're going to cost you. Be sure to spell out the terms in your lease so there are no surprises. If you're buying a property that is not new construction you  may be able to call the local utility company to find out what the power bill typically runs so you at least have a ballpark figure.

Good luck to you. Hope this was helpful!

Quote from @Stacy McElroy:

Thank you Bonnie!! I'll definitely do that.

 You're welcome!

Quote from @Nelisa Lee:

Quote from @Bonnie Low:

Hi, Nelisa. I have a small portfolio of LTRs, MTRs and one STR. Until about a year ago we were using a bookkeeper to manage our books in quickbooks. It was just too cumbersome for us to do ourselves. I had wanted to find something simpler for a long time. I also needed to set up some bank accounts for our LLCs so in the process of doing that I ran across Baselane, which is a banking and bookkeeping platform. I had looked at some others but I ended up going with Baselane because it gave me the combination of banking, bookkeeping and tenant management I was looking for. I'm very happy for it and (bonus!) I was able to let our bookkeeper go, saving over $500/mo in the process!

Glad you were able to find a solution that worked for you and to save a lot of money in the process! Quickbooks can be cumbersome to figure out so I get that. I've never heard of Baselane but it seems like it's geared more towards rental property owners. Do you also flip properties? 

Yes, I do. I've done flips, BRRRRs and buy and hold in the LTR and MTR spaces. Buy and hold for STR.

Quote from @Aaron Sweat:

Thank you for the feedback, everyone. Great perspectives. If more information were available to developers and homeowners about ADA compliance and units, we would all benefit. Currently, the CBC mandates a percentage of new dwelling units to be ADA compliant, but I wonder if these units are quickly filled or if there is excess in certain regions. For those of us who have most of the necessary elements, why wouldn't we diversify our units? There is a lot to consider.

I believe in unit diversity. While I've explored full ADA compliance, we don't have the space or budget to achieve it completely. ADA units are more expensive and require more from the permitting process to construction. Therefore, I will make the units as close to ADA-accessible as possible with the least additional cost.

You make some great points. I think of "accessible" as slightly different than ADA compliant. Much like there's "organic" produce and "certified organic." For a farmer's products to be certified organic, there are all kinds of hoops to jump through. But you can do just the same or even better raising truly organic produce without earning the "certified organic" label for marketing purposes. There's a lot you can do to make your property accessible without earning the ADA compliant stamp of approval. Providing a ramp if you have any steps. Wide doorways to accommodate walkers and wheel chairs, a floating sink in the bathroom, a walk in shower, grab bars, etc. I also find that the entire property doesn't necessarily have to be accessible. Even just one bedroom and one level of the home may be sufficient depending on who is using it. There are lots of possibilities!

Quote from @Nikky Jarvis:

Quote from @Bonnie Low:

Quote from @Allen Duan:

For MTR bookings through an OTA, like VRBO or Furnished Finder, you'll have to get creative if you want to do background and credit checks. I've heard of some hosts adding to the house rules that the guests must complete those steps after booking on the OTA platform, otherwise the booking will be canceled.

At my company, we don't do background and credit checks for OTA bookings, but we do ask why they're renting a MTR and who will be staying with them. The answer to those questions is usually enough for me to know if I want to take the booking or not.

But you do have them sign a lease, right?

Yes, I inform them that they will sign a lease. Some people stop responding when they are informed about background checks/credit checks requirement.

 My question was actually for Allen Duan but I'm glad you get a lease signed. Those that run away from the background and credit checks are probably ones you don't want anyway : )

Welcome Cyndi! Are you managing some MTRs in ND now? How's that going?