Quote from @Joe Martella:
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:
- TurboTenant
- 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/T3du... 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
- Stessa
- 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
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.
- Zibo.com
- 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 - I haven't used any of the reports for the accountant, yet. We can see how that goes.
Property Management Software (biggerpockets.com)
I'm curious why you don't use Turbotenant to collect rent payments? I also use Turbotenant for one of my properties and have been able to utilize their free service to collect rent payments electronically easily for me and my tenant. I have been satisfied with their service.
