All Forum Posts by: Charles Phanumphai

Hi BP community - 

We have about 20 properties and growing, that we manage on MS Excel.  Properties are a mixture of short and long term rentals.  What software tools would you recommend that would help not only manage the properties but also with invoices and year end taxes, etc.

Extra bonus question - to our limited knowledge the rule of thumb for purchasing a company is to pay 2-3 time the company's income.  Is this true for property management company purchase as well?  Where we would purchase their existing company, clients, and books.

Thank you!!

@Russell T. Thanks Russ. I wish we could but we have our hands full in Grand county, wouldn’t be able to do a good job in Denver area. Someday hopefully!

@Kayla Jones Zelle has been great for us

@Paul Sandhu I haven't even thought of that.  Would entertain the option, though the current goal is more targeting short term than long.

Hi BP community - looking to buy a new build beach front property for STR in Galveston/Crystal beach, TX. Anyone with direct experience in this area? Any tips and tricks as we venture into TX?

Pros: Longer rental season.  A lot of short drive vacationers. Projected $50k revenue on the lower end and $100k+ on the higher end.  

Cons: A lot of supply/competition, but demand seems to keep up. High insurance and taxes. 

Any input would be appreciated!  Thanks!

@Mark Cermak count me in, please

Mountain contractors have always been limited and hard to find, but I'm seeing that in metro areas now as well. Anyone have tips/tricks on how to find and keep GOOD contractors and keep them engaged throughout the project?  I have so many examples of bad experiences; poor communication, rarely shows up on time or at all, etc.  Most contractors will have a contract that they expect to hold us accountable to, but they never seem to meet their timelines and customers have very little recourse out side of taking them to small claims court or file complaint against their license if they have one (CO doesn't require general contractor to have a license for some reason???)

Right now I am going through referrals (who are booked months out and can't take on my projects), Yelp, and HomeAdvisor.  

Would love to hear how others manage and mitigate this very frustrating issue!

Thanks BP community!

@Steve Morris I'm looking at the Fort Collins, CO market.  Pretty hot right now.  Will have to figure out what a good percentage is.  And yes, proof of funds would be ready; thanks for the tip!

How much of a discount should cash buyers expect or at least should start a discount offer at; ie 10% off asking price? More? Or less?

What’s been your experience?

What worked?

What didn’t?

Thank you BP community!

We listed a long term property for rent and fortunately have received many inquiries.  We are narrowing down to a select few for the in person showing in order to limit traffic exposure but if all things being equal (background check, credit check, personal connection, etc.) would it be proper etiquette/legal/ethical/moral to do/allow for a bidding war as we have all frequently seen during high demand home purchases?   Thanks in advance for your input.