All Forum Posts by: Connor Misch

Thanks for the responses.  I guess this brings up another question.  In the past I've always marketed properties as available right after the current lease ended - often this has resulted in one tenant one day, then the new tenant the following day.  We've never had a problem with that in the past, but if someone refuses to leave and we have to evict then obviously we have a problem bringing the new tenant in.

As standard practice do you build in a gap month between tenants or anything like that to avoid this issue?

Yes, definitely overkill but you're spot on - I'm trying to get clear on a process so I can scale smoothly.

It seems a lot of PMS options will price for 2 units as their minimum, sometimes more.  Some of the more professional options might have a minimum price for 10.  Hospitable, I believe, charges for two units as their minimum.

I'm curious to see what others have had success with as far as combinations of software and process.

Thanks for the insight on this.  For this tenant I received a notice from them that they were ending their lease early.  We signed an addendum with the new expiration date stating that tenancy ended at that time.  So I should have everything I need in writing.

I wasn't sure if there was a faster process than eviction since the lease had expired.  Is there a time period that has to pass for "tenancy status" to terminate?  Surely I wouldn't need to be evicted if I walked into an apartment I lived in from a few years ago and decided not to leave.  I assume the police would be called and I'd be removed that day.  Does tenancy end when a new tenant takes over?

If I have a signed lease that expires at the end of the month and clearly states the tenant needs to relinquish the property by then, and the tenant is still there days after the lease expiration, do I need to use the eviction process to remove them?  Or is it correct to assume that since the lease has expired they are no longer tenants and I can remove them as I would someone who is trespassing instead?

@Mohammed Rahman We're just getting started, so 1.  We have 4 other long-term units that we're considering moving to furnished str/mtr.  It's been somewhat difficult as there are better tools out there that might solve some of the annoyances and small issues, but it's just not cost effective until we ramp up.

For those that own or are managing short/mid-term rentals, what is your tech stack?  

Here's mine:

PMS: Hospitable

Listings:
- Airbnb, Vrbo, and Booking.com (all connected through Hospitable)
- Apartments.com
- Furnished Finder

Payment Processing: I'll use the payment processing on whatever platform I get a booking on, except for direct bookings, in which case I'll use Charge Automation (Stripe is the underlying payment processor we're using with Charge Automation).

Smart Pricing: I've been using Beyond pricing, but they charge you for direct bookings and make you submit an excel file at the end of each month indicating which bookings are direct and shouldn't be billable.  I'm looking for a better solution here.

Smart Locks: Ultraloq (z-wave).

Smart Lock Management: We had been using Rboy apps to manage the codes, but they had an issue at the beginning of the year and I don't know if they're back up and running yet.  Fortunately Hospitable now has an integration with Smart Things.  Rboy was more robust so hopefully they get back up and running.

Cleaning: We just started using Turno.  We had been working directly with a cleaner but the communication was getting to be a lot and calendars didn't seem to line up (cleaners walked in on a tenant once).  Our first cleaning using Turno is coming up at the end of the month so hopefully that goes well.

Direct Booking Website: None, currently.  I'd like to get this set up so I can route direct bookings there and have them initiate the booking from their end.

I can't think of anything else, but interested to see if other people are using something that I'm not.

At one point I heard Facebook was going to not allow people to post rentals if it was from a business profile or something like that.  Has anyone had issues with Facebook using a business profile?

We've had a lot of success there, a lot more to filter through but it's almost guaranteed to find someone.  We have only posted on our personal profile though.

I'm trying to build out a robust deal analyzer/performance tracker spreadsheet for small multi-family and am trying to think through useful metrics.  So far I've built in:

1. Initial Cash-on-cash return.
2. Internal rate of return - I have a way to project over a 40-year period and a way to compare to actuals as time goes on so I can see how I'm trending compared to initial analysis. I also have this calc split into an IRR without sale (based strictly on cash flows) and the IRR if I were to sell in that particular year (cash flows + sale proceeds).
3. Return on equity - similar to how I built out IRR, actuals vs projected and then splitting again into if the estimated property appreciation were included in the calculation or not.

I'd like to add a "Cash-on-cash over time" calc, but I'm not sure how exactly to do that, or if that is even a calc that matters.  It seems like it should matter given it's a main metric I've used and is a main metric other people look at to evaluate an investment.

Calculating the initial cash-on-cash is straight-forward (net cashflow/initial outlay), but do you just take each year's net cashflow divided by that same initial outlay every time?  Or what other expenses do you add to the initial investment for the calc?  I assume you don't add the debt servicing since that's accounted for in net cashflow (or would you?), but would you add, say, the cost to replace the roof?

Besides the cash-on-cash calc, what other metrics have people used or found helpful to either evaluate a deal or track it's performance over time?

Is anyone using any doc gen software for creating leases?

I'm looking for a software/tool that will auto-fill various parts of my lease with rental/tenant data.  For example, I'd like to fill in all the basic info in a central location such as tenant name(s), rent rate, address, start and end date, etc., and then have those fields populate in the appropriate locations within the lease.  That way I'm only typing the values once, and I can edit them in one spot without scouring the document to make sure I didn't miss anything.

I'd prefer a third-party solution as I don't want to switch my property management software right now.  I know some management software has this baked in, but in my experience it typically limits you to use their standard lease (maybe I'm wrong on this?).

Anyway, if anyone has a good solution for this I'd like to hear about it!

Has anyone found a good property management software or other solution for automating M1PR forms for each tenant?