All Forum Posts by: Cristobal G.

Working on my first BRRRR and getting ready to start the rehab on a 4-Unit. There is a spare room in the back about 10X8 that was being used as a storage room by the past owner. I plan on converting it to a laundry room with pay to use laundry machines. I plan on using RUBS for water and sewer. The question I have is how do I charge the tenants for water and sewer if water and sewer is also being used by the laundry machines? Do I take some of the machine income and deduct it from the water bill or just bill the tenants like normal without considering laundry?

Let me know if you have any other suggestions.

Thanks!!!

@Drew Achter

I pay $508 per year for the 20 unit plan, that's with the 10% discount of paying yearly.

I've been using Buildium for about 8 months now for 6 units. I like the online payments, accounting, and ability to advertise rentals with a click of a button. Takes time to learn but so far I am pretty happy with it. 

Hey yall!!!

So I have my finances all set and want to do the BRRRR strategy because if I do it right I should be able to pull most, if not all the money invested out of the deal. I've been scouring the MLS and have not found good enough deals for that strategy. (I'm looking for a small multi-unit property). So my next option is to find an off-market property. What is the best way to find an off-market small multi-unit that needs some work and how exactly do I go about it?

Welcome Trey!!!

I'm also from the Kalamazoo area just starting out. Best of luck!!!

Hey there @Dena Waldon Welcom to BP. Glad to see some one from Kalamazoo!!!!

THANKS A LOT!!!!!!!

Would I pay bills using my personal account or the rental account? And can someone send me an example of how to keep track of everything using Excel. I talked to my tax guy and he said just to keep all receipts for everything I buy until tax time and since it's only one property at the moment it won't be hard at all. I think I'm just over thinking it. Again thanks a bunch everyone.

@Johann Jells

Why would I use credit card for everything and not cash? Is it worth paying for Quicken for just one property? What about using a free property management software like TenantCloud?

@Kyler Cook

Hey there Kyler, I just closed on a SFR. I was looking for a multi-unit but they are going so fast right now and this deal poped up so I took it. I plan on doing some updates to this one, refinancing and hopefully being able to pull some money out of it to get a down payment for my next rental. What management company are you planing to work with? Also I plan on managing my first few properties, until I can bite the cost of paying for them to be managed.

So I bought my first rental in Kalamazoo, MI. It's a SFR which I will be living in one room and subleasing the rest of the rooms. Tenants/roommates will be paying my mortgage and I will still have an extra $200 left over for other expenses. My main question is how to do the bookkeeping for this property? I am very confused about tracking expenses and organizing it all since I can't completely separate my personal expenses from the rental expenses. Any help will be greatly appreciated. Thanks!!!!