All Forum Posts by: Dane Delatte

@Brandon Turner What does Brandon normal say about cash flow per unit? Is it over $100 per unit?

@Ethan Jacobsen I have looked at Appfolio as well and i have read a good deal about it. I kind of run into the same predictament as I have read in some articles. Some of the articles say Appfolio is a better product but the cost is something that may be an issue for me with only 26 units. But I do apprecicate the information.

I have looked at a couple of list, articles and blogs about property management software. I thought I would now ask the people that really know the ins and outs of real estate, The people on Biggerpockets. From what I have read I have been leaning in the direction of either Buildum or yardi. But I am not sure if that would be better for bigger apartments.

So what you you think is the best PM software to use on a small to midsize apartment? Something that would have 20-30 apartments.

 @Daniel A.

@Taylor L.undefined

I want to thank you guys for taking the time to answer my questions. They are currently weekly rentals from the previous owner. They were set up like that because of the a large number of out of town people that come here to work in the local chemical plants. I am located in south Louisiana, about 15 miles south of Baton Rouge. 

I do want to say that when I was the manager of the same complex 7 years ago we had alot more out-of-town workers than we currently do. Even before the Covid crisis I could see a small decrease in so called construction workers looking for short term rentals. These vacancies have been filled by more local people in the last 2-3 years. 

My thought process the last few months has been this:

* I make a good bit more doing short term(weekly) than I would with long term. Also, my mortgage(can't refinance until after a ballon payment in about 5 years) that I'm paying is based from the numbers it was making as short term rentals. Now the headaches with short term are enormoous and I would rather do long term but always were afraid to do so due not grossing as much. But my thought now is if the short term market drops to where it is the same as I would make on long term but with less headaches, why wouldn't I just do long term. I guess thats why I'm trying to get a feel of what people think will happen to the short term market because of the current situation we are in.

My 26 unit apartment complex currently charges weekly rates and has seen a slight drop off in rent since the crisis began but not as big as I first thought it would. When I read articles and watch videos of other landlords I feel lucky to have it only drop off slightly as it did, but I still wonder if it would be better if i were charging per month. 

So my question is in the time we are currently in do you think it would be better to stay with my short term rentals or does the market seem to be going more in the direction of longer term rentals and should I switch to longer term to maybe protect myself more?

@Tom S.

hey Tom, 

Sorry it took me a while to get back to you. I'm still in the waiting process. I sent information to the loan officer at a bank on Friday. She said it looks good, but it is going to take a little time to finalize but I am still working on the $50,000. I have a guy in Seattle that is meeting with his Accountant on the 23rd of this month so he can talk numbers with him. I will keep you posted. Thank you.

@Tom S.

Thanks for asking. Nothing has really changed yet. I have sent some numbers to a guy in Seattle and I am waiting to hear back from him as far as the $50,000. 

@Mitchell Fuselier @Jason Braud, I got a letter in the mail yesterday from a, Mark Segalla, from Elifin Realty. He has a few listings around LSU. He has a 20 unit (LSU), 22 unit (LSU), 56 unit (Sherwood), and a 4 unit (Garden district). You may have seen these listed already but I just thought I would past that on in case you hadn't seen them. I don't know anything about them, I just have something in the mail that he has them listed as properties that are currently available.

@John P. I am still trying to work out the deal. The owners have been on vacation since I last posted and I haven't really talked to them in about 10 days. 

@Tyler Bobo  Man, Thank you so much. That is what I was looking for. Some different examples of how deals can get done and what to expect from the lenders. I appreciate it so much. I really like the idea of raising the interest if not paid back in a certain amount of time. Again, I thank you. If you have any other examples, I would love to hear them.

@Don Roberts That is a cool story. Sounds like it all worked out in the long run.