All Forum Posts by: Dan Perrott

@Aaron Moayed - note that it is triple for commercial properties in Indiana.

@Shedrick Archangel - we use quickbooks for our rentals. It has a learning curve but once you use it for a month or 2, it is fairly easy. It also organizes your books for tax time. You can also configure it to categorize by rental property, allowing profit/loss tracking by property.

@Lynn M. - I like your lease wording. Thanks for sharing.

@Bruce Archer - we use cheap Walmart horizonal blinds. $4.00 to $8.00 dependent on size.

@Aubrey H. - for SFHs, per lease the tenant mows. For multi, we mow the grass. We also have a lawn service available when needed. The primary reason we mow is that we are available for issues (multi unit properties always have more issues).

It saves allot of $ but does take time (about an hour per duplex). To our business it helps to build relationships with tenants but also with the neighbors who watch what is going on and let us know issues.

@Aubrey Hardman - the tenants do take care of items and it has reduced turnover time. I perform the exit walkthru a day or 2 before lease end giving them a chance to rectify outstanding issues. It has been pretty good but note that some tenants choose to just pay instead of cleaning and repairs. We charge $5 for a lightbulb and they pay.

@Tim Jahnke - look into using quickbooks. It has a learning curve but you can automate loading in transactions from banks.

We maintain 2 LLCs (separate books) and spend an hour or so a week maximum. It allows scanning and saving receipts directly in the accounting books. Additionally tax time becomes easier and more organized as you can share the books directly with your accountant.

@Aubrey Hardman - we provide a listing of charges (includes changing burnt out bulbs) with the lease so that the tenant understands day 1 what it will cost for repair, cleaning or replacement. They sign the list indicating that they understand the charges. It is part of my lease package. This has eliminated all issues with the move out charges at lease end.

@Travis Washington - I would recommend installing the fence. I did this on a rental home in Indianapolis and I was able to raise the rent 10%. It worked for our business as the tenants like the privacy it provides.

@Ted Klein - I would make sure you have your turnover cost covered over the six months. For example, painting or cleaning that will need to be done. Short term rental should have a premium.