All Forum Posts by: Keith Weigand

Many of the complete PM software may be too costly for your size. But shop around for the ones with features you are looking for.

@John Arneson be sure to know what features you need when you look at the various software.

Buildium and Appfolio are decent but expensive for smaller portfolios. Excel cannot do what a property management software can do.

@Shaun Hunt To me it's not about the # of doors as much as it is my bottom line. If the numbers work so that you have more cash flow for fewer doors, it's a good sign. Everyone has different opinions and goals but mine would be as long as the other key numbers work for your long term plans, go for it! We're not going to get the same deals today that we got in 2009-2010. 

@Linda Weygant Good point Linda. I had my investor hat on and not my property manager hat on when I was thinking it through. BTW, on a side note, people often pronounce my last name like your's is spelled and since my sister-in-law is Linda, I had to do a double take on this post. :) 

@Shawn Sternick The 15% remaining, are they projects that can easily break the budget? Like unknown potential issues? If the 15% remaining items are pretty much set costs, (counter tops, carpet, paint etc.), you should feel comfortable putting together a typical counter offer.  If the remaining 15% includes projects that may have some hidden costs, I would counter after those projects have been completed or at least completely exposed so you can verify your budget for that item. For example, if the roof is remaining, I would remove the shingles (unless your are layering them) and make sure there is no sheathing/plywood to replace or any other 'unexpected' damage then you are more certain of your costs. Then you can feel comfortable with a counter offer.

@Eli M. I would think every neighborhood is different. In general, I would put yourself in the renter/buyers' position. If the neighborhood is a family type of neighborhood, I would think a school close by would be good thing. Keep in mind, a good thing doesn't necessarily increase your property value. It may sway a buyer/renter towards or away from your property but not necessarily increase your property value. Likewise, some things can hurt your property value. A new Amazon shipping center backing up to your middle class residential neighborhood would probably hurt your value. A body shop next to a class D or C property may not harm the value but may harm the value on a Class B or A property. Also depends on barriers that are put in place. For example, Amazon put a warehouse backed up to a middle class SFH area. But Amazon also put up a nice privacy and 3 lines of evergreens which also hide the fence.

I rehabbed a log cabin and there was one place about 4 houses down, that was damaged by fire and never rebuilt. The owner was living in a camper in the front yard and junk cars and trash all over the place. I had to get a letter from the county stating they were enforcing the codes for this residence and this owner was in the court process of getting it cleaned up. This neighbor did hurt my sale as many people just walked away. But I finally sold to a couple and once the county completes the code enforcement, the cabin will increase in value by 10-20% easily.

If you put yourself in the renter/buyer's shoes, you should be able to identify what increases and decreases values.

@Mary Jay I'm not sure how accounting methods would ever break the 'veil' of an LLC. I have several LLCs and my cpa takes care of my annual accounting/taxes. He knows how to appropriate and file my returns. I've never heard him suggest that one way or another I would expose myself legally from under my LLC.

Great Job @Daniel Krantz Happy 2019!

We charge the application fee up front and then process their application along with the back ground screening through the property management software that we use. The background fees range from $22 - $25 depending on the package we order.