All Forum Posts by: Keith Weigand

There are numerous sites to post to. You can google them. Some of the big ones we use are Apartments.com, Zillow, Realtor.com, Realestate.com, hostpads.com,Streeteasy, rent.com, rentals.com, lovely.com. There are a lot more. Criagslist is also good.

@Manolo D. It may be worth it to some, depends on your goal. Are you an investor or trying to start a PM company. You only discussed income in your post but no mention of the work involved. All I’m saying is that there is a lot of work in PM. If you want to start a pm company, it could be profitable. 

Ditto. Just keep them in separate accounts. This is the first I heard about a tenant asking for interest. At least he/she tried.....

@Eric Gardiner and @Jarrod Kohl are more in the ball park. I have sold 2 technology companies in the past. Some valuations are done as a multiplier. Also consider the synergy (if any).  Although technology valuation is different, many aspects are the same. Do thorough DD. Understand what you are actually buying. If you determine you are buying contracts, make sure those contracts will stay in place. As part of DD, contact all customers and chat. Get a feel for them and their current satisfaction. Keep in mind that you will be able to combine some expenses, actually reducing the expense on their books. Consider structuring the deal so the seller still is involved for a period of time. This helps with transition and putting existing customer's fears at ease. Put together a note with the seller as well. There are so many things to consider. I'm no expert but I am open to share my lessons.

I use QB 2012 desktop

@Fred Heller is correct. It is a lot of work for 10%. 

Quickbooks is not intended for property management. A PM software does more then just accounting. I use QB for one of my businesses but I don't use it to manage my properties.

Agree with @Cornelius Dudley. Quickbooks is not made for property management. I use QB for my business but not for managing my properties. PM software does so much more then accounting. To echo the above statements, keep bank accounts separate from personal. We accept online rent payments which makes it so much easier for the tenant as well. Good Luck

Try https://fourandhalf.com

I ran across them when I was searching for Property Management podcasts to sponsor.

I'm assuming you did your market research on the current rents in the area? I will say that a 7% increase for existing tenants is high, at least in my area. I've seen averages of 1-4%. A lot factors into this of course. Is it a newly remodeled unit? Were the existing tenants expecting an increase due to renovations? If they are good tenants, you could consider a series of smaller increases until you get to the current market rates. If this was just a 7% increase with no apparent reason, the tenants could be caught off guard. Would you be ok loosing those tenants? What's the cost of finding new ones? Vacancy rate?