All Forum Posts by: Kenny Dahill

@Tram LeMultifamily can range significantly in size.  The ideal PM for a 10 unit may be significantly different than for a 40 unit.

To get better referrals and save yourself time, what size range?

@Luke Gilbert, when you say 'mostly to help with verify/find tenants and manage repairs', are there aspects of management you wish to self-perform?  For example: rent collection, paying utilities/taxes, etc.

@Amardeep G., wow.  That sounds like a horror story as a landlord!  Have you terminated your agreement or finishing its term?  If finishing, definitely set your calendar reminder for the -61 renewal notice so you don't forget!

Have you thought about self-managing or co-managing?  Not sure how scarred you are from this experience.

@Iliana Oudom, congrats!  How exciting to get your first property.  Let the wealth fun start!

There are several ways to go about apps.  There's professional software and then landlord software, which sounds like your preference.

Some tidbits:

Cost:  There's generally two types: transactional vs. monthly membership.  For one unit, I'd look at the transactional types.

User Limits:  With landlord software, it's generally capped at 1.  And you should never share access to your account because it connects to your bank.  However, if you have a partner or use somebody to help manage (i.e. co-manage) then this would need to be determined before selecting which platform.

Features:  Apps are generally built with the same core 3rd party apps for rent payments, screening reports, etc.  The user experience may be the biggest difference but some offer more accounting power.  Users either love or hate that extra accounting power, some say it complicates the experience and not needed.

Peer Apps:  Your tenants will prefer Venmo or Zelle; vast majority do.  It's easiest for them.  Stick to your guns and require them to use your desired landlord software for payments.  Venmo/Zelle don't know what rent is, just what payments are.  Compared to landlord software which does know what is rent, when it's due, if/when to add late fees, if/when to send automatic email reminders, etc.

As you see, I'm a nerd about this stuff.  Happy to answer any questions!

Hi @Dan McCarthy, are you still looking?  It would be beneficial to share how many units, class type, single family vs MF, etc.  The more info can help with more leads.

Or, depending if you're wanting to be involved, if you'd prefer a co-manager to help manage.

Burn it to the ground and start over. </s>

This could be considered neglect if they knew but didn't a) address themselves or b) inform you to address.

Nothing you can do now about the quality of inspection except learn the lesson to perform better inspections next time.  You might be best asking the tenants to cancel their lease, address the issue and then find new tenants.  If it's as bad as you stated, as the tenant I'm nervous forever and calling you to address the first sight of a cockroach assuming the worst.

That's weird.  I understand holding for potential expenses but isn't that part of the minimum reserves account is for?  This is them assuming an expense may be 2x rent; if that did happen, it's a major appliance which isn't a common enough issue.

I'd push back on this.  It's definitely not normal for 6-8 weeks.

Common practice, yes.  No cost impact to you.

@Stacie Casella, very similar to STR. Less on the reward high side, less on the maintenance/labor side too.

You can list on AirBNB with a minimum duration requirement.  Zillow works as well.  Or, if you're targeting a specific niche there may be listing sites for them: travel nurses.

If you use AirBNB, that would handle your security deposit.  Otherwise, you can require a deposit like a long-term and hold onto it until they move.  Since it's closer to a long-term rental, you'll probably want to follow your states maximum deposit laws which can be found in researching Landlord-Tenant laws.

@Drew Sygit, yes, it is a broad assumption.

Most PM's include an annual inspection with their monthly service fees.  Therefore, some PM's already assumed that inspection expense elsewhere.  Unless they're *gasp* double dipping?!

I wonder if some of those items are automated.  If not, perhaps that's an opportunity to optimize so this can be a 1hr task.  Proactively contact tenant at -90, -70, -60 marks, solved with a good CRM.  Negotiate rent with tenant; don't most PM's set the rent amount and inform the tenant?  How much negotiation is there truly between PM and tenant?  I've literally never met a tenant who even had the option of negotiating their renewal lease, except for a 2-year discount which is typically pre-determined.

Determine the needed maintenance items.  How is this related to the fee for renewing the lease?  It's not.  If the tenant says 'I'll accept the rent increase', this is useless.  If they reject, you know there's a larger leasing fee which covers the additional work required.

General assumption that it takes 1 hour to renew a lease?  Sure.  I also know it doesn't take me more than 30 mins for my renewals: inform, put together esignature, update rent in our management software.  By the end of their initial lease, I should already know the caliber of tenant they are and how they treat the property if I'm inspecting throughout the year.