All Forum Posts by: Kevin Phillips

Thank you John.  

Just to clarify, I don't pay any fees for using TurboTenat or Stessa.  The costs in TurboTenant are the background checks a new tenant would have during the screening process, which the prospective tenant pays for as well as a small charge to have Digital signatures on documents that I store online (it's $9 and also charged to the tenant).

Beyond that, I use google docs (mostly sheets) for my underwriting/review process.

The only item I pay for is Quicken, which has a yearly fee now.  However I've used it for over 20 years and it manages my personal finances, it was never bought for the investments and property management.  However it does give me a place to manage the bank accounts for the rentals.

I do agree with you, I'm not specifically looking to spend money to solve the problem, but to find what creative solutions others came up with.  Honestly if Apple allowed you to have multiple contact lists in your phone that could be shared with others, it would be ideal.  Since they don't, I need another solution.

I use TurboTenant to manage my tenant engagement (leases, payments, maintenance, etc).

I use Stessa to manage my overall Investment Assets.

I have vendor/contractor contacts all stuck in my iPhone and interspersed with my personal contacts.  I want to change this.

My initial search was how to separate contacts in your phone.  This isn't easily done or managed on the iPhone and doesn't really accommodate keeping your personal and business contacts separate.  

Like TurboTenant and Stessa, is anyone using an online platform that allows you to easily manage your contacts and even possibly your interactions with them?  In the larger business space the ERP system would use a finance module to maintain vender relationships and all interactions and transactions with them.  So it may be that this is where I need to consider a more robust system for my accounting work.

Thanks in advance for your feedback/experiences.

I have a triplex which, based on our planned maintenance schedule, will have the roof replaced, siding fixed up (siding is already newer), trim paint and new exterior porch/stairs in the spring of 2022.

One of the tenants, who also just reached his lease term, gave notice.  He's a great tenant and I while I don't want to see him go, there is an opportunity to bring the rent for that unit up almost 25%.

The question I'd like to pose is, for the next tenant, has anyone written a lease where months 1-6 would be at one rate and months 7-12 at another?  We intended to raise the rent on the other two units when the work is done while pointing out the investment we are making in the building.  I don't expect we can bring someone in at a premium rent with the exterior looking like it does need the maintenance and I don't expect they'd be comfortable paying it based on a promise of a future upgrade.

My plan B was to inform them of the upgrades up front and offer two options.  Either a 12 month lease at rate X but to know that a renewal or month 13 would be at rate Y OR incentivize them to go with a longer 18-24 month lease with an amount that is a premium to current rent X but still not market rate Y.

Appreciate the feedback.