All Forum Posts by: Laura Sulak

@Lance Anderson Thank you for the details and information. I need a better bookkeeping system (mathematics is NOT a hobby of mine;) and this sounds promising. Thanks!

@Kenneth Ross Would you happen to have something written in the lease about plumbing issues that result from tenant misuse? I have a clause that states that if a plumber determines that a drain is clogged by something a tenant puts down it (hair, grease, feminine products, wipes, etc), then the tenant must pay for the repair. Other plumbing issues are my responsibility to pay for.

@Account Closed Rentec Direct sounds interesting. When you say that "all money associated with a property is properly tracked now", does this include a way to upload expenses and do bookkeeping from Rentec Direct? Thank you in advance for input on this!

@Steve Emling I’ll chime in another vote for Cozy. I’ve been using them for over two years for seven units, all different types of multi family, and I love Cozy! It’s a requirement in my lease. It’s free for you and tenants who choose to pay through a bank EFT. You can: do background and credit checks (at tenant’s expense); accept deposits, rent, late fees and other payments; give tenants credits for certain things, e.g. maybe a first month’s discount; track expenses by property; upload and share documents, such as leases and addendums; verify renter’s insurance. Tenants can make automatic payments (set it and forget it), submit repair requests, verify their renter’s insurance or choose Cozy’s insurance vendor. It does take a few extra days for the money to show up in your bank account, but that’s a small price to pay for so many FREE services, so I don’t mind waiting. Plus, we should all really have enough cushion in the bank that we can wait five days... Anyway, I will continue to use Cozy until I outgrow them, but I hope that they’ve also grown by then and we can stay together:) Congratulations on your new triplex and best of luck managing it!

@Chris Ono Congratulations on your properties! 

@Costin I. Thanks for the info!

Hi, @Casey Gregersen, you really did start something here! While your question is a great one, and quite valid, it really should be answered by someone from your state who has actual expertise in this subject. 

And while it’s a good idea to ask a question here on BP, it’s best to do your homework first. A quick Google search will give you results like this, from the Texas Real Estate Commisson, specifically about property management in Texas: https://www.trec.texas.gov/taxonomy/faq-category/property-management

ANY type of real estate investing (property management, buy and hold, flipping, wholesaling, notes...you get the picture) requires the investor to do lots and lots of research before making a decision. Sounds like that’s where you are with this next step. 

I can only speak for myself, but I would never risk losing my professional status and any of those 11 units just to take a shortcut and bypass the legal system. 

Wishing you the best of luck as you delve into this new venture! Please keep us posted as to how you decide to proceed. 

Is there a particular reason you’re using the TAR lease? You can create your own, customizing it to each unique property and situation. That way, you don’t infringe on any copyright laws or step into the murky waters of changing someone else’s legal document. 

@Sue Thomas is correct! The Temple group meets every month at Cotton Patch Cafe at Temple Mall. Just follow the link to join...it’s a free membership, they just ask that you patronize the restaurant since they let us use the meeting room.

Hi, @Denise M. Tschida! Just curious how the last six months have been using YNAB for your properties. I have three rentals, also, and I’m considering switching to YNAB for expense tracking. Have you also been able to use it for any bookkeeping? Thanks in advance for your input! 

Hi, @Chance Bostick. Welcome to the Belton/Temple area! @Jim Cummings (@mention is not working for Jim) is exactly right. Multi-families in this area are very hard to find, but they're out there. Do everything he said to do so that you're ready when one comes your way. There are also some good single-families in the area, especially if you're willing to do some rehab. I would steer clear of Killeen, though. 

There's a great REIA meetup here, run by Vern Darlington. Very nice people, very supportive, always with an educational component. https://www.meetup.com/Masterminds-of-Cen-Tex-Real...

Start by reaching out to a couple of local RE agents and let them know what you want, set up alerts for your criteria on Trulia, both for homes for rent and for sale. That way, you can get an idea of what's in the area. And drive around looking for homes that might be in disrepair (someone might be ready to get rid of it), for rent (landlord might be ready to get rid of it) and for sale. You never know what you might find. 

Best of luck in your ventures! Remember: Luck favors the prepared.