All Forum Posts by: Maya Roberts

@Josh Vaughn, check out Burbz!  While they do not have the e-signature, yet, they do allow tenants to pay online.  I've had tenants pay with their bank accounts or credit card. 

In fact, one of my new tenants just paid their security deposit with credit card because they wanted the points!  I found that interesting.

All rents are in!  Phew.

Although we took a proactive approach by calling our tenants.  Not just before rent was due but throughout March and April to see how they are doing. 

Luckily we have good tenants although we were only concerned with one rental since they work in the restaurant industry.  In fact, their store isn't far from us so we have been ordering take-out weekly from them.  She's a manager there which prevented her from being let go like a lot of the other staff.

We started using Burbz for our management software.  Thus far, no complaints.  They have everything we wanted.  Including online rent collection and background screening reports.  Standard stuff.

Some of our properties are out-of-state, simply because it is too expensive in our own market.  Welcome to California!  One of our desires was being able to work with local partners.  Through Burbz, we actually share our maintenance tickets with a local contractor so they can get all the information needed.  They receive the email alerts when we do.  Making our maintenance coordination a lot easier.  Awesome feature.

We started using Burbz for our rentals.  Thus far it has been a good experience for us. 

Screening reports seem to be moderately priced, $40.  No partial payments, although that typically is not an issue since we have middle income tenants.  The maintenance requests works great because we forward those emails to our handyman.  It has all the information they need to contact tenants and schedule.

@Nathan Gesner, we charge $25 if rent has not been received by the 5th.  Typically we pro-rate rent but, if not, we do a plus-5 days approach.

For us, it is easy to calculate and easy for tenants to grasp.  We have been fortunate with good tenants, very rarely do we have a late rent payment.

Hi @Matt Corrado, I currently use Burbz.  Prior to, we used a PM firm but wanted better performance.  We started with Venmo/Zelle but decided to make the transition to a software to keep real estate more 'separate' from our personal life.

PRO's:  Very personable!  When my husband and I were searching for a company, we reached out to several and never heard back.  Except with Burbz. Any issues we come across, we reach out directly to their founder @Kenny Dahill.  Whom we met through BP!  We even have occasional text conversations about real estate in general and his suggestions.

They are a newer company with ambitions bigger than only collecting rent.  For their privacy, I won't share but you can always reach out to him directly.  We are waiting for this new service to be released because we want to use it.

Currently, we use Burbz mostly for rent collection and tenant screening.  We only have a few properties so the maintenance system, while useful, isn't much of a need for us right now.  We get our rent directly deposited in the typical 5-7 business days, which is expected with ACH.

CON's:  They are a newer company and still building some features out.  The core features are there, now it's adding the minor features.  Although we happily support them and their entrepreneurial goals.  They do take feedback and suggestions very well, always striving to make it better. 

I have requested e-signature to be added as a feature for my leases.  I have temporary solutions for e-signature but it would be convenient for it all on one system.  However, they have enough features to still make our management more efficient.

Hope this review helps!  Feel free to ask more specific questions if you need!

Hi @Shawn Burns,

I use Burbz to collect rent now.  I have tried Venmo and Zelle in the past, which worked fine as well.

Regarding the non-bank account tenant, I would give them two options.  A) Get a bank account to pay electronically.  B) Pay another tenant, who will pay you. 

If you go with B, then make sure they understand they are still responsible for rent.  What I mean, if the other tenant does not actually pay you then that is an issue between the two tenants.  Not between you.  Last thing you want is them 'claiming' they paid the other tenant and an issue occurring.

@Ryan Car, what state is this in?  I assume 60-day notice is there required duration.

After tenant moves out, call a lock smith pronto.  They should be able to access the property but you might need proof of ownership.  It will cost you $150-200 but worth it.

If tenant has not paid, send them the proper late notification.  Then eviction notification.  Anyways they are out in 60 days, you need to follow protocol.

 $10,800 annual income.  $900 leasing fee. $918 annual management.  Your total expense is $1,918 for the year.  17.7% annual.  That is how I would suggest you view it.  Six in one if you decide to view it monthly or annually. However, your monthly payments should only be 8.5%.  That large leasing fee skews the 'monthly percentage' which is why it is best to view 'annual percentage'.

Typically investors look at this as monthly rate and leasing.  Your leasing fee might not occur every year.  However, the monthly fee routinely occurs.

An annualized 16-18% management expense is typical.

@Alvaro Leis, is it 17% per month or annually?  17% monthly is way too high!  If you meant 8.5% monthly plus 1-month's rent (8.5%) then 17% annually would be within average.

When we had a property manager they were 9%, if I recall correctly.  Although rates vary market-to-market.  Please make sure you understand all their fees.  We eventually split from PM because their maintenance fees were racking up quickly.