All Forum Posts by: Zach C.

Adding my experience to the pile. I've used Avail for several years after switching over from Apartments.com. I found Avail's dashboard and ability to advertise across syndicated listing sites initially appealing given I manage multiple coliving rentals. The software wasn't perfect but it was a much better user experience than Apartments.com. I upgraded to Unlimited Plus a few months after use when it was still $5/month. The main draw was the elimination of the ACH fees that tenants pay and FastPay rent payments. Avail also threw in customizable applications, leases, a personalized website, etc., for which I rarely found use, though.

Fast forward after a few years of use. Quicker receipt of rent payments never really happened. The time a tenant pays through Avail until the rent payment hits my bank has remained the same length of time (3-4 days). Additionally, Avail announced it was raising prices to $9/month in July 2024. Knowing that I wasn't receiving much value for what I was paying, I decided to conduct research and see what else was out there that could provide most of what I needed at acceptable pricing (subjective, I know).

I'm in the process of testing out Innago. I like the detailed tutorials, clean dashboard (better interface, IMO), more customization of properties, low ACH fees to renters, and the ability to still list across syndicated listing sites. I'll have a more informed experience in a few weeks once I've completed my test run of the software.

While it might be perceived as biased, Innago offers a decent summary of their software vs. Avail on the company's website: Link

 What Filipe mentioned.

I prefer the happy medium route as well. I pre-screen tenants upfront (questionnaire to gather information in advance about prospective tenants - you'll be able to weed out a lot with this step) and narrow it down to a select few, which are then welcome to view the property should they desire. If they like the property and want to proceed, then the full application along with a background check is required. 

I think it's more akin to checking out a new car (opening the doors, sitting in the seats, taking in the new car smell, etc.) on a lot rather than test driving.  Test driving a new car without a driver's license would be the equivalent of a potential tenant spending a night and making dinner in the property before submitting an application.  Not that anyone does this as far as I'm aware of. 

Hello BP community, 

I did some research prior to posting this question in addition to reaching out to property managers in my market.  I've been house hacking a few houses for 7 years now (before I knew of the term "house hacking") and have been managing my own properties during this period.  Recently I've been exploring the option of having professional management take over the selection of tenants and management to free up my time.  I read in prior posts that some prefer to manage their house hacked properties while others prefer to have professional management take the reins.  A few questions pertaining to this.  Feel welcome to respond to just one question or multiple as they apply to your properties and experiences.  Feedback is very much appreciated in advance. 

1. If you currently house hack and have decided to manage your property/properties yourself, what made you choose this option?   

2. If you currently house hack and have decided to hire professional management to manage your property/properties, what you made you choose this option?

3. If you're using professional management, have there been any hurdles/difficulties?  Expectations met or unmet?  

4. How do property managers select and lease up tenants for a property this is being house hacked?  Single lease (i.e. group of 3 renters signs a lease) or individual leases for each renter?  

5. Was it difficult finding professional management for your house hacked property/properties?  The few I've spoken with mentioned it's not something within their wheelhouse and they prefer single leases for each individual unit.  With that noted, I know it's pretty popular in college towns with student housing. 

6. How much (as a percentage of gross monthly rental revenue) do property managers charge for properties that are house hacked?  Less, similar, or more than non-house hacked properties? 

7. Are the rents and utilities billed separately or combined into one monthly rent payment (for efficiency and less confusion for the tenants)?   

8. Are there any other things that should be noted, whether positive or negative?  

9. Unfulfilled amenities, services, and/or desires for managing house hacked properties?  I.e. "nice to haves"

10. Anything additional to take note of that's not mentioned already? 

Again, thank you all for your feedback and sharing of experiences! 

Congratulations @Nate O.  Thanks for sharing your experience and the emphasis on the importance of clarifying goals.  

 You're welcome!

Lots of valuable information available in books, podcasts, and on this forum.  

Some quick advice though. 

If you can, resist spreading yourself too thin and analyzing too many markets at once. A shotgun approach rarely works when you're starting out due to limited time and access to resources. Define your criteria upfront on what your investment goals are and what strategy you'll deploy to achieve those goals.  Having a plan will not only make you feel more confident about the "what", "why", and "how" you're doing things, but will show others you're serious on actually wanting to be invested in real estate. 

If you wanted to look at it from a systematic approach, you could categorize your search into a macro and micro approach.  Macro would be higher level and would include regions or large metropolitan areas.  Micro would be the zip codes and neighborhoods within those areas.  I'd screen and filter by macro first to get an idea of the larger markets you want to concentrate on.  Once you've identified a handful of markets, you can strategically analyze the smaller markets within your list (preferable zip codes and neighborhoods as others have mentioned). 

There are many indicators and resources you can use to aid you in your search.  Review available data (economic, crime, future growth, new development, etc.) as others have mentioned.  Additionally, reach out to others in the area to engage and get conversations going.  You can easily do that on this forum.  Try to offer value in return - providing information about areas or resources you know, how you might include said individuals in on the deal, etc.  And if you're really feeling up to it, visit the area in person to get a lay of the land and speak with individuals in person. 

I'm sure there will be others that will chime in with additional advice.  At the end of the day, figure out what you're comfortable with, what fits YOU, and go with it.  

Interested as well Sean.  Thanks!

That's correct Dave from what the two companies put on their websites.

https://nationalmortgageprofessional.com/news/75745/fannie-freddie-refis#:~:text=Fannie%20Mae%20and%20Freddie%20Mac,a%20refinanced%20mortgage%20by%20%241%2C400.

Thanks for sharing.  Great article that sums up Louisville, KY nicely.