All Forum Posts by: Michael Patton

 Is it similar to what I built? 

 I have properties in multiple states with multiple property managers who all use different systems. So there would be no way to pull data from a PM system automatically unless I had my own PM system where I re-entered all their data which would be a huge time waste. That's exactly the reason I didn't want to go with one of the big property management software systems people mentioned above. I have an assistant enter this once a month from the PM reports provided (and just a bank account statement for the single tenant properties which don't have PMs). Takes the assistant 1-2 hours. 

 You can click on any of the properties, and it will take you to the properties Income report. For example for the E 18th property, here is the Income tab. It shows you the rent roll and automatically highlights and upcoming upcoming rent bumps, lease expirations and delinquencies. There's also a Q&A section where you or your bookkeeper can write questions for the property manager for specific tenants. 

You can also click a button to Expand/Collapse filters. This will only show tenants with rent bumps or term dates or delinquencies or questions, and hide the rest of the tenants so that you can easily take a snapshot pic and send to your property manager. 

Lastly, there's an expense tab for each property that allows you or your bookkeeper to list questionable expenses each month from the PM reports. You keep all the expenses with questions (and their answers) here for the whole year so that at the end of the year when you're like, "why was landscaping so dang high for this property?", you can easily go back and look at all the questionable expenses from each month. There's an Expand/Collapse button on this tab as well which will show only the expenses for the current report month if you want to focus in on those or send a snippet to your property manager. 

Would obviously have preferred to use a third party but this accomplishes exactly what I need - a birds eye view of the profitability each month without have to re-enter operational and tenant data into my own system when the property manager is already tracking this information. 

I welcome all feedback! 

kim

Hello! 

I have searched for this on the forums extensively and online, to the point where I've started building my own and writing the code myself. I still can't believe it doesn't already exist though! 

I'm looking for an asset management software for OWNERS, not a property manager software. I have property managers who work for me. I am trying to manage the asset and the property managers.

Here is the basic functionality I'm looking for: 

1. Property View: Customizable view that allows me to select a given property and view, update, and save information including the obvious facts, plus ownership %'s, reserves to be held each month, property tax/insurance info, purchase and loan info. Need to be able to view, edit, and save changes.
2. Unit / Lease Abstract View: Customizable view that allows user to select a given property and provides a menu for that property of all tenants/units at that property. User can switch between different units. Display shows details for the given unit which can be viewed, updated, and saved.
3. Rent Roll View: Customizable view that allows me to select a given property’s rent roll and view, batch update, and save information. Expiring leases, rent bumps, and delinquent tenants are highlighted. 
4. Property Management Dashboard: Allows me to summarize delinquencies, notable expenses, upcoming lease expirations and rent bumps and send a monthly email automatically to the property manager for a status update.

Everything I've found is either focused on the property management and rent collection or on managing investors. Does anything like the above exist?! Thank you!

Hello Everyone! I'm looking for some advise. Currently I live in California, likely moving shortly. I tried to be an appraiser, but you need another appraiser to mentor you for 1,500 hours to get your own license that is worth anything in California and the only one I've been able to find is not helpful. With that being said, I am probably going to be uprooting myself to a less expensive state shortly. My goal is standard buy-and-hold small multifamily properties and purchase using FHA loans. This will be expedited with my fiance doing the same thing alongside me. Considering this strategy, does anybody have ideas on best occupations and locations on where to do this? Obviously I am willing to relocate and I can pretty much take on whatever job I have to. However, I do have a preference to Real Estate related jobs. My only no go jobs would be things like RE Agent/Realtor, because of the social/charisma requirements. Any advise is greatly appreciated. Thank you!

 Thanks! Lots of opportunity in Elkhart. Recently logged the lowest unemployment in the nation. Did you end up making a purchase?

Kaylee Macmahon the Apartment QueenTM was at the Tulsa REIA Meetup last night discussing Syndications and investing in apartments etc. Check out the Tulsa REIA Facebook page.