All Forum Posts by: Account Closed

Hello Soh

One or Multiple Accounts?  That is the question!

This depends on each states guidelines.  Some allow us to set up a  trust account which holds each owners money.  Therefore "Owners Trust Fund Account," is a Header, and  "Owner A " as a sub-account of the Owners Trust Fund Account.  But what is the difference?

You're going to have to enter in 100 owners anyway into your database, what's so hard about giving them their own bank account? The tellers at the bank have to do all the depositing.  All you have to do is print out the deposits slips from your computers and take it to the bank. 

It boils down to, once again, your state guidelines.  

Let me just say this.  If I had 100 clients and needed 100 individual bank accounts, then I would be singing like a bird in the sky. I'd have a big old building with employee's and would designate each employee with 20 owners each.  This means I'd have 5 employees. 

If you are the only person being a "Jack-of-all-trades" then, of course, this wouldn't do.  But if one has 100 clients, nobody would be able to handle it all by themselves and would need to source it out or hire employees. But then again, you could afford it. 

Nancy Neville

Hello Dan:

Your question is:  That you gave them a 30-day notice in March and it was up April 22nd.

Was this a 30 Day Notice to Quit for Non-Payment of Rent, or a Termination of Tenancy? A big difference. 

Michigan Law states that we must give a full 30 day notice to Quit.

You say you gave them a notice late in March.  The question is:  When was their rent due?  Was it due March 22nd, therefore they had until April 22nd?  

If that is true, by law, you would need to have sent them a 30-day notice to Quit on March 21st in order to make it a full one month notice.  The same thing if you were terminating this tenant.  You would have to give same notice but on a different form. 

it also depends on how you gave them the notice.  Did you hand deliver it?  Did you mail it?  We need to allow one full day of it being hand-delivered in order to start counting the 30 days.  Two Full days for mailing to allow a full 30 day Notice. 

Let's say, you did everything right and you sent them the notice on March 21st and their last day was to be April 22nd. And they never paid their rent for March 22 through April 22nd, the normal monthly rent.  (This is why having every tenant's rent due on the 1st of the month is crucial.  Too complicated having different due date for various tenants.  You will be in court almost every day if you have a lot of tenant who don't pay).

A typical 7 Day Notice to Quit is this.

Rental Due Date 1st of every month.

On the very first day rent is late, a Notice to Quit should be sent.  This means on the 2nd of the month, since they have until 11:59 pm on the 1st to pay that rent.

On the 2nd of the month you mail the Notice to Quit.  You cannot count the 2nd as the first day of mailing, you must allow two full days for mailing so you count the 3rd and the 4th.  

Now you start counting 7 full days, and that brings us to the 11th of the month.  

You cannot file the 7 Day Notice to Quit in a court of law until the 12th, as you need to allow 7 full days and the 11th is the last of the 7 full days.

If a tenant pays the rent during time frame of the Notice to Quit, then you must accept it.  If they try to make a partial payment, you do not have to accept. 

If you meant to say you gave them a Termination of Tenancy, which requires a 30 Day Notice of Termination of Tenancy, then the same timeline would apply as well.  The Full day thing.  

If they moved and didn't pay their rent you can deduct it from their Security Deposit.  But Itemize it and send them the balance due to them if applicable to their last known address.

I hope I have answered your questions and helped you understand the deep details of the timeline that involves the 7 Day Notice to Quit and the 30 Day Notice of Termination of Tenancy.  Two different forms, but the same timeline.  

Nancy Neville

Over the years on here I've seen some questions regarding people wanting to become Property Managers and how they would handle entering the data into a financial software program. What they don't realize is that there is a "Code of Standards from the National Association of Residential Property Managers known as NAR that stipulates the requirements of being a Property Manager and more.

I thought I would post their Code of Standards here. 

Note that in Artilce 6:  Handling of Funds it states:  "The Property Manager shall hold all funds received on behalf of others in compliance with state law and shall not commingle the funds with personal or other business funds or use the funds for other than their intended purposes.  

This has been very hard for people to accept when I try to answer their questions regarding this matter.  99% of the people I talk to who want to be Property Manager or who are Property Managers want to comingle everyone's money into one big bank account..  Therefore, I hope this document will help everyone come to terms with how important it is to abide by this Article 6: 

Code and Standards

CODE OF ETHICS AND STANDARDS OF PROFESSIONALISM FOR THE NATIONAL ASSOCIATION OF RESIDENTIAL PROPERTY MANAGERS

Introduction:

The National Association of Residential Property Managers (“NARPM®”) promotes a high standard of business ethics, professionalism, and fair housing practices. All property managers who are members of NARPM® must abide by the following Code of Ethics and Standards of Professionalism (the “Code”).

The Code of Ethics and Standards of Professionalism is displayed below. Click here for a PDF version of the Code of Ethics.

DEFINITIONS:

Capitalized terms throughout the Code shall have the following meanings:

“Client” means any person with whom the Property Manager has a disclosed working relationship.
“Firm” refers to a Property Manager’s employer or broker.
“Property Manager” means a property manager who is a member of NARPM®.
“Tenant”means an individual or entity that rents and/or occupies property managed by the Property Manager.
“Written” or “in writing” means communication in the form of a record and includes both hard copy and electronic forms.

Article 1: RESPONSIBILITY TO PROTECT THE PUBLIC

The Property Manager shall protect the public against fraud, misrepresentation, and unethical practices in property management.

STANDARDS OF PROFESSIONALISM

§1-1 The Property Manager shall endeavor to eliminate, through the normal course of business, any practices which could be damaging to the public or bring discredit to the profession.

§ 1-2 The Property Manager shall cooperate with the governmental agency charged with regulating the practices of Property Managers.

§ 1-3 The Property Manager shall comply with all relevant local and state ordinances regarding real estate law, licensing, insurance, and banking.

§ 1-4 The Property Manager shall comply with all federal and state antitrust laws and shall follow the NARPM® Antitrust Policy and any related procedures.

§ 1-5 The Property Manager shall not reveal confidential information of Clients, Tenants or others except as required in the course of performing his or her duties or as otherwise required by law. The Property Manager shall take all reasonable precautions to protect confidential information.

§ 1-6 The Property Manager shall use reasonable efforts to ensure that information on his or her website, or that of his or her Firm, is current and accurate. If it becomes apparent that information on the website is not current or accurate, then the Property Manager shall promptly take corrective action.

§ 1-7 Websites of the Property Manager shall not contain any deceptive metatags or other devices/methods to direct, drive, or divert Internet traffic in a deceptive manner or to otherwise mislead users. The websites shall also not manipulate listing content in any deceptive or misleading way.

§ 1-8 The Property Manager shall disclose all details on the availability of rental properties to prospective parties on a regular and timely basis.

§ 1-9 The Property Manager shall not exaggerate, misrepresent, misinform, or conceal pertinent facts in the advertising, leasing, and management of property.

§ 1-10 The Property Manager shall make reasonable attempts to remove from the Internet listings for rentals that are no longer available.

Article 2: DISCRIMINATION

The Property Manager shall not discriminate in the management, rental, lease, or negotiation for real property, shall operate consistent with fair housing laws and regulations and shall comply with all federal, state, and local laws concerning discrimination.

STANDARDS OF PROFESSIONALISM

§2-1 It is the duty of the Property Manager to educate those with whom the Property Manager is affiliated to comply with all fair housing laws and laws regarding discrimination.

§2-2 The Property Manager shall not deny service to any person due to race, color, religion, sex, handicap, familial status, national origin, sexual orientation, or gender identity.

Article 3: RESPONSIBILITY TO CLIENT

When working in a disclosed relationship with a client, the Property Manager shall protect the client’s best interest at all times.

STANDARDS OF PROFESSIONALISM

§3-1 The Property Manager shall use written agreements, and written extensions, if required, outlining all responsibilities and fees, if any. The Client will be provided a copy of all signed agreements and extensions, and the Property Manager will retain a copy.

§3-2 The Property Manager shall communicate regularly with the Client, either orally or in writing and shall provide the Client with written reports as needed and as agreed between all parties. In the event of any dispute, the Property Manager shall provide a written accounting as soon as practical.

§3-3 Should the Property Manager have a disclosed relationship with a property owner, the Property Manager shall review and verify all Tenant applications to determine the applicant’s ability to pay rental fees and to assess the likelihood that the applicant will comply with all provisions of the rental agreement.

§3-4 The Property Manager shall accept no commissions, rebates, profits, discounts, or any other benefit which has not been fully disclosed to and approved by the Client.

§3-5 The Property Manager shall not mislead a potential Client about the rental market value of a property in an attempt to secure a rental listing.

§3-6 The Property Manager shall disclose to his or her Client all pertinent facts relating to any transaction.

Article 4: OBLIGATIONS TO TENANTS

The Property Manager shall treat all Tenants honestly and professionally when they are applying for, living in, and/or vacating a managed residence, including through the deposit refund process.

STANDARDS OF PROFESSIONALISM

§4-1 The Property Manager shall offer all prospective Tenants a written application.

§4-2 The Property Manager shall provide all Tenants with a copy of the signed rental agreement and extensions with all addendums attached.

§4-3 The Property Manager shall make all disclosures as required by state and local laws and provide the Tenant an opportunity to complete a written condition report within 7 days of moving in.

§4-4 The Property Manager shall respond promptly to requests for repairs.

§4-5 The Property Manager shall provide a written deposit refund determination to the Tenant within the time prescribed by law after the Tenant has vacated a property. The Property Manager shall not cause any undue delay in refunding or accounting for the security deposit.

Article 5: CARE OF MANAGED PROPERTIES

The Property Manager shall hold a high regard for the safety and health of those lawfully at a managed property and shall manage all properties in accordance with safety and habitability requirements of the local jurisdiction.

STANDARDS OF PROFESSIONALISM

§5-1 The Property Manager shall not manage properties for Clients who refuse, or are unable, to maintain their property in accordance with safety and habitability requirements of the local jurisdiction.

§5-2 The Property Manager shall terminate management of a property if the Client does not comply with habitability requirements.

Article 6: HANDLING OF FUNDS

The Property Manager shall hold all funds received on behalf of others in compliance with state law and shall not commingle the funds with personal or other business funds or use the funds for other than their intended purposes.

STANDARDS OF PROFESSIONALISM

§6-1 The Property Manager shall keep appropriate records and shall prepare and furnish to the Client accurate and timely financial reports relating to the Client’s rental and funds in accordance with the terms of the applicable management agreement.

Article 7: AREAS OF EXPERTISE

The Property Manager must provide competent service within his or her area of expertise, and refrain from the unauthorized practice of any other profession for which he or she is not licensed or qualified.

STANDARDS OF PROFESSIONALISM

§7-1 The Property Manager shall perform only such services in such locations for which he or she is qualified and can reasonably be expected to perform with professional competence.

§7-2 The Property Manager shall not perform and shall not represent that he or she can or will perform services outside of his or her area of expertise, particularly services that require a separate license or qualification – such as law, accounting, financial planning, construction, and/or contracting – unless the Property Manager independently possesses such license or qualification.

Article 8: COMMITMENT TO FIRM

The Property Manager shall act in the best interests of his or her property management Firm.

STANDARDS OF PROFESSIONALISM

§8-1 The Property Manager shall not have any undisclosed conflict of interest with his or her Firm. If a conflict or potential conflict should arise, the Property Manager shall notify his or her Firm immediately.

§8-2 The Property Manager shall not receive any form of compensation, rebates, or any other benefits without full disclosure to his or her Firm.

§8-3 The Property Manager may not take or use any proprietary documentation, including but not limited to Client/Tenant lists, during or after his or her relationship with a Firm without express written consent from the Firm.

Article 9: RELATIONS WITH OTHER PROPERTY MANAGERS

The Property Manager shall not knowingly or recklessly make false or misleading statements about the competence or professionalism of other property managers or about their business practices, or otherwise attempt to take business from other property managers by deceptive means.

STANDARDS OF PROFESSIONALISM

§9-1 The Property Manager shall conduct business dealings with other property managers in an honest and professional manner and shall not knowingly engage in any practice or take any action against a property manager in an un-businesslike manner.

§9-2 The Property Manager shall not knowingly interfere with other property managers’ contract rights, including by taking actions inconsistent with exclusive agreements that other property managers have with their clients. This does not preclude the Property Manager from otherwise soliciting potential Clients or making general announcements about his or her own services. For purposes of this Code, a general announcement may be defined as a general telephone canvass or a general mailing or distribution addressed to all prospects in a given geographical area or in a specific profession, business, club, organization, or other classification or group. This Code does not restrict fair and reasonable competition among property managers.

§9-3 In the event of a controversy between Property Managers with different Firms, the Property Manager of the Firm shall use best efforts to resolve the dispute prior to litigation.

§9-4 The Property Manager shall not obtain or use the proprietary materials or work of a competing management Firm without the express written permission of that Firm.

§9-5 The Property Manager shall cooperate with other property managers when it is in the best interests of the Client or Tenant to do so.

§Note: The Federal Trade Commission (the “FTC”) has conducted an investigation concerning certain provisions in the NARPM® Code of Ethics and Standards of Professionalism (“Code of Ethics”). The provisions of the Code of Ethics that were addressed by the FTC are those that stated: “NARPM® Professional Members shall refrain from criticizing other property managers or their business practices” and “The Property Manager shall not knowingly solicit competitor’s clients.” The FTC has alleged that these provisions in the Code of Ethics restrict members of NARPM® from competing for clients, thereby depriving clients of the benefits of competition among property managers, in violation of the Federal Trade Commission Act. Without admitting a violation of the law, NARPM® has agreed to the entry of a Consent Agreement and a Decision and Order by the FTC in this matter (the “Order”). The Order requires NARPM® to amend the Code of Ethics by deleting these two provisions; please note that such restrictions on solicitation or advertising by NARPM® members no longer apply.

Article 10: TRUTH IN ADVERTISING

The Property Manager shall ensure that all advertising is clear and forthright and includes only accurate and truthful statements about the property or services advertised.

STANDARDS OF PROFESSIONALISM

§10-1 Regardless of the type of media used, advertising content shall be truthful and honest at all times.

§10-2 No property shall be offered as “For Rent” without the actual permission of the Client. If an unlisted property is offered, permission must be obtained from the owner.

§10-3 Disclosure must be made to all parties if information gathered through electronic advertising media may be sold to an outside party.

§10-4 All marketing materials, whether printed or electronic, shall comply with state laws.

Article 11: RESPONSIBILITY TO NARPM® AND THE PROFESSION

The Property Manager shall comply with all policies and pronouncements of NARPM® and all relevant laws and rules of the jurisdiction in which he or she works, and shall strive to stay informed of and to educate others about relevant matters affecting the property management field.

STANDARDS OF PROFESSIONALISM

§11-1 The Property Manager shall strive to improve the property management profession and NARPM® by sharing with others his or her lessons of experience for the benefit of all.

§11-2 The Property Manager shall strive to be informed about relevant matters affecting the property management field on a local, state, and national level.

§11-3 The Property Manager shall maintain his or her real estate license, if a license is required in their state.

§11-4 The Property Manager shall abide by NARPM®’s bylaws and other policies and procedures of NARPM®, and shall seek to avoid doing harm to the organization.

§11-5 The Property Manager shall ensure that all electronic communications and marketing he or she prepares is professional with respect given to the recipients.

§11-6 The Property Manager shall act with integrity, good faith, and professionalism in connection with all NARPM® and NARPM® Chapter activities.

Article 12: COMPLIANCE AND ENFORCEMENT

The Property Manager shall comply with this Code and shall participate in and/or cooperate with any investigation and/or hearing conducted by NARPM® pursuant to this Code.

STANDARDS OF PROFESSIONALISM

§12-1 The Property Manager shall review and shall take all necessary action to understand and to comply with this Code.

§12-2 The Property Manager shall not interfere with any NARPM® action to investigate a violation of or to enforce this Code.

§12-3 The Property Manager shall promptly supply any information requested by NARPM®during any investigation or enforcement action pursuant to this Code.

§12-4 The Property Manager must take and pass an ethics course, which shall include discussion of this Code, every four years as a condition of continued professional membership.

Antitrust Compliance

As part of a settlement with the Federal Trade Commission (“FTC”), NARPM® agreed to change its Code of Ethics and will not adopt, encourage its members to follow, or enforce any Code of Ethics provision relating to solicitation of property management work that does not comply with the FTC Consent Order.

§FTC Settlement Statement

§FTC Decision and Order

§FTC Complaint

§FTC Press Release issued by the Commission in this matter

§NARPM Antitrust Policy

NARPM® Antitrust Statement:

It is the policy of the NARPM® to comply fully with all antitrust laws. The antitrust laws prohibit, among other things, any joint conduct among competitors that could lessen competition in the marketplace. NARPM®’s membership is composed of competitors; they must refrain from discussing competitively sensitive topics, including those related to pricing (such as rates, fees, or costs), individual competitors or specific business transactions, or controlling or allocating markets. NARPM® shall not restrict members’ ability to solicit competitors’ clients. NARPM® shall not restrict members’ ability to advertise for business, provided the advertising is not false, deceptive or otherwise illegal.

Actually, you never want to change the locks until you are 100% sure the tenant has left.  

You say he cleaned it well enough to receive a portion of his security deposit back? Just because someone is in jail doesn't mean you get to keep the Security Deposit.  And if they are not getting back 100% of the security Deposit then you need to itemize the deductions and submit it to them in writing within the time frame of your State Laws.  

As mentioned above, keys should have been returned, but many times tenants do not leave the keys.  if their belongings are gone from the property, and the unit is cleaned, then most likely they have left.  At that time you can change the locks.  But first, you need to do the following.  

Send them an itemized letter, with a check for the portion of the money you are returning to them,  to their last known address.  Which is actually the rental unit that belongs to you. 

As mentioned above as well, if your letter to them is just sitting in their mailbox and nobody picks it up, then take it and save it, because when he gets out of jail, you are going to be the first person he wants to see. 

Take pictures of the rental unit showing that all his things are gone and the unit cleaned.  It helps to buy a newspaper with the current date on it so that you can take photo's of the unit with the Newspaper proving the date of when you took the photo's.  Place the Newspaper in an area of the apartment that will clearly prove that this is the rental unit and this is how it looked on the day you took the photos.  

Now you can change the locks, advertise and rent it out.  

But I do have to emphasize that the unit must not have anything that can be construed as his or her property. You can tell what is garbage, but when it comes to furniture, someone else's junk is someone else's treasure.  If whatever is left behind looks broken, the pictures you take will prove that it was just junk left behind.  If it's totally cleaned out, then it's a given he or she has really moved out. 

Nancy Neville

FootNote:  Dan you must have been posting as I have been writing.  :)

A lease agreement is a legal and binding contract.  It has a beginning rental date and a due date of when rent is due. 

If the tenants rent is due on the 1st of the month they have until 11:59 pm to pay the rent on that day.  At midnight you could send them a Notice to Quit.  But I'm sure nobody will go to the post office at midnight the day rent is due.  Therefore, the Notice to Quit should be sent out the very next day; on the 2nd.

It is crucial that you send out a Notice to Quit on the very first day rent is past due. Remember that this form is called A NOTICE and must legally be sent to the tenant to tell them their rent is past due before you can even file for an eviction.  Remember this is just a NOTICE, nothing more at this time, but very crucial for us, as landlords, to send it out immediately. 

Some states have a 7 day Notice to Quit, others a 3 day, etc.  I'm going to us my 7 Day Notice to Quit for an example. 

My tenants rents were due on the 1st of the month.  If rent was not received in my office on or before the first of the month than on the 2nd of the month I sent out that NOTICE TO QUIT.  This means they have 7 days to pay their rent or I take this notice to the court house and then it now becomes more than a Notice.  Now I'm allowed to send the tenant a Summons and Complaint for Non Payment of Rent and the court, in my state, will issue a court date usually within 10 days from the date I filed that Notice to Quit. (So it doesn't allow me to take legal action against the tenant until the 7 days have passed)

FOOT NOTE:  In Michigan we must not only allow 7 FULL DAYS to pass before we can file a Notice to Quit in a court of law and turn it into a Summons and Complaint, but if we mail it out, we must allow TWO MORE DAYS FOR MAILING TIME.  So in Michigan I must allow two full says for mailing.  This means I can't file the Notice to Quit until the 11th of the month.   (I couldn't send the Notice until the 2nd. The 2nd and 3rd day equals the two full days for mailing.  From the 4th to the 10 equals 7 full days,  which now brings us to the 11th of the month where now I can file that Notice in a court of law.   See how long the eviction process takes.  That is why this Notice should be sent out immediately.  Therefore, the tenant now had 11 more day to pay their rent. Once I file that Notice in a Court of Law it becomes a Summons and complaint and usually a court date is scheduled 10 days after I file the Notice giving the tenant another 10 days to pay their rent.  It will then be the 21st of the month. 

Even though I sent them a 7 Day Notice to Quit, if rent hasn't  been received in my office on or before the 5th of the month, I charged them a late fee of $25.00, this doesn't change the fact that their rent is still due and a NOTICE of Quit is still pending. 

NOW, If rent is not paid within that 10 day court period, we go to court and on the Judgment Form I will be asking for the months rent that is due as well as the $25 late Fee, and court fees as well. 

Now the tenant better have a good excuse for not paying their rent, and usually they don't and I am then awarded in the Judgment the full amount that I'm asking, which is court cost, late fees, and the month's rent that is due.

If the tenant tells the Judge that they didn't pay their rent because I didn't fix anything, that I'm a slum lord and the Judge believes them and tells me I have so many days to fix the so called repair, I request that the Judge have the tenant place their rent money into an Escrow Account with the court. And that request is usually granted,  and if the tenant does not put their rent money into the Escrow Account with the court, then I win the case.  

This process makes the tenants put their money where their mouth is,  if they are just trying to get more time to move out without paying their rent.  (Usually the court will give the tenant 10 more days to pay their rent or move).  This means that we are now into the end of the month, meaning that if the tenant does pay their rent, then their rent is due again in a few days.  And that means, you file that Notice to Quit again if their rent isn't in your office on or before the 1st of the month, which it probably won't be because they just paid you last month rent a day or two ago.  Most likely you will be evicting these tenants this time. 

If a Tenant calls and says, Hey why did I get this notice to quit, it's only the 2nd of the month, you remind them that it's only a NOTICE and that you haven't received their rent yet and nothing more.  And you should explain this process to them at the signing of the lease so they will be prepared for what is to happen if rent isn't receive in your office on or before the due date.

Tenants will rebel at something new.  Many landlords allow tenants to pay rent anytime during a rental month when in actuality, rent is due on the 1st or such and such a date.  Once they rent from you, who implements the Notice to Quit will be hard on them, but if you prepare them for it during the signing of the lease they will know what's coming.  Stress the point that it's only a NOTICE.

Once tenants are prepared and expect something they become comfortable with it.  They become prepared and all is well.  Therefore, don't worry or be embarrassed about sending out that Notice to Quit on the very next day rent was late. 

PLEASE SEE MY POST ON THE TENANT PHASE...

Nancy Neville

Always take before and after pictures of the property.  On the signing of the lease I print out a copy of what the house looked like and in what condition that it is in, on the day they sign the lease.  I have the tenants go through the property then sign the photo sheet stating that the photos depict the rental home as is shown in the photos and I have that days newspaper sitting beside the photo signature page, depicting the day of their move in and acceptance. 

This means I take pictures of bathroom and kitchen faucets and shower heads. Kitchen counter tops, toilets, tiling, Venetian blinds, carpeting.  Light fixtures, door knobs.  Basement floors, furnace, air conditioner, etc.....EVERYTHING.  Also the outside of the house, the manicured lawn, the windows, etc. 

When they themselves sign that photo sheet, they acknowledge the condition of the property as of their move in day.

This illuminates the "Testing Phase" of new tenants moving in and requesting repairs.

The bottom line is that a rental home should always be in move in condition prior to showing it.  

Nancy Neville

Michael, I hear what you are saying, and when I talk about Quickbooks and say it is easy, it's because it truly is.  

But with anything in life, from the time we crawl and talk as babies, we need to learn how to do it? That is a given.  

We can learn on our own, but the results end up being junk as you say.   So we go to school to learn to read and write, and we go to college to learn a trade, and when we get a job we have to learn how to use their computer and their software program, etc.  

When we buy a software program for home, we need either to read the manuals that come with it in order to use it.  Most of the time we fall asleep. 

Once we learn something, as you state, we become a pro.  We become good at it, if we enjoy it, we get even better.  

The people I have taught, and that covers CPA's, after learning how to use QuickBooks can't believe how easy it is to use.  It's all about filling out forms in QuickBooks.  Everything is in outline form.  And that outline is derived from the data we enter on a form.  Surely we all fill out forms.  Doctors offices, applying for credit, or a job.  Our life consists of filling out forms.  

Investors could buy a cheap program or an expensive program, and everyone will have a learning problem trying to learn how to use it.  Even a simple excel spread sheet can drive someone insane trying to learn how to multiply in an excel cell.  

When I first began in this business I used Tenant Pro because it had cute little colorful cartoons as Icons.  Hey, I can do cartoons, I thought to myself.  You know what.  I don't care how colorful or cute a program is, you still have to learn how to enter your data and read reports. 

So I went to QuickBooks because the one thing I like about it, even though I didn't no squat about it, was the reports.  How professional they they looked.  They weren't correct because I didn't know how to use QuickBooks, but I wanted to and so I began to learn, and I took courses in QuickBooks and became a Certified QuickBooks Pro Advisor.  

Yes it was hard to learn QuickBooks, because I had to learn all Industries except ours, the rental industry.  Nobody taught our Industry.  Therefore,  because I was Landlord I decided to customize QuickBooks for me, and that's how I began.

So, yes, QuickBooks is hard to use if you don't know how.  Yes, Tenant Pro was hard to use because I didn't know how, but then later when I did learn how to use it,  didn't like it and continued with QuickBooks.  But both programs I had to study and learn it. 

As much as I had to learned about QuickBooks, I bought a Mac Computer and purchased QuickBooks for Mac Users and when I tried to use it I thought to myself, Gosh this stinks.  It's not at all like Quickbooks Desktop version.  I was frustrated.  I had to learn the program all over again. But I did it and now it's a piece of cake.  It doesn't have all the features as the desktop version, but it is doable. 

But once again my point is this.  I feel the best software program out there is QuickBooks because we can customize it to fit us is QuickBooks.  If we have to learn a financial software program anyway, why not get the one we find is best.  One we can CUSTOMIZE. 

My main reason for being passionate about QuickBooks is because I was a landlord with 40 properties.  I lived it.  I breathed it. and being a landlord was also my other passion.  I've always been good with numbers as well.  So even though I do make a living teaching Quickbooks, I want to help you and that's my bottom line.

Nancy Neville

Each property would fall under one Company File and each property would be set up as a Class.

You would link all income and expenses to the property it belongs to in the class. 

You would then do a Profit and Loss Report by Class to see your net profit per individual property.

All versions of QuickBooks will allow you to do this.  

I recommend Quick?Books Pro as the product to consider if you are considering QuickBooks

Nancy Neville

I should have elaborated a little more on the part about living in the home.

If you got a loan for purchase, it will depend on the terms of your loan.

Some loan packages require staying in the home for a period of time. Also some newer developments - for a brand new home - the contract may have language stating that the home cannot be sold for a period of time - this is to prevent too many investors selling too quickly thus impacting the integrity of the development.

Therefore, yes you can sell it at anytime, however, it all depends on how you purchased it.  By cash, a loan, etc.,   

Nancy Neville

I see that Jeffrey was typing as I was typing.  

Nancy Neville