All Forum Posts by: Nicholas W.

I'm looking at putting a vending machine in my 12-unit building. It is all 2 bedrooms and there is already a laundry room with space to put a vending machine.

The complex has a pool so I'm thinking of putting a variety of items in there including soda, laundry soap, and sunscreen.

Is there any rough formula I could use to calculate the revenue?

I think going with a cleaning service would be difficult. Typically they work on a schedule, like every Tuesday from 3 - 5. With Airbnb you need to fit the cleaner into tight windows sometimes multiple times per week (i.e. between 10 and 3 on Wednesday and between 10 and 3 on Sunday).

Thanks for the suggestions. I was already leaning toward Quickbooks due to my familiarity with Turbo Tax. I'm going to look into it more closely.

I'm looking for recommendations on landlord software for me to track my expenses, repairs, bank account, etc.

I do not have an extensive portfolio so it doesn't need to be an extensive commercial grade software suite. I have a triplex apartment building and two Airbnb properties. With my triplex I use a management company that handles rent collection, entering into contracts, etc. The management company uses the PropertyWare portal online. I handle everything with the Airbnbs.

I would like to use a Quicken product because I assume it would integrate with Turbo Tax well, however, it looks like Quicken's Rental Property Management software is PC only. I only use Macs. I would also prefer to have software that's cloud based because I have multiple computers and do my property management bookkeeping while traveling.

I currently use Google Sheets to track all of my expenses, mileage, rent collections, etc. and I feel like I'm capturing everything, but it doesn't create standard accounting documents and reports.

Any suggestions on software?

I may have miscommunicated. I'm not wanting to raise the rent in order to get her to clean up. My thought is more to raise the rent to bring her up with the rest of the tenants, and if she moves out I won't be disappointed.

The damage is probably already done based on her slovenly lifestyle. Kicking her out now will just accelerate the time when I need to fix it.

My house up north is a stick-built home (not manufactured). I bought it through MLS with a real estate agent.

 Thanks for the thought. I really like this idea.

You also gave me a different thought - the owner disclosed a higher lease amount for this unit. He disclosed $700. I may ask him to deliver the property with her rent increased to $700 or ask for a reduction in the sales price based on the gross rent multiplier calculation.

I am a somewhat new investor, see my intro post: https://www.biggerpockets.com/forums/55/topics/440...

I am in the process of purchasing my first multi-family building. It is a triplex in a lower-income area (but not a slum). The building is currently rented at $675, $750, and $800. All of the units are substantially the same, the $800 unit is slightly nicer.

The tenant who is renting at $675 has been in for a while (2014) and is on a month-to-month basis. 

I did the property inspection yesterday and two of the units were relatively clean and well kept. However, the $675 tenant's unit was extremely dirty, unkempt, had a broken range, had trash inside and outside, and smelled like pot. I also think $675 is below market in that area.

The current owner said that she's been a good tenant and always paid on time. However, I don't want to be a slumlord and have tenants like her. I'm considering raising her rent when I close on the building to $750 in order to bring her up to the rest other tenants and help cashflow. I know that it may drive her out of the building which would cost me time that the unit isn't rented, cost me listing fees, cleaning fees, repair time and expense, etc.

Thoughts or advice? Is this a good strategy long term? Should I maybe be more incremental with rent increases? Like raise it to $700 first? Or is it typically better to just let sleeping dogs lie?

Hi all - I'm a new(ish) investor in Phoenix, AZ. 

My past real estate experience is limited to leasing my single family home after I moved out (I used a property manager).

I recently sold that property and am now under contract to buy a triplex in Mesa. I will again be using a management company. I am using conventional financing and plan on holding the property long-term. I also own a cabin up in the mountains north of Phoenix and am considering doing short-term AirBNB rentals with it.

My goals are to build up a small portfolio of multi-family units in the Phoenix area to supplement my income. I would like to have one to three more units within the next five years. So long as I have a good management company I do not plan on managing the properties myself. 

Outside of real estate, I am an attorney who has been practicing law in Nevada and Arizona for the last 8 years. My practice has primarily consisted of business tax law. However, I recently made a change and am now working in a legal office for a Native American Tribal government.

My real estate addiction started shortly after purchasing my first home in 2010. Ever since then my spare time and iPhone's battery has been devoted almost entirely to Redfin. 

I joined BP for networking (virtual and in-person), and to learn from others in the field.