All Forum Posts by: PJ M.

It depends on what you are looking for and how big you are.  Honestly, Quicken home and business may be enough if you are small enough.  Quicken H&B has the ability to set up individual projects.  You can handle expense tracking in there.  You can set up tenants as customers, track all vendors, etc.  IT will sync with most banks and download transactions which can then be credited/debited where needed.

I've only got a few rentals and I use it for them.  Each property is set as a project.  Each tenant a customer.  Each vendor - a vendor.  I can run reports on a specific "project" to get all the financials for any property.  It won't work for 100 properties, but I could see it working for 3-6 open flips at a time and a handful of rental properties on top of it.

As @Leah Stuever says the HOA has a lot of power. I have 1 condo rental. The HOA has escalating fines every 10 days. So if they found out a unit was rented without the approvals, there would be a notice sent to cure with a $25 fine. 10 days later another notice with a $50 fine. 10 days later another notice with a $100 fine. Luckily the fines cap off at $100 but that would still be $300 per month in fines after you hit the cap. I've got no doubt that if the HOA decided to make a point of it they would increase the fine cap or make illegally renting a "superfine" that doesn't get capped.

With HOA's, as Leah said, they always get their money in the end. Best to find out what they'll do but if they had the foresight to institute a rental cap, I'd imagine they'll want to enforce it.
  

Not sure if this is the correct place to post this as it is more of an Association for networking and information instead of a company that is offering direct RE services.  Looking to see if anyone is a member and if they feel the benefits are wroth it.  They're based in the Delaware Valley area around Philly.  I see they offer discounts on services which don't seem all that impressive but I figured the networking might be good.  They seem to offer general meetings once a month and a lot of smaller group meetings throughout the area.  Anyone have anything to offer on them?  

https://www.digonline.org/

I saw you were giving a presentation.  Looking forward to it.  Definitely will stop over to say hi.

I'm a Philly landlord and heading to the general membership meeting to see what it's about. Going there solo under the guest attendance to see what it's like and what they offer. Anyone else heading to the meeting and maybe want to break the ice?

I'm a Philly landlord and heading to the general membership meeting to see what it's about.  Going there solo under the guest attendance to see what it's like and what they offer.  Anyone else heading to the meeting and maybe want to break the ice?

I use quicken home and business.  I have each property set up as a project.  Every credit or debit gets tagged to the specific project it is for.  I can run a report at any time on a "project" to see how any individual property is doing.  Quicken automatically downloads my credit card and bank transactions, allows for receipts to be saved to the individual transactions.  It's a one stop shop that works for me.

Most landlords don't want to door knock.  However, if a tenant doesn't pay all landlords will have to door knock.  It's just a part of doing business.  Screening for good tenants is what is needed to make sure you get tenants that will pay.  

Some people do.  As others here mention my first method is ACH.  After that I get checks, money orders, and if all else fails I'll take cash.  I don't use 3rd party processors.  I don't see the benefit in them over a bank ACH.  Banks have very strict rules to follow.  3rd party processors have very few.  

Account and routing numbers are at the bottom of every check written.  So anyone you have ever written a check to has that information.  So will your tenant after they move out and you return their security deposit (assuming you will be sending them a check).  As mentioned above banks have very strict rules to follow.  A person with an account number isn't going to get too far in getting you money.

That's the biggest issue here.  Get one from a RE agent, landlord association, or real estate lawyer who deals with investment properties (not a general lawyer).  That lease is what protects you and your property.  You just let someone into what is probably the most expensive thing you own without anything more than their word on what they'll do.  Holy landlording Batman, get sa lease in place!

OK then, you need to solicit feedback while doing the showings.  Something is turning them off.  While walking around listen to what they are saying.  Ask them what they think of the place.  

Look at your competition.  Go on a tour of properties near where you are renting.  See what they are offering and at what price.  Take that and compare it to exactly what you have in your place.  

Look at their price...are they charging more or less?

Look at the number of bedrooms/bathrooms offered.  Is that what you are offering?  This can have an effect.  If this is a family area where everything is 3 bed/2 bath and you are offering a 2 bed/1 bath you may have a problem.  You are too small for the customer base.

Look at finishes.  Are the other properties offering granite and update appliances?  If they are, and it's the same price as you, well, that tell you a lot.

Ultimately though, it will come down to price.  If no one is biting at the price you are offering at, then that lets you know that they think it is not worth it.

@Zocky Zhang if your lease has the water as the tenant's responsibility and you are in an eviction, you add the costs to the amounts due when damages comes up.  True, if it's collectible is a different matter, but if you keep the judgment open and the tenants every try to buy a house or refinance a mortgage, the bank will want that settled and clear before they'll lend.