All Forum Posts by: Dominic A.

Needs to be in writing (email etc.) but generally, we don't allow any changes until at least the 1st full year.

After that, use your best judgement and go on a job-by-job basis and inspect (for example: they paint one wall or room before you let them paint multiple spaces, AND the color is approved in writing as well).

Pretty sure he's trespassing. 

Check your local laws of course, but that would be my first instinct. Squatters' rights are not the actual law as frequently as people think they are. 

Double-check the original lease terms as well though; he may have automatically become a tenant at some point (in which case the above advice is solid). 

I'm really not sure about your local laws, but if the lease has formally ended he at the very least would need to sign a new lease agreement with you (regardless of if he was on the original by default).

We use Turnoverbnb but have had a good experience with Properly as well. 

For the most part, the cleaners figure out the routine very quickly and are very responsive to scheduling and changes so that part of the software isn't a big deal (you could manage without it).

For our record-keeping and inventory management though it's been well worth it! Having photos of the unit before each stay has been massively valuable. We automatically get a report with inventory and any issues that need to be addressed.  PLUS we have photos of the unit exactly as it was when the guest arrived (which comes in handy much more frequently than you'd expect (being able to send a photo to the guest with an arrow pointing to the extra toilet paper is next to godliness))

Is there not a way to message the inquiring party back? I may be thinking of a different inquiry form, but usually, we reply with a link to our pre-application or booking page.

As @Nathan Gesner mentioned, we also include clear instructions about how we'd like inquiries to be sent to us. We often don't use it as a disqualifier, but we often do fast-track anyone who reaches out to us in the manner requested.

Not sure if you've used it, but the Facebook marketplace has a similar system that "simplifies" inquiring (you just click the "is this available" button). Again, we don't disqualify these folks (some of them have turned out to be great tenants) but we DO process those leads in a manner that is going to be low impact on our time (aka: "boilerplate (informative) response in return").

@Bailey Kramer I saw this topic title, and I KNEW it was gonna be you. 

Glad this is working for you; keep us posted.

This makes a lot of sense, but if you ever have any "war stories" we'd love to hear more about how you resolve them or what you've been doing to avoid these sorts of issues. 

It can't all be luck (I hope); how are you finding/building your local teams?

@Nathan Grabau is right. All 3 are responsible for the full rent, no matter how they decide to split it privately. If you need to enter individual amounts per payee for your software, you can do that; but make sure you have a letter or email that clearly explains that the full rent is everyone's responsibility. 

I'll second @Jeff Copeland, 

Buildium is very scalable. We started with 20 or so units and had the same priorities. We have since grown from there and handle pretty much everything directly from Buildium (I often check it before I check my email inbox in the morning). Certainly not cheap, but our favourite option so far. It will also offer structure based on best practices for management so that can help you get more organized and productive.

Stessa is also great, especially if you're mostly focused on accounting and tracking rents.

Avail is newer and free. I've not used it, but free isn't a bad price.

- I did use Stessa briefly, but ended up just switching over to Buildium pretty quick; if you're jumping onto a moving train (exisitng investments and business model) then paying a little for software isn't a terrible idea. Other folks on here will tell you not to bother, but many don't understand the "nuance" of taking over family properties.

-- You're also going to be told you should just hire a reliable Property Manager. It's good advice, but again, if you're seeking out some structure already I count that as an indicator that you're off to a good start. Just don't be afraid to ask for help or admit you don't know things (in our market, we offer a few a la carte services for that exact reason..no one knows everything). If you're ready for the work (and ready to learn) and you feel like you and your family can set appropriate boundaries and expectations then we're behind you 100% and happy to offer advice. Just make sure you know you're signing up for a lot more than simply staying organized.

Avail! "Avail" is the other software

The above advice is also great though. You need to understand that there is a lot involved in property management, and it's almost certainly going to change some part of your family dynamic. If you're ready for the work (and ready to learn) and you feel like you and your family can set appropriate boundaries and expectations then we're behind you 100% and happy to offer advice. Just make sure you know you're signing up for a lot more than simply staying organized.

Using something like Stessa to track the books and keep an eye on a PM is an equally good strategy and way to learn. The fact that you're here and asking questions likely indicates your willingness to learn and recognize the scale of what you're taking on...so that sounds pretty promising to me.

Just an aside, a fridge per year may be high.

I appreciate it's just an estimate, but we have found it really helpful (cost-effective) to have a solid appliance repair person you can call on. Even when fully updating units we often find the fridges are still in great shape.

Also important to make sure your tenants and staff (if you have any) understand how to maintain and clean fridges properly. What we do hear about 1 to 2 times per year is that the freezer stopped freezing or the fridge is leaking. Both are more often than not the result of a plugged drain or stuck timer.

The rest of the advice here is great! I just don't want to see you out of pocket for broken-down fridges that might still have 5-10 years of life in them.

For the price of FREE I say go for it and let me know how it turns out!!

You'll likely hear you don't need software at this level, and that is true. But the software will give you some structure based on best practices, and that can be a huge tool for learning the game, especially if you're self-managing.

I've not tried avail so I'd genuinely love to hear how it goes for you. Stessa is also great for tracking expenses and income, but it's not quite as robust for actual planning and management.

If you're not getting involved in Short Term Rentals then Long Term is likely the better option. Maybe try a fixed-term or month-to-month lease though? That will give you (slightly) more flexibility if something goes wrong with tenant selection. Make sure you check your state laws about terms and notice periods. Often the state will give the tenant more options to leave based on the term type, but you'll have the same standard 2-3 month notice period if you're trying to make changes (in which case the term type won't be as major of a factor). 

In our experience, the higher calibre tenants prefer a longer term (they want to settle down and find a Home); though when the housing market heated up we also had a lot of great applicants who wanted the flexibility to leave if they were able to BUY their own home (a bit more work for you, but not awful if the tenants are consistently good).

Congrats on the purchase!