All Forum Posts by: Dominic A.

I get it. 

If you're ok with the terms then I see the logic in the owner's request. You're running a business out of it, regardless of the property type or zoning. 

Usually, the advice here* regarding arbitrage is to charge double or triple the normal rent to the "tenant/company" (or set it up as a profit share of course). This owner is just finding a different way to do that; which may actually be a better/more accurate rate for both parties...that's why triple net leases exist in commercial real estate.

I kinda like it as an option...

*the actual usual advice on here is don't deal with Arbitrage people...but we don't need to drag you into that.

Yes @Ryan Moyer, this is a more involved solution than the average investor would require. But as I and @Leslie Anne Morris have both suggested, it is a solution to the query here.

Hostfully is my recommendation, there are cheaper options, but we have found that one to be the best value (still a better price than many of the larger platforms).

Ownerez may cover what you need at a lower cost though. I've never used it, but the folks here seem to love it.

Fair. You did mention peace of mind. You're definitely right there.

 Can you elaborate on "sh*tty"? Was the sync time not agreeable? Managing manually as @Michael Baum suggested would take longer but certainly be instantaneous (so long as you're staying on top of it).

PMS with API is the obvious winner, but early on and for one or two properties it may not be required.

The easiest way to do everything on one is to use a PMS.

The free way to do it (and not overly complicated) is to build an online calendar (google tends to be the top pick) and then connect that to all of your accounts as the reference for availability. Almost all of the platforms will have this option, but it will be easier on some sites than it is on others. You may find that you need to update this calendar manually often to ensure it's up to date and you're avoiding double booking (again, a PMS automates this process and my others for you..but there are costs associated).

You may want to start branching out in a relatively measured way. Add VRBO and Booking.com, see how that works and then start adding more. 

We ran 3 properties on Airbnb and VRBO with the "calendar method" for about 3 years, and it worked well. We've grown quite a bit, and now use a PMS (Hostfully), and we love it, but the lessons learned in those first 3 years have been greatly beneficial.

As usual, @Nathan Gesner has a great, no-nonsense answer. Most importantly he's also right (as usual).

That's the exact way we approach it. We also offer the price/expectation sheet online for easier reference. 

Applying payment to oldest charges first is the right idea (though if they write "rent" in a memo field you ARE meant to allocate it as instructed) 

If you can remove yourself from the equation and just have them deal directly with an approved vendor that's ideal. If you do it yourself I would provide an invoice, just to be clear on the charges in case they have any questions or concerns.

Yes, but be prepared that you may never see this money; that's the risk. When it's this much money though it might be worth the effort and costs.
Definitely stopping things before the total rises higher is the right move.

Most places will require a hearing process. In that case, you'll need to file with a state/tenancy board or small claims court. Once you have a judgement in your favour (which should be the straightforward result) THEN you can pursue it. There are court fees and costs for collection agencies if you're not chasing it yourself (often it just means someone buys the debt from you at a greatly reduced rate and takes on the effort of getting paid).

You can also ask nicely, but evictions usually indicate the person isn't planning to pay anytime soon (especially if they need to find rent money for a new place). 

How married are you to Yardi Breeze? 

I don't want this to sound like a sales pitch, but we have Happy.Co integrated with Buildium, and it costs us a couple hundred per year.

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. 

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

There is another software that is free I believe, fairly new...I hope someone will jump in with that. I know they've been mentioning it on the BP podcasts.