All Forum Posts by: Rich E.

Sure, would love to meet up.  Not sure how to give you my contact info because it won't allow me to post phone numbers or email address.

Scot,

I have been testing it and think it would be great for a few properties.  Very simple to use.   

When you get to more 8,9,10 or more properties it may not be the best fit at the current time.  The support has been great and they seem to be planning enhancements to make it better for larger portfolios.  

Rich  

 @Nicole A. @Account Closed Thanks for the response.  All of you are right.  I just needed someone to talk sense into me!

@Thomas S.  Thanks for the response.  You are right.  The father seems like a nice man and I was sympathetic to his situation.  He is not going to let his kid sleep outside and, because of his behavior, the son is out of places to go.  Usually I am stone cold business but for some reason I was soft on this one.  Thanks for talking some sense into me.

I have been a landlord for quite a while but this is a new on for me.

The Situation:  A father and his 17 year old son live in one of my apartments.  Their one year lease recently expired and they are on month-to-month.  The son was listed on the 1-year lease.  The son has broken windows, keeps the tenants up all night, throws garage everywhere, etc.  I have told the father the son needs to leave in the past and he got him out for a while.  He is back once again and is disturbing the other tenants.  This time, I want to kick him out with official documentation.  The father wants to stay and he is a good tenant that just happens to have a problem child.  Given the discussions I have had with him, I think he will honor keeping the child away going forward.

Question:  What is the proper documentation process for this?  Should I give a 30 day notice to end their tenancy and then sign a new lease with only the father listed on the lease?  Any other thoughts?

For my 25 units, I use a combo of Quicken Home & Business and a spreadsheet.  Quicken tracks my expenses and I track income in the spreadsheet.  With Quicken, I can setup bill reminders, download my bank and credit card transactions and easily categorize them using schedule e categories.  I use tags to tie each transaction to a particular property.   This is relatively cheap and easy way to track income and expenses.  I have tested several property management software packages and they all lack the ability to download banking/credit card transactions to balance your accounts.  Happy to provide more details.

p.s.  don't waste your time with Quicken Rental Property Manager, it is horrible.

Lots going on here by he has the right to remove any  part of the tree is leaning over his property....at his expense.

Advanced payment is always a red flag.  Follow your normal due diligence and make sure they qualify.  Check with their previous landlord, etc.  I have had some 1099 people willing to do this for a good reason but others were trying to hide something.

Daniel,

Below are the numbers I ran (I made some assumptions) at a 10% Cap which is what I use for "B" type properties in my area.  Since this property is newer and getting $800/unit in small town Indiana, it may be more of an "A" type property which would probably get about a 8% Cap in my area.  This is using cash flow analysis to determine value but, a four-plex is not really a "commercial" property so comps would play a role as well.  I am a licensed Indiana agent and could represent you if  you would like.  We are a few hours apart so it would take some coordination.