All Forum Posts by: Rob B.

Hi Terence, definitely want to be sure to help get any questions you may have fully answered. For full and complete disclosure/transparency, I do work for Avail, so I'm limited in what I can say here as I don't want to be seen as self-promoting via the thread; having said that, I did want to provide information on what our screening entails - you can request that an app includes credit score, credit history, eviction history, nationwide criminal background check, and nationwide sex-offender check; this is in addition to the basics that are requested of the renter profile (ie. income - 2 most recent paystubs / proof of employment, a bit about their employment history, and reference checks from their prior landlord). I hope this information helps!

Hi Miguel! Thank you for posting your question and happy to provide a little bit of insight here. There are a lot of options out there which can help you to streamline your own rental management process without requiring the use of a Property Manager. 

Certain software solutions offer some basic tools but you should really be mindful of the ones that are sure to not only include the right tools (listing, tenant screening/applications, leases, online rent collection, and maintenance tracking) but also have added perks for you and your tenants (ie. around the support 7-days a week; automated rent reminders; the ability to purchase renter's insurance directly via the platform; credit reporting of on-time rent payments to the credit bureaus, etc). @Miguel Ramos

Hi Sharon! Thanks for the post. I think there are a couple of options here. On one hand you could do a shorter term rental in which case keeping it fully furnished wouldn't be a bad idea. If you plan on renting it out in a standard tenant lease format, then I'd probably recommend selling off the furniture first. 

Additionally, even if your current PM doesn't rent out furnished units, you can exercise using another self-managed option where you can list and screen for the unit yourself (and cut back on that PM cost). Again, I think the biggest question you'll want to address for yourself first is short term or long term rental? Best of luck! And if you go the route of establishing a longer term rental, there are some great self-management tools out there which can help you to streamline your process! @Sharon Hsu

Hi @Lee! Definitely not a bad choice with Cozy, but there are certainly other options out there that are probably better suited for what you're trying to accomplish as an independent DIY rental owner (and also completely free with more capabilities than Cozy).

There are a lot of tools that can help you to self-manage the rental process. Aside from providing the basics (ie. listing capability to get the property published to 10+ major sites; scheduling tool to schedule viewings, etc.), you can also establish your own tenant screening process. With comprehensive applications -- including pulled reports from TransUnion and nationwide criminal background checks + credit score + full credit history breakdown + eviction history -- the right platform should make it as seamless as possible for you if you're managing on your own. Depending on the tool you use, it can be a great way for the prospective tenant to only need to pay an application fee once (which would include current credit score and a breakdown of their credit history, nationwide background check, and eviction history). This way, if they don't successfully get approved to lease your rental they can still take that application and apply for another listing without having to pay for another app within the time frame of 30 days. 

Contactless (online) payments is a big deal given the current state of things during C19, especially with the right platform that allows your tenants more options (ie. debit/credit card option, ACH payments, or even expedited payment processing, along with rent/payment due date reminders, and the ability to report positive payments to TransUnion in order to give your tenants' credit scores a boost; this acts as an added incentive for them in the long run as well). Either way, congrats on getting started with your real estate journey!

I know I may be a bit biased, but I've always operated under the premise that by first self-managing your rental, you learn more of the ins and outs of rental management (ie. what works best for you and your rental; screening tenants in a way that's best for your business while still following FHA guidelines; costs, expenses, etc). This way, down the line, if you were to hire a property manager once you're portfolio becomes to big to self-manage, you know which things to look for; additionally, property manager fees can be fairly steep (sometimes taking anywhere from 6 to 10% or more; many also include fees like 1 months rent in addition to). I think it comes down to what you feel is best for your business as this point. A lot of other solutions out there though if you do go the self-management route! @Kasey Rowe

I definitely think it depends on your market conditions but overall we are starting to see trends of renters unable to make on-time payments (in full), which, in turn can impact a landlords ability to make those mortgage payments on time. Additionally, even when those payments (rent or mortgage) are made, many landlords and renters are dipping into their savings or even worse, putting those expenses on cards to cover those costs. There are definitely opportunities to still invest but really be engaged with your market conditions, and know what's right for you in your situation. There's a lot that is still shaping up though and definitely depends on whether you're talking residential vs commercial. 

I'm not based in Tulsa or in Oklahoma for that matter, but in many instances it comes down to what you have ironed out as far as managing goes. I have a friend here in Chicago who has a few sec. 8 rentals and I know he's within close distance/range which has helped in several instances. I also believe Rhett is correct in that there is still a freeze on vouchers in certain markets (not sure where Tulsa currently stands on that), so I'll leave that to those a bit more versed in your local market conditions.

Hi Rachel! Definitely not a bad choice with Cozy, but certainly other options out there that are probably better suited for what you're trying to accomplish as an independent DIY rental owner. Contactless (online) payments is a big deal given the current state of things during C19, especially with the right platform that allows your tenants more options (ie. debit/credit card option, ACH payments, or even expedited payment processing, along with rent/payment due date reminders, and the ability to report positive payments to TransUnion in order to give your tenants' credit scores a boost; this acts as an added incentive for them in the long run as well). Either way, congrats on getting started with your real estate journey and I know you'll make a great choice. @Rachel S.

Hi Nick, great questions here. There are quite a few things that you'll want to take into consideration. Not only the property type (SFH/Duplex/Triplex/etc) but also direct, comparable properties in your area. There are definitely some tools out there that can help you to better identify what the rent prices are in your hyper-local rent market. You can try services like Rent Range or Rentometer to better pinpoint pricing and from there factor in monthly expenses (you don't want to set it so low that you're operating at a loss, but set it high and you'll price perspective candidates right out of your candidate pool). Some platforms have made it so that you can access these types of tools from directly within the same account that you manage the other parts of your rental business. Definitely worth looking into! @Nick D.

Hi Jack, definitely sounds a bit off - especially considering that you'd most likely have some type of contract in place (not an attorney, so hard for me to say what they can or can't do; typically, changing a date of which you'd receive payment from the 1st to the 15th is a big enough change that it should warrant some further looking into). That said, I'm not sure how large of a property portfolio that they're managing for you but especially right now, depending upon how that relationship is going, it could be worth considering a platform that allows you to self manage with a bit of ease (also can cut back on that PM cost). Definitely worth reviewing that PM agreement though to explore your options! @Jack Halldin