All Forum Posts by: Rob B.

@michael king, I can agree with you on the real estate taxes and sales taxes. Those are still being contributed towards the community. And I also agree that a vacant property is more damaging to the community than a short-term rental. But I still think you have to agree that more landlords using their properties for short-term rentals changes the normal price equilibrium in the market, making it more expensive and difficult for long-term tenants to stay in that community.

@John Citro - Give some thought to the number of units you have, and where you are in your REI process. It is probably worth giving DIY self-management services a shot -- aside from providing the basics (listing, tenant screening, digital lease creation, rent collection, and maintenance tracking) some services also offer your tenants additional capabilities which makes it an easier sell on your end when getting tenants onboard (ie. their ability to report on-time rent payments to the credit bureaus can act as a method by which you can incentivize them making all payments on time).

Definitely make sure to handle this with caution; follow the state procedure for evicting a tenant. I would follow the advice others have stated above, in regards to finding legal counsel. 

Give some thought to the number of units you have, and where you are in your REI process (sounds like having 5 properties is what you anticipate having by end of year two). It is probably worth giving DIY self-management services another shot -- this way when you do go with a PM you'll have had your first experience managing it on your own, so you'll know what to look out for). Also, pay close attention to the fine print (specifically as it pertains to their fees and other charges that might come up). A lot of great options out there for self-managing if you decide to go that route; aside from providing the basics (listing, tenant screening, digital lease creation, rent collection, and maintenance tracking) some services also offer your tenants additional capabilities which makes it an easier sell on your end when getting them to transition over (ie. their ability to report on-time rent payments to the credit bureaus). But, the time you're putting into self-managing may mean less time towards learning about investing; all about finding a balance. Either way, I hope this info helps! Best of luck to you. @Robert Barbee

As a quasi-competitor (Tenant Cloud tends to cater to landlords who typically have a more robust portfolio of properties than our average user), there's really nothing bad I can say about their platform. Most of the landlord solutions in this space work really well, but again, I can't definitively provide more info on that. I will defer to others, but as a last point from me, I'll also say that you should consider the number of units you have. Some of the other solutions are meant for landlords who have a more robust/developed REI portfolio; that will play into pricing.

Generally, if you have a smaller business portfolio in REI (ie. only own anywhere from 1 to just a few units), it doesn't make as much sense to go the property management route, rather, manage it yourself with a bit of guidance. And it really also depends on your region; some have said 1-2% which sounds very low (not factoring the standard 1-month rent fee policy); on average, you're going to be paying 4% or higher out to a property manager -- not to mention that many property management companies do, as a standard, ask for a full month's rent as a standard policy.

Give some thought to the number of units you have, and where you are in your REI process (if just starting out with only a handful of units, it probably is worth giving DIY self-management services another shot -- this way when you do go with a PM you'll have had your first experience managing it on your own, so you'll know what to look out for). Also, pay close attention to the fine print (specifically as it pertains to their fees and other charges that might come up). A lot of great options out there for self-managing if you decide to go that route; aside from providing the basics (listing, tenant screening, digital lease creation, rent collection, and maintenance tracking) some services also offer your tenants additional capabilities which makes it an easier sell on your end when getting them to transition over (ie. their ability to report on-time rent payments to the credit bureaus). But, the time you're putting into self-managing may mean less time towards learning about investing; all about finding a balance. Either way, I hope this info helps! Best of luck to you. @Abdul King

@Harry Harrell Hi Harry! For starters, major props on your successes in REI thus far. As I'm sure you've seen by now, there are a lot of helpful tools out there that can help you to self-manage, if you feel that is the path that you want to take (a lot of times property management companies will charge a full month's rent as a standard policy, and usually still take anywhere from 6% or higher from additional months of rent). There are options that can bring a certain level of automation and transparency to your rental management process if you decide to go the DIY route. It really comes down to the number of units that you have, and what is right for you. At the end of the day, of the two options, you should consider pricing based on the number of units that you have. It is helpful to have an option that allows you to achieve all of the steps in one place (ie. listing your unit to 10+ listing sites, schedule showings, screen tenants with a fully comprehensive application, keep track of things like rent payments + leases, and offers several other tools as well -- the ability for tenants to build a credit score up to 40+ points for on-time rent payments which can be enticing for them as rent tends to be one of the largest monthly expenses for most Americans). Again, it sounds like you're about to make a big decision -- I hope this information helps as you think through your process!

Hi Ron, for starters, major props on your successes in REI thus far. As I'm sure you've seen by now, there are a lot of helpful tools out there that can help you to self-manage, if you feel that is the path that you want to take (a lot of times property management companies will charge a full month's rent as a standard policy, and usually still take anywhere from 6% or higher from additional months of rent). There are options that can bring a certain level of automation and transparency to your rental management process if you decide to go the DIY route. It really comes down to the number of units that you have, and what is right for you. At the end of the day, of the two options, you should consider pricing based on the number of units that you have. It is helpful to have an option that allows you to achieve all of the steps in one place (ie. listing your unit to 10+ listing sites, schedule showings, screen tenants with a fully comprehensive application, keep track of things like rent payments + leases, and offers several other tools as well -- the ability for tenants to build a credit score up to 40+ points for on-time rent payments which can be enticing for them as rent tends to be one of the largest monthly expenses for most Americans). Again, it sounds like you're about to make a big decision -- I hope this information helps as you think through your process!

Hi Heather! Happy to hear that you're doing your research. There are a lot of great options out there; aside from providing the basics (ie. listing tool to get the property published to 10+ major sites, scheduling tool to schedule viewings, tenant screening with comprehensive applications which include nationwide criminal background checks + credit checks + eviction history, digital lease creation tool, rent collection tool, and maintenance tracking tool), some services also offer your tenants additional capabilities which makes it an easier sell on your end when getting them to transition over (ie. their ability to report on-time rent payments to the credit bureaus; this can create an added incentive for making sure they pay that rent on time). The best part is the level of automation that you can experience with maintenance tracking. Could be worth looking into. Either way, best of luck with your decision!

@Sarah Clements Hi Sarah -- as you may see from many of the post responses above, there are definitely some great tools right here on BP. There are other options as well out there which can help bring a certain level of automation to your rental process. Keep in mind a platform that was built for smaller DIY landlords (1-15 units), whereas some of the larger platforms might not be as cost-efficient, whereas a small one built with DIY landlords in mind offers state-specific leases (based on the property address; uses that property address to import all necessary local clauses into that residential lease and allows you to add custom clauses and renter rules to it as well). The state-mandated disclosures and pamphlets are also key, and are included in those leases as well (pulled based on the property address). Additionally, online rent collection is key, as are the added benefits of things like being able to report a tenant's on-time rent payments to the credit bureaus to help them boost their credit score (added incentive for making sure they pay that rent on time). The best part is the level of automation that you can experience with maintenance tracking. Could be worth looking into!