All Forum Posts by: Sarnen Steinbarth

Yes, totally agree and should have thrown it in the original post.

 I too love the "why are you selling?" question prior to offer.  Some seller agents are reluctant (and almost to a point offended) by this question.  But I think knowing this can be great for all parties.

If they are selling because of a crisis in their life and need some cash ASAP, then an offer with a quick close date is likely in the best interest of both parties (buyer could get a better price in return for a quick close, seller can achieve their goals as well). 

There are a hundred different reasons why someone is selling and knowing why (and hoe that relates to an offer) is very valuable information.

 Talking about these guys I believe:

http://www.amazon.com/gp/product/B00JAP733I?psc=1&redirect=true&ref_=oh_aui_search_detailpage

These are all great things - and yes you will want to review them all of course.

Typically I have seen these presented after an offer is accepted, not necessarily before the offer.

Most typically I see just a basic rent roll and expenses (utilities, property taxes, etc.) prior to an offer.  Then afterwards you will of course want to confirm the accuracy of what was represented to you (that you based your offer on) and get leases, tenant estopple certificates, etc.

The seller would typically have X number of days to get you the required docs (after the date of an accepted offer), then you have X no of days to review and respond to any concerns.

Appraisal almost always comes after an accepted offer.

Prior to offer you might get:

• rent roll
• insurance / taxes 
• Utilities (and who pays what)

For paid options with more features I also think Buildium is pretty solid, as well as Appfolio. 

For just accounting Xero is nice (not property management specific). 

Yeah, I think depending upon the market:

Hourly wages (my best estimate)

Cleaners $10-20

Handyperson: $30-50

HVAC: $50-100

Electrical:  $50-100

Plumber: $60-120

Having a good plumber, handyman, electrician and HVAC and you should likely be able to take care of 95%+ of the issues.

A good general cleaner is nice too. 

It is hard to find a employee that can do all the required things anyway, but a decent all-around handyperson is nice to have.  Just make sure you don't get in trouble having them do things like electrical work which requires a state-issued license.

I think it really depends on the functionality you are looking for . . . just accounting?

Or things like vacancy marketing, tenant screening, rent payments, etc?

For accounting I think Xero is some great online software at a reasonable price.

Perhaps too obvious, but there are lot of free templates for Excel for RE investors.  Are you against having Excel?

I switched to online applications about 4 years ago when I owned a management company and have been very happy since!  I still use online applications for all my own properties.

Then you don't have to go through the hassle of printing, storing or scanning.

I've seen some people use Xero for accounting.

They are fairly cheap, but not specific to the landlord industry.