All Forum Posts by: Angela Smith

No leases were ever done or provided by the previous owner. 

Purchased a triplex from an owner about a month or so ago and the owner told all the tenants that they would need to leave by x date (in June). We are now in the possession of these properties and all but one tenant signed a form stating they would vacate the premises by a certain date. These properties are dilapidated and we need to start rehab mid June. Is there a staple form or example for how this is to be worded, a notice to vacate for rehab or else eviction? 

We are working under a broker, so was not under the impression that we had to get the License. But I admit it would probably be a good idea. I considered it myself, but I would have to get the Real Estate Licence first, just to be able to take the test for the Property Management Licence, right? Sort of a hurdle. 

Hi, My husband and myself would like a book with more in-depth property management information for single and multi-family properties. Not something for newbies. We are starting our own property management business and heard through another persons continuing education courses that there have been law changes in 2016 regarding property management companies. So the recommendation needs to be new/updated material. We are in Texas and all the properties will be in Texas. We have over 45 units just as my husband and myself and in multiple partnerships that we control, everything from finding properties, comps, investing capital, renovating, tenant screening, lease signing, showings, adverts, repairs, tenant needs, accounting. So, like I said, a very detailed book about property management business. 

Thanks!

I have a bleeding heart and at least I know it. I had a lady give me an application and fee and in the process, she mentioned how she had already paid an app fee somewhere else and didn't get the apartment. Talk about guilt-trip. She is a single-mother with a low-income job, but she is on HUD so I shouldn't really worry about her income. I received an application from a young couple before her and had started processing it before I had received hers(but i never mentioned that I had received another application). I have since approved the couple but didn't actually run her application so I could give her back her fee, since she doesn't make as much as the couple(her $1600 vs their $2600). My bleeding heart says to not run her application due to this and give her her money back, but my brain says to run it and see what happens, even though I have a strong feeling she won't make it. Most articles I see on tenant applications have to do with running the application and using the fee, but I haven't even ran it out of fear and disappointing her(unrealistic). In all fairness, my hubby would rather the HUD lady but he left it to me to decide, and I did. Maybe I shouldn't be making these decisions being 2 weeks from birthing our first child :)

i need to brag on my hubby (he doesn't have an account here yet, working on that).

He closed a deal on 3 properties. The listing was for $70,000 and the appraisal value currently is for $120,000. He got it for $66,000. Its two houses and a commercial building. One of the houses already has a renter in it. The other is vacant but appears to only need about $10-$15,000 put in to update it to our high standards to rent it. We do not need a commercial building so we are in the works to have it remodeled as a residence, and that will probably cost a penny or two. 

I'm hoping to get Ashton on here soon so he can offer more information, but your stuck with me for now! 

I'll let you know what we get the final appraisal for and how much the repairs cost on the rental and the commercial-turned-residential property. 

Like many of these post say, look at the market for the type of renter you are wanting and do what is most common. Here in a small town of North Texas, we do not normally supply the fridge, but sometimes we get one included in the property purchase. We have never given dishwashers, or clothes washer/dryer, but the connections are there. and when people move out, they sometimes leave these items. We have single family properties in middle class and lower-middle class neighborhoods. If you decide to go the route of purchasing these appliances, check your local Habitat for Humanity site, as they have these types of items for sale at wonderful prices, and its a way to support your local community! 

So this has now evolved a little bit, instead of strictly accounting, I will also be taking on more of a property manager role. I used to do this in part anyways as a leasing agent. I am grateful for the advice to have a CPA assist in setting up the initial software! Did not consider that initially but that has become an important part of this endeavor. 

I can expect to do leases with tenants and approve applicants, as well as direct maintenance issues, so this will need to be integrated with all the accounting stuff for the other properties. I will need to account for 3 LLC's and their current properties as well as newly acquired ones. On 8 of them, I am a landlord with my hubby and on the rest, my hubby is in a partnership where he is part owner. We do not need payroll functions now as no one is taking any payouts, but would be good to have that capability down the road. We use multiple banks, credit cards, and private investors so syncing with banks and such is VERY important. Its also important for us for renters to use direct deposit or ACH's.

Evening! I am currently employed but will be severed from my company right before the holidays (our choice). My hubby has a full time job and I will be taking some of the load off of him by taking over his accounting duties in regards to our real estate investments(8 rental units) and his partnership that also deals in real estate investing(18 units? might be more now). I am not an accountant and was wondering what software program you use and believe in to help manage these new properties? He has just been using Excel to catalog and has been keeping receipts, but we were hoping for a more sophisticated solution and approach when I take over.