All Forum Posts by: Shane Bishop

@Shane Bishop For something simple I would recommend Innago. We use it for our house hack and for our LLC. It's fairly easy to use for both Landlord and Tenant. Setup a test account and run through some of your issues you currently have and see what results you get. Good luck!

Software is a common question on BiggerPockets. Here are some things to consider:

1. Most investors don't need software until they have 5-10 rentals. You only need a place to track tenant information, payment history, maintenance, etc. You can easily do this on a spreadsheet, and it will take less time to track than finding and learning new software. If the software is not simplifying your life or making you more accurate, you shouldn't use it. Go to Etsy and search for "rental property tracker," and you will find hundreds of nice spreadsheets to track 10-20 rentals, usually for under $10.
2. Software has extremely helpful features like online payments, marketing syndication (click a button, and your property is advertised on multiple sites), electronic document review/signing, maintenance tracking, and owner reports. Do you need all this for a couple of rentals?
3. There is no perfect software out there. Every system you try will have flaws, or you may salivate over a feature that appears in other software.

Some familiar names are mentioned frequently: Stessa, Apartments.com, RentRedi, TenantCloud, Innago, RentManager, Avail, Rentec Direct, Doorloop, etc.

I recommend conducting thorough research on each app online to understand their offerings, pricing, etc. Create a simple spreadsheet or written list to compare the features of each and identify the ones that align with your requirements. Try to narrow down your options to the top 3-4. Once you have a shortlist, sign up for an account with each one and test them extensively to see how they function. Perform the same task in each app to ensure a fair comparison.

• Load a property with pictures and details.
• Market that property.
• See what your marketing looks like from the public's perspective.
• Submit a fake application to see how easy the process is.
• Run a credit/screening report on yourself.
• Enter a maintenance request, assign a vendor, and attach a fake invoice.
• Enter charges to the tenant's ledger.
• Enter recurring charges and automatic late fees.
• Sign documents electronically.
• Run owner reports.

After testing a few apps, one should clearly stand out. It's important to choose that one and commit to using it. Remember, no system is perfect, so avoid the temptation of constantly chasing after the next shiny object. You should only consider switching when your current software has a significant flaw or lacks features that force you to spend excessive time on workarounds. At that point, it's worth researching and finding a solution that better meets your needs.

Depending on the size of your portfolio, I suggest considering either "PROPERTYWARE" or "INNAGO":

Propertyware is ideal for larger portfolios, offering customizable and automated reporting features.

Innago has been very effective for me, enabling property marketing, conducting screenings, and managing rent and maintenance requests.

Hi Shane,

When considering the purchase of a HUD (U.S. Department of Housing and Urban Development) property, it's essential to weigh both the advantages and drawbacks. Here's a breakdown to help you make an informed decision:

Pros:

1. Affordability: HUD homes are often priced below market value, making them attractive to budget-conscious buyers. This affordability can be especially beneficial for first-time homebuyers or those looking for investment opportunities.
2. Various Financing Options: HUD offers a variety of financing options, including FHA loans, making it easier for buyers to secure financing for the purchase of a HUD property. These loans often have more lenient qualification requirements compared to traditional mortgages.
3. Opportunity for Renovation: Many HUD properties are sold in "as-is" condition, providing buyers with the opportunity to renovate and customize the property to their preferences. This can be appealing for buyers who are handy or looking to invest in a fixer-upper.
4. Priority for Owner-Occupants: HUD prioritizes bids from owner-occupant buyers during the initial bidding period, giving them a better chance of securing the property before investors. This can level the playing field for individuals looking to purchase a home for personal use.
5. Potential for Profit: Investors may find HUD properties to be lucrative investment opportunities, especially if they can acquire the property at a discounted price and make necessary improvements before selling or renting it out.

Cons:

1. Limited Availability: HUD properties are often in high demand, and competition can be fierce, particularly for properties in desirable locations or with favorable characteristics. This can make it challenging to secure a HUD property, especially for first-time buyers.
2. Strict Bidding Process: The bidding process for HUD properties can be complex and highly competitive. Buyers must adhere to specific guidelines and deadlines, and any errors or omissions in the bidding process can result in disqualification.
3. Potential for Hidden Costs: While HUD homes may be priced attractively, buyers should be aware of potential hidden costs associated with repairs, maintenance, and renovations. Conducting thorough inspections and assessments before purchasing is crucial to avoid unexpected expenses.
4. Limited Financing Options for Investors: While FHA loans are available for owner-occupant buyers, investors may face more limited financing options for purchasing HUD properties. This can restrict investment opportunities for those relying on external financing.
5. Risk of Unknown Property Condition: Since HUD properties are sold in "as-is" condition, buyers may encounter unforeseen issues or defects that were not apparent during the initial inspection. This risk underscores the importance of conducting comprehensive due diligence before making an offer.

Purchasing a HUD property offers both advantages and challenges. It's essential for buyers to carefully evaluate their individual circumstances, conduct thorough research, and weigh the pros and cons before deciding whether a HUD property is the right investment for them. By doing so, buyers can make informed decisions and maximize their chances of a successful purchase.

Feel free to reach out if you have more specific questions or if there's anything else I can assist you with as you embark on your real estate investment journey in Greenville. We are a local property management company here in the Upstate of South Carolina. Best of luck!

Best regards,

Brandon