All Forum Posts by: Thomas Talbert

 I believe BP has created a "Find a Property Manager" tab for certain markets. Maybe see if they have one set up for Detroit.

We use AppFolio and just like tenant cloud, it has its pros and cons. Two things I would say that are now a must for me if I were to go back on the market is the software would have to be web-based and it must have the ability to integrate with other software. Allows us to offer more services and enables my team to do more. 

We use petscreening.com they screen the pets legal documents and follow all applicable laws per your state. 

 Agreed, you need to start the eviction process the day that rent is late every month. Usually any tenant that will be a pain will straighten out very quickly once they receive their first notice. 

If you are just starting out I would suggest just using the state form. Once you have scaled up a bit and have some hard and fast procedures in place you can take what you like about the state form and then add in what you would like it to say concerning your specific processes and procedures, write all that down and send it to a lawyer to bless. 

 If you are going to switch software be advised that switch is PAINFUL. I would suggest finding a 3rd party contractor who specializes in the software to help you with the transition. I would have written a 5 figure check to avoid all the headaches it caused me and my staff. 

 We also use AppFolio and we also have it integrated with a lot of other software that has allowed us to provide even better service. Along with Appfolio, we use Showmojo, Leadsimple, Lowe's and our collections company. 

What I always like to calculate specifically for rentals is maintenance. That may seem obvious but in my experience, 99% of ongoing maintenance issues are because the property is old and needs either a large cash infusion to make them go away or what I like to do is 1031 exchange into something newer that requires less work.  I have far too many clients who hold onto 40-year-old assets and take all the deferred maintenance on the chin for years. 

I don't think I have an exact formula for this but its math I find myself crunching in my head a lot. Certainly if you don't have any cash reserves.

It gives us credit score, Rental payment history, Landlord-tenant history, and criminal history. 

Co-signers are always welcome! Certainly in the student scenario. You should be sure to run a credit report on the parents to ensure they are well-qualified and of course able to cover the rent if the student cannot. What is also very common is to charge a more aggressive security deposit or do a regular security deposit plus a monthly Security deposit alternative on top of rent to ensure you are properly Collateralized.