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All Forum Posts by: Tim Hackett

Tim Hackett has started 0 posts and replied 21 times.

Post: Yardi

Tim HackettPosted
  • Professional
  • Ashtabula, OH
  • Posts 22
  • Votes 9
Just went through a yard Conversion from Genesis to voyager. We use it strictly commercially. 8 million sq ft. Office/industrial little bit of retail. Yardi was originally intended for residential and it remains strong to those roots. That said the majority of the larger commercial world is with yardi. It's easy to use and navigate (totally different product than quickbooks. Nothing similar) Now- try getting a rent roll that shows annual bumps, cam as a monthly figure vs a monthly psf figure and several things that are normal to the commercial world and you are SOL. We paid yardi to produce the rent roll we wanted but it still sorts oddly and not in a flowing way. Very MRI type report with quirks. We also use the dinosaur skyline. Frankly gives the best reporting. We coupled skyline with crystal reports and you can pull out anything. But it's a dinosaur. Yardi is the new standard. Just be prepared to pay for anything above residential apartment type information. Customer service after the sale 0. We ended up hiring someone with years of experience at $180 per hour to get it to work the way we wanted. It was a lot of hours. Cool feature of yardi- the payables system. Downside it's paid for on a per transaction basis. So paying the bills on 8 million sq ft is a hefty number. But I can approve from my iPad lol. I believe we are in the $1.00 per transaction rate. 2-3000 payables per mo. But I can approve from my iPad lol. At the end it's the lesser of evils. It's become the standard commercially. Not sure why but it has. Also, you pay annually per license. So you buy the software then pay per user. We tripled up. So three property managers use one login. Another three use another login. Last issue we had to overcome we always hosted our own data. Yardi is now cloud. What happens when we want to make another switch? How do we get that data back? We are locked in for several years I can give lots of issues. But I think all softwares have quirks. Yardi has a lot. Skyline, MRI and others have quirks too. But in answer to your original question she's a whole different beast than quickbooks.

Post: Miami / S. Florida Meet Up

Tim HackettPosted
  • Professional
  • Ashtabula, OH
  • Posts 22
  • Votes 9
Ill make it! Just let me know where and when.

Post: Contractor liable for charge Property Manager makes to Owner....Yes/No?

Tim HackettPosted
  • Professional
  • Ashtabula, OH
  • Posts 22
  • Votes 9
My thought is that the contractor and PM are separate issues. I don't think the contractor should be responsible to pay for access to the space. Doesn't seem fair to them. That's your system for gaining access. Set up the times he can work when the tenants are there. Especially if you are making the arrangements to get the contractor there in the first place. Would also explain to the tenants that it's a rehab. The contractor may need to come back.

Post: Does property flow matter more than size?

Tim HackettPosted
  • Professional
  • Ashtabula, OH
  • Posts 22
  • Votes 9
If it's already split what are the rents? Is the "poor flow" rented? If so how much. (Does the rent reflect the poor flow) if both are vacant then I would look at comps and try to determine what a poor flow rents for. (Both units I would get comps for) if all fails ask a local realtor on their thoughts on the poor flow rent. I guess in my mind I would be ok with the poor flow if it was a strong rental market. As for size again I would be looking at comps with like situations vs the size of the building.

Post: Homepath offer

Tim HackettPosted
  • Professional
  • Ashtabula, OH
  • Posts 22
  • Votes 9
I've had to go through the best and final thing before too. I've also bid full ask and got rejected because I was not a user occupant. Here's my understanding of the best and final.. (I may be wrong) but it appears to me in the situations I've been in that if they get more than one offer and it's all investors they automatically ask for a best and final. (Regardless if you're the highest already). It hasn't been a scam to my knowledge. I trust my agent pretty completely and have had this happen more than once.
My one wish after being in real estate commercially for 18 years is that I had a degree in finance. Learn everything you can about financial analytics. Real estate while made of bricks and mortar is all about the analysis of the deal and learning the value of what's being bought and sold. The guys with the money don't make a move without knowing every aspect of the financials.

Post: lastest dead beat tenant tricks

Tim HackettPosted
  • Professional
  • Ashtabula, OH
  • Posts 22
  • Votes 9

amazing the lengths people go to be dishonest. 

Post: lastest dead beat tenant tricks

Tim HackettPosted
  • Professional
  • Ashtabula, OH
  • Posts 22
  • Votes 9
If you catch the deposit into your account you can send the tenant a check for the same amount as the deposit via certified letter along with a letter stating you are not accepting his deposit. That will be sufficient.

Post: Commercial property management career opportunity

Tim HackettPosted
  • Professional
  • Ashtabula, OH
  • Posts 22
  • Votes 9

OUTSTANDING!  Let me know if you need anything-

Tim

Post: Commercial property management career opportunity

Tim HackettPosted
  • Professional
  • Ashtabula, OH
  • Posts 22
  • Votes 9

was just thinking about your interview. Let me know how it goes!  Good luck!!