All Forum Posts by: Timmi Ryerson

I have had multiple properties in the State of Washington and also in Idaho.  I have never had any issues with tenants in Idaho but did in Washington. I like the choices and laws in Idaho better but would like to speak to this problem of getting tenants out.  There are two things that are very important for self-directed owner managed properties.  If you do these things, you will all but eliminate the need for evictions.  First, you must do a thorough tenant screening and discovery before you rent to someone.  I have been in this business for over 30 years and can honestly say that the only times I ended up having to evict a tenant was when I did not do a thorough tenant screening or allowed a tenant to stay in the property after I purchased that property.  Along with getting a credit report you must also verify income with the employer and contact the previous landlord to find out if there were any problems.  You want to choose a tenant who has a history of caring for rental  property and has always paid rent on time.

The second most important this every owner must do is inspections.  I set them up every 3 months to start and if the tenant passed with flying colors, meaning that the place was clean and there was no sign of ongoing damage (like dogs scratching at the doors) then I made the interval longer.  Doing inspections lets you tenant know that you will be watching for problems and that you are professional about management.  This practice is especially important in multifamily properties, as it basically protects neighboring tenants against problems before they can arise.  

Doing these two things will greatly reduce the risk of ever having to evict a tenant no matter where you decide to invest.  

Whereas my experience was a bit different because there were many major employers around my duplexes, I will share my experience of having rented to military families.  I was near McChord Air Base and Fort Lewis Army base.  There was not enough housing on base for the military families so they got stipends to find off base housing. I always rented to a family as opposed to a single military person mostly because I had 3 bedroom places.  But I do know that when a single military person rents from you, you have to agree to terminate their lease as soon as they get deployed or moved. In my experience, when a member of the family was deployed, the rest of the family stayed in the rental property for the duration of that deployment.  However, there may be a situation where the whole family is transferred to another base. In that case, once again there is always a clause the prevents you from penalizing the military family for breaking a lease.  I was always happy to accommodate any military personnel or family and did not mind that they may have to break a lease.  I will also mention that without exception, the military families who rented from me were some of my best, most reliable tenants.  They cared for the property, paid rent on time and were great neighbors. I just thought you would want to know before you buy.

Welcome to the BP groups.  I think you will find great support here and wonderful education.  Best of luck to you in your new endeavor.

Not sure about a software that will do k-1's that also provides property management.  I would suggest that you ask an accountant about software for producing k-1's.  But you will certainly need a good property management software to run your building.

Welcome Paul.  Good luck with you investments.

What kind of software does the Property Management Company use?  Property Management is a very complicated and complex job.  If they are NOT using software I should be a red flag.

Shawn,

Contact SFR to find a clearinghouse of investor listed properties. You do not need an agent to use this software. You will pay a fee at closing but it is minimal. The parent comany is Secure Capital Network. Contact me directly for more information. I am not affiliated with this company.

Agree with Michael Le, Price sounds way too high.

Welcome Mark.  Good luck with your new business.

I recommend that you start with your first property.  Why? The cost is really small  probably less than $18 per month.  The benefits are really big.  Everything is automated for you and for your tenant(s).  As you grow you can easily add new properties and have an organized way to go about your management tasks.  You want to look professional and using software which sends out statements for you, provides automated rent collection, adds late fees when appropriate and automatically sends late notices is a good way to give your business a polished look from the start.  I am sure you will find that the small cost you pay is well worth it with the organization you can achieve.  Good luck.