All Forum Posts by: Timmi Ryerson

Smart Property Systems.  They are rebuilding and coming out with really cool stuff in early May.

I have high bay warehouse and office spaces.  My tenants all pay through the software I use and it automates the accounting.  It is not the company you mentioned.  I like it because the accounting is automated and so I save time.  My tenants are pretty biz savvy and they like it because they can log in and see their statements, pay their bill and see their running account balance payments and charges.  It costs me about $37.50 per month.  Also, I have never figured out how to use quickbooks.

Did the same as @AnthonyWicks.p  Did not say anything about hardship situations and got all rents paid for April.  Not sure what will happen next month.  Half properties are commercial high bay warehouse with office upstairs and the rest are residential.

I have a company that uses payment processors.  In this case when people are seeing payments pulled back they are most likely set up as automatic draws each month.  Many tenants are not very computer or tech savvy so perhaps forgot to shut off the auto pull of their rent. That is too bad because it causes banking issues for the tenants and fees for the NSF for both tenants and Subscribers.  You might need to contact your tenants and tell them to turn off their auto pay for now.

When using vendors like this it is important to know that because you do not have PCI compliance with them or card present entry on the site, that if the tenant decides to charge back a rent payment or more, they can and you will have no recourse.  In order for you to be able to contact the card company with information to get the money returned to you, PCI compliance is required.  It is just a warning because there is a whole thread on Bigger Pockets about excessive charge backs made by tenants when using no card present and no PCI compliance.  Contact me directly for more information on this topic.

I use Smart Property Systems to manage my properties and tenant screening is built in.  It takes about 10 mintues in most cases and up to 2 hours to get report returned.  Easy Peasey.

@javierperez
Eviction histories have traditionally not been available except of you do a search at your closest court house.  This is because many of the evictions are either not recorded or they are not made public by the courts, which is often the case in small communities.  About 6 years ago a private group started a clearinghouse to collect eviction records because the saw the need that landlords have to be able to get access to this kind of data.  In the past 2 years Experian and Transunion have added eviction histories as a part of their tenant screening offering. But it is a separate report in both cases.  The other issue is that much of the data that is needed by these clearinghouses on evictions is still not being made available in many towns and juridictions.  One other thing that happens more often is that eviction papers are served on a tenant and it never goes to court.  So there is no record of a judgement. Eviction history data is still in its infancy as far as automated information.  But if you have questions about eviction history you can still go to the court house in the area where your applicant lived before and check for evictions.  

Thanks Richard.  But I own a software for property management.  I used to do it by hand and was well educated as to why I needed software.  So we developed and have been selling since 2011 for subscription model to Property managers and individuals who want to manage for themselves.   We are almost finished with the new release which is built on the newest technology stack and very functional.  I will announce through Bigger Pockets ads when we go live in about 2 months.    I would be concerned about the discrepancy that your agent provided and what you saw in actual reports.  Check local rents via rentometer.com to see what comps are.  That will help you with your decision about where rents should be.  If you have dead beat tenants in there now, I would make it a condition of closing that they are removed...given 30 day notices to terminate.  

Best of luck.

I might suggest that you read up on the Schedule E tax reporting document for real estate and passive income.  What you quoted is probably the net profit from the income against expenses including tax, insurance interest and repairs,maintenance.  So look at it from that perspective.  You will see gross rents at the top of that report.  That way you not only can check to see if the gross rent information your agent gave you is close you can also see the kinds of expenses that were incurred in that last year.  I would also suggest that you get three years P and L or Schedule E statements to see what kinds of income and costs were incurred over time. 

@Michinori Kaneko I totally agree with you!