All Forum Posts by: Whit Ewen

Update: Rent Redi is not intuitive and therefore the inevitable errors that are made by tenants and landlords snowballs into a tangled mess that wastes countless hours correcting small problems. For example, my tenant mistakenly paid a month ahead. Rent Redi showed me how to refund it and I did. Then the next month the rent didn't show a charge, and so with Rent Redi help, I created a new charge. Then the original charge that was refunded reactivated and created a late fee. It's just an ongoing tangle from one one error. It's not obvious what to do, and if you don't choose correctly, it can easily eat hours of your time. I don't recommend Rent Redi. My tenants don't like it at several properties. 

Additionally to the other comments, the decision to use management software relates to the cost of one's time; in other words, what opportunity cost is your time / money?  

But in terms of time, experts e.g. property managers may underestimate the time it takes the amateur to (re)learn infrequent tasks. Since I list some of my (very few - I only have 3 residential units and my commercial ones are all managed by others) units every 2-3 years, I forget how to do it, and even standard operating procedures change a lot at that frequency, rendering them much less useful. For example, It may take me 10x as long to do the work of someone who does it every day. This applies to listing a unit for rent, qualifiying leads, the administrative side of showing property, screening tenants, and leasing. Well designed software for your problem would not only add tech, but process, and not only in the realm of time savings. 

Good software, as one earlier poster wrote, can do it better. For example, syndicating your listings to a much broader audience, making the application faster, improving applicant experience, making maintenance requests get done more smoothly and quickly. This could result in higher quality tenants sooner and keeping them longer, all which have more than quantifiable effects. 

But back to your question: I don't know. When I evaluate a software, I first build a list of the most time consuming aspects of my existing work process. Then I brainstorm options in a people/process/technology framework. Buildium at $55/month/$660/year is a relatively low cost threshold given opportunity cost of my time, so I'll likely consider that and if so, could report back.. 

Thanks Ryan for your final comment about the necessity of policy and code changes to make housing available so it can be more attainable for all. That's going to take more than just planners and policy makers; it will require broad based tangible support, i.e. writing to elected officials and showing up at meetings to tip the balance. 

Curious how you kept to that budget. Did you do the work yourself? I assume no roof or flooring changes and it was already taped/floated. Any insights into creative conversion could be helpful for others considering this. Thanks for sharing

I know it’s an old thread now, but @Kalen Jordan, do you have an update based on your last year's worth of experience? I just found out that Mynd property management purchased Empire that you mentioned. I spoke with REI Nation yesterday, but was less than impressed with their representative's knowledge of their own operation.

@Cary Love I'd enjoy learning more about your objectives and seeing if we can help or provide referrals. I've done BRRR on residential and commercial properties

Sorry I'm a bit late here: I'm a hard money lender but will say its best to use us as a last resort. But good to have in your pocket because sometimes you find a deal and you cannot line up bank financing in time to execute your strategy. Also I'd suggest to get to know what the banks need and partner to fill in gaps of what you don't have e.g. income, assets, liquidity. I'd be happy to speak with you some time. I came from the tech world also. 

@Robert Siverd I relate most with Ash's comments about analyzing it on a set time frame, and to Omar's boiled down questions. I would add that you or your accountants might consider (you may have this already) about how much money can you make from additional dollars invested in your own business. Many businesses can make a higher return than by investing in real estate. Real estate is a relatively safe low return if done competently and carefully by people that are not industry professionals. So, I'd compare the 10-25% down payment to other projects in your own business - what would those returns be like. e.g. investing in business development, training, new technology, etc. Often, the reasons to go with the low return real estate play have to do with control, diversification and asset protection rather than purely financial reasons. 

@Roland Brown, I'm sure we've all heard it, but... I think firstly is to think about building a team: so, network and find people that you trust their integrity and competency and you'd enjoy working with. Then you can contribute things like W-2 income and the other person maybe more on the time or other skills. Perhaps you're better at analysis, for example. Real Estate is a team business any way you cut it, so think about how you can develop relationships with brokers, lawyers, etc. The less time you have, the more relationships and partnerships will be vital to you.