Operating Expenses:Distinguish between capital and operating expenses to better allocate resources and plan for long-term investments.Capital expenses are typically larger, one-time investments, while operating expenses are recurring costs.Automate Recurring Expenses:Automate the tracking of recurring expenses (e.g., utilities, insurance) to minimize manual data entry.Schedule automated reminders for upcoming payments to avoid late fees.Implement Vendor Management Practices:Negotiate vendor contracts to secure favorable terms and pricing.Regularly review vendor performance and explore cost-saving alternatives.Regularly Review and Adjust Budgets:Periodically review and adjust budgets based on property performance and market trends.Factor in unexpected expenses by maintaining a contingency fund.Train Staff on Expense Tracking Protocols:Provide training to staff involved in expense tracking to ensure consistency and accuracy.Establish clear protocols for expense reporting and reimbursement.Document and Analyze Expense Trends:Document and analyze expense trends over time to identify areas for cost reduction or optimization.Utilize historical data to make informed decisions on future budgets and expenditures.Stay Informed about Tax Deductions:Stay informed about tax deductions related to property management expenses.Consult with a tax professional to ensure compliance and maximize tax benefits.Conclusion:Effectively tracking expenses is a cornerstone of successful property management.

I've realized as we've scaled the SFR business into the hundreds of homes, it would be beneficial to have other entrepreneurs/investors to connect with in a somewhat formal/recurring environment.

Non-recurring property expenses may be added back, if documented accordingly."

"The landlord does not characterize, or attempt to justify, the non-refundable $50 monthly recurring “pet fees” at issue in this case as “additional rent.”

It's a bit clunky and doesn't have a variety of features, but if you're looking for something basic to cover a few units that will simply collect rent, post recurring rent/fee charges, etc., it's free!

While it may be a bit cumbersome and lacks some advanced features, it serves well for basic needs such as rent collection, posting recurring charges, and more.

PMC software and calendar reminders - recurring reminders whenever possible!

It seems that syndications are a recurring theme here.

Sewer: Connection fees are usually $2-4K, with recurring fees thereafter of about $1K/year.

If the problem recurs, it is a construction defect not a warranty item and he should repair it at no cost to you.Having said that - curious that he didn't grade the lot before drywall went up - sounds like a genuine mistake.