Assess if you have enough time for tasks like tenant screening and maintenance.Expertise: Professional managers know landlord-tenant laws and property maintenance best practices.Cost vs. benefit: Weigh management fees against potential savings and efficiencies professionals might offer.Property location: Distance from your home to the property matters.Number of units: More properties increase management complexity.Stress tolerance: Consider your comfort level with tenant interactions and problem-solving.Long-term goals: Professional management can free you to focus on expanding your real estate portfolio.

As for the current home, converting a bonus room into a real bedroom could enhance its rental appeal and value, depending on local demand for larger rental units.Paying Off the Mortgage vs.

With a larger multifamily, it would be pretty expensive in our area but it may be a good idea.

Its meager 10,000 population also makes it the 11th largest city in WY, so if WY is my target market, its actually one of the larger markets in this sparsely populated state.

He is able to categorize transactions, reconcile accounts, send out owner statements, pay vendors, p&l reporting, and other bookkeeping tasks.

Perform the same task in each app to ensure a fair comparison.Load a property with pictures and details.Market that property.See what your marketing looks like from the public's perspective.Submit a fake application to see how easy the process is.Run a credit/screening report on yourself.Enter a maintenance request, assign a vendor, and attach a fake invoice.Enter charges to the tenant's ledger.Enter recurring charges and automatic late fees.Sign documents electronically.Run owner reports.After testing a few apps, one should clearly stand out.

Hi Jane, there are several transaction management software like ListedKit that help organize tasks across multiple transactions.

It's always best to start with simpler deals and scale into larger scale rehabs.

We have gone from 19 mortgages to 7 through these processes (granted - some of the 7 are now larger loans due to the cash-out move) - but just like before - cash flow actually increased!  

I can definitely say that while the bigger fire we had was a pain... it actually worked out really well... in the end we had a much improved property, and we stepped in and did as much of the work we could do ourselves that the insurance company was compensating us at  'retail' rates for... like painting, and replacing cabinets, and other simple tasks.