I create recurring payments and it sends an email reminder to my tenants.

Few modifications on my personal investment;1 paid cash so mortgage2 remodel cost ~$500 in paint3 property management being done by me, no recurring expense4 tenant covers all utilities Result, income = $1650/mth less costs of insurance, taxes and maintenance of about $400/mth generating a net of $1250/mth.

Aime,I actually prefer being a landlord for the recurring income stream.

If the lender does not, we 'self escrow' in a separate reserve account (not an operating account or tenant trust account) that includes recurring expenses and anticipated capital costs.

I'm new to real estate and am working through my initial education phase.My first goal is to purchase 5 rental properties because I love recurring income and believe that this strategy is best suited for my goals and personality.I'm still a ways off from going through my first deal, but as I prepare, I have a question about financing that I think I need to start addressing now...I freelance for a living and I think that this may make it more difficult for me to get a loan since I don't have a "stable income."

You lose:- benefits (such as medical) which are costly to get on your own- a source of recurring funds- some ability to get lines of credit of loans- ability to qualify for various loans at banks- a lot of your ability to get back in the job market several years later, if you change your mindIf you do, make sure you have a large cash cushion in the bank.

Basically, I am attacking all recurring expenses possible without totally turning off tenants.

Troy Baughman,The best thing you can do is keep a log of what properties you visit on what days with the Odometer reading; however, many auditors will accept a log that only shows the places traveled to and a MapQuest or Google Maps printout of recurring destinations to give an approximation that it is realistic.The log should have: Date, Miles driven, business purpose of trip.There are many great apps out there as James Vermillion mentioned.

Advertising, Running Credit Checks, Collecting rents electronically (automatic and recurring), or Managing maintenance problems -- then you'll want a different kind of solution.Here are some best-of-class recommendations for each transaction type:[list]Advertising - RentMarketer.comCredit Checks - Tenant NetworkCollecting Rents - PayRents or RentPayment.comFinding Maintenance Personnel with user reviews - Angie's List, CircleChoice.com[/list:u]If you're looking for one place that does all of those things in one place, then my company is one that can help.

I have heard people tell me that (at least in Minnesota) because the barriers of exit are so low, that 40% of the "licensed agents" are doing their annual recurring training and paying the license fee just in case they want to help out a family member or themselves when buying or selling a house.