Duane A. Snow
Property management fees question - PLEASE
5 February 2024 | 10 replies
You cannot enter into any contracts for service on a recurring basis for the property (pest control, trash, etc).
Kenny Simpson
20 year Loan officer and RE investor. What questions can I answer?
5 February 2024 | 19 replies
@Kenny Simpson The latter, I believe the main bottleneck for scaling a portfolio using Conventional products stem from accruing recurring mortgage debt payments.
MIke Brady
Overwhelmed First-Time Landlord Seeking Advice
3 February 2024 | 19 replies
Even though my tenant is low-maintenance and the property itself rarely needs urgent attention, I can't seem to shake off the anxiety.
Maria Ladd
Calculator question for 'other' category
29 January 2024 | 2 replies
No, it's a recurring cost in a STR, cleaning in between guests.
Violet Lisa
Applicant did not disclose their emotional dog
29 January 2024 | 40 replies
You cannot deny someone with an SA.Emotional Support Amimals - any animals that is prescribed by a LMHP to ease anxiety of it's owner.
Jeremy Porter
Mastering Rental Property Finances: A Property Manager's Guide to Expense Tracking
26 January 2024 | 1 reply
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.
Hector Serna
Just canceled my 3rd deal… time to start over
26 January 2024 | 46 replies
Everyone has anxiety and stress when buying real estate.
Joseph Aquilina
How do I cancel Pro Membership?
26 January 2024 | 7 replies
My credit card company allowed the charge of $390.00 to go through and say because it was a recurring charge that they can do nothing about it now.
Lori Spear
Renting homes
20 September 2016 | 3 replies
You can also ask your renter to set up their rent payment as a recurring bill with their bank.