We've done demos with all of the big name PMS options and are finding big gaps with all of them, mostly when it comes to payment processing.

Purchase price: $275,000 Cash invested: $294,000 Sale price: $355,000 Seller was behind on pay HOA payments and in risk for losing the property.

am working with them now and had the first policy (with Spinnaker) cancelled for nonpayment/late payment so we rewrote another policy (with Millenial) and having the same payment problem again but at least they are communicating that cancellation is coming. they want me to pay by credit card over the phone so the payment wont be late and cancelled again. but when i go to mycoverageinfo.com to check on status it shows its been paid.

Deduct NEW property taxes after you buyDeduct home insurance costsDeduct maintenance percentage, typically 10%Deduct vacancy+tenant nonperformance percentage(we recommend 5% for Class A, 10% Class B, 20% Class C, good luck with Class D)Deduct whatever dollar/percentage of cashflow you wantNow, what you have left over is the amount for debt service.Enter it into a mortgage calculator, with current interest rate for an investment property, to determine your maximum mortgage amount.Divide the mortgage amount by either 75% or 80%, depending on the required down payment percentage - this is your tentative price to offer.If the property needs repairs, you'll want to deduct 110%-120% of the estimated repairs from this amount.Be sure to also research the ARV and make sure it's 10-20% higher than your tentative purchase price.As long as the ARV checks out, this is the purchase price to offer.It is probably significantly below the asking price.

After 6 months of non-payment, we were able to perform an eviction for this tenant.

There are loan programs that will do a 20% down payment with a 680 or above credit score. 

What property management software or tools would you recommend for tracking rent payments, leases, and maintenance requests?

if the note is currently in default and we can buy at at least a small discount, we may be able to restructure the note with no monthly payments - we would get paid all interest at closing when the property sells.  

In any disputed court action where the court resolves the dispute and determines the prevailing party, the court shall also award to the prevailing party its reasonable attorneys’ fees and costs and the non-prevailing party shall be liable to the prevailing party for payment of any court awarded attorneys’ fees and costs.

Does anyone have any recommendations of first time home buyer grants or down payment assistance programs for New York State?