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29 January 2025 | 19 replies
Consider putting the property up for sale and get your life back on track, then try investing again.
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5 February 2025 | 0 replies
I track the principal as a Liability account in Xero, and whenever I add it to a report, it always shows the current balance, rather than the change over the chosen time period (like with expense accounts).
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12 January 2025 | 2 replies
Just got off the phone with another DIY landlord looking to hire a PMC.
They really didn't like our response to their question, "How long does it take you to find a tenant?"
#1 they were uninterested in hearing abou...
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6 February 2025 | 4 replies
As such, I keep them in one account and just track any deductions with a spreadsheet for each tenant.
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31 January 2025 | 19 replies
While I didn't love the 30% cut they took, I was happy to have it in experienced hands (and a lot of what they did, advised, etc. was on-track with what I had researched, discovered here and on other STR forums).
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30 January 2025 | 0 replies
.- Managing Multiple Projects Simultaneously: Handling numerous properties at different renovation stages requires effective project tracking, milestone-based contractor payments, and solid contingency plans to navigate potential delays.- Technology & Automation: Utilizing project management software, such as Buildertrend or Monday.com, enables real-time tracking of budgets, schedules, and contractor communications.
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22 January 2025 | 9 replies
Look for a proven market and make it your backyard.
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26 January 2025 | 13 replies
You only need a place to track tenant information, payment history, maintenance, etc.
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30 January 2025 | 2 replies
We simply include the tax on the invoice sent to guests, which makes it easier to track and ensures we're covered for tax purposes at the end of the year.For Chicago, I’d recommend checking directly with the city’s tax office or a CPA, but generally, you’ll need to register with the city, collect the hotel tax from guests, and remit it on a regular schedule (likely monthly or quarterly).
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6 February 2025 | 5 replies
I use Rentec Direct which does a great job of tracking multiple owners/properties/tenants with the pooled bank accounts.