Property Management Software
I am looking for Property Management Software? Any suggestions. Has anyone used Rent Right?
I am looking for Property Management Software? Any suggestions. Has anyone used Rent Right?
Yes, i have been using rent right V3 (old version) since 2004. I manage about 65 units, i have no issues.
REALTOOLS, unlimited properties and good price. Many people on the board use it and like it.
http://search.ebay.com/_W0QQsassZnicheswQQhtZ-1
i use Rent XP, but the realtools program looks more powerful and scaleable.
I have been using the online system at www. renttropolis com, really good people over there and everything is online so I can get to my information from anywhere.
I think the best part is that I now offer my tenants the ability to pay online. I love getting my money on the first
[ Edited by boo151 on Date 04/04/2007 ]
[ Edited by boo151 on Date 04/09/2007 ][ Edited by boo151 on Date 04/09/2007 ]
check out www.propertyware.com
Its an online software but whats nice with that is you can access it at anytime and it gets upgraded constantly
[ Edited by sprezzatura on Date 04/11/2007 ]
Your formula looks correct at first glance. Try looking in Lansing, MI- you will find properties there that are well over 9%. I am sure there are plenty of other places, but Lansing is a good bet because the economy is solid, it is the state capitol, and there are large schools in or near Lansing. Plus prices have held during the recent nationwide decline.
Chris
(Yes, I am a Lansing Realtor.)
Or try TCI listings. I noticed a 4 unit in Niagra Falls with a claimed cap rate of 28% popped up when I posted this message...[ Edited by ypochris on Date 02/26/2007 ]
kidbiz,
Please shed a little more light on your comments about a property producing positive cash flow as an owner occupied rather than an investment property.
How do you figure this?
Thanks,
JS
I meant that a buyer may not be able to afford a mortgage payment on the average single family home. What they can do is buy a multi-family and have most or all of their mortgage defrayed by the rental portion of their property.
Positive cash flow is a poor choice of words on my part. More accurately it should just be financial benefit. They may not be able to make a profit on the home, but they can live rent free or for less then a comparable single family would cost. Additionally by breaking into ownership any way they can they gt the benefits of paying themselves vs a landlord.
If the market is good, and they want to move to a single family home, rents may have increased enough to make the property profitable in a few years.
Quote:
On 2007-02-27 13:09, smithj2 wrote:
kidbiz,
Please shed a little more light on your comments about a property producing positive cash flow as an owner occupied rather than an investment property.
How do you figure this?
Thanks,
JS
I think the flaw is using 9% cap rate. As someone else posted institutional investors pay a 6% cap rate for investment grade apartment buildngs. So if this is the kind of properties you are looking at you are definitely using a high cap rate. Also your vacancy loss factor at 10% maybe too high. Try 5%. I think demand for apartments will be rising as interest rates rise and less people will affort to buy a house.
Hi Ryan
I was looking at this old thread and now you got me being nervous after reading about PM in your area being notorious with out of town investors.
I am considering buy in the area you are talking about with a PM to manage it and now I might have second thoughts.
What makes it worse is that you purchased your properties from out of town distressed investors, not encouraging.
Is there anywhere on this site where bad PMs are named and shamed OR are you even allowed to do that ?
Cheers
"Chris, FYI Ogden is not such a great market of Utah, plagued by meth, vacancies and job losses. There are some landlords doing well, but I would be careful"
While Ogden may not be a good market for Utah, Utah in general is appreciating at a very rapid rate- highest in the country I believe, or one of the highest. And the population growth projections for Utah are almost scary- where will they get the water?
Niagra Falls, on the other hand, has been seeing little or no appreciation or population growth. Given a choice between the two, I would consider Ogden a far better market.
Chris
You can get a free fax/voice mail number or you can pay a little and get a local number. Faxes and voice mail is then sent to you by email. You can create your own out going message and the use the same number for them to fax a completed application. PM me and I will send you the link.
[ Edited by Tmax on Date 04/11/2007 ]
Try and put the listings online somewhere so that it has all info there including pictures. Create a flyer and add it to an INFO tube on the FOR RENT Sign.
In regards to the phone system we simply did an add on to our mobile phone service which was $10. We then leave a msg with the basics on there and tell them to check out our listing on such and such site..