Software And Payment Setup?

Hi everyone, im purchasing my first triplex next Friday. I am wondering what software are people using to manage their tenants accounts to keep organized?



Do you seasoned vets give out receipts after receiving payment or do you have your tenants pay through a pay service which gets direct deposited to your bank account?



Is it wiser to go with an LLC or become incorporated for protection purposes even with a big umbrella policy from my insurance company?



Thank you for your help in advance.



Sean

Comments(8)

  • d_random18th April, 2006

    Get REALTOOLS, a lot of people on the board use it and like it. Unlimited properties for $99.

    Here is the direct link to the eBay auctions of REALTOOLS:
    http://search.ebay.com/_W0QQsassZnichesw

  • Proactive118th April, 2006

    thanks d_random, your help is much appreciated.

  • edbaloney11th April, 2006

    Central TN.

    What do they charge for each check?

    Thanks.

  • d_random11th April, 2006

    www.saferent.com
    or
    national tenant network (google it)

  • Ebellis11th April, 2006

    It varies from 9.95 for just a credit check up to forty something for a full package. I am in the most southern part of Central TN on the AL border.

  • Ebellis11th April, 2006

    I start with just the credit report and if that is good, and all of their references (last two places rented)check out, then thats all I do. Usually if they take care of their credit and the last TWO places they rented, then I have never had a problem with them taking care of my property. If the next to last landlord reports a problem,( most recent one might just wanting to be rid of them) then I get more info.

  • jgarifuna14th April, 2006

    this is a very good question. should tenants be explicitly told that their credit would be checked or is this something that is assumed?

  • lavonc18th April, 2006

    Make sure and have a clause in your application that gives you permission to check all references. Have their signature right below it.

    We use www.tenantcheck.com. One thing we have found is if they are currently living in a large apartment complex, they typically require a copy of a letter stating you have the right to check their references. I always fax over the second page which includes the clause I mentioned and their signature.

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