There are many resources here to dramatically help you with your LandLord journey. Always remember the value of your time is worth more than money, so automate as much as possible. About a year ago I realized how much time was being taken from me running around to my mailbox collecting rent, picking up peoples checks, etc, etc. It took me WAY too long to realize this, probably just because we often get into survival mode and can’t see the big picture.
I started hunting around for a service to help automate the rent payments, quickly realized rentshare was the answer. There are a lot of companies doing this kind of thing, the bank will also do it, but it’s messy and I really didn’t want a science project on my hands. I also didn’t want to deal with tenants learning curve. Tenants are happy, and I am saving about 2-4 hours per month. Plus, I get a dashboard now which I never had before, rent status and tenant status was all in my head.
This is just something you need to get done, don’t think about it too much. I recommend quickbooks PC /Mac edition over the only edition because for around $200 I can have as many companies as I want. Since it’s considered best practice to have one-to-one ratio of company to property, it’s more cost effective for me to use the installed edition. Online edition is billed per company file. I also run this on my home computer and just make sure files are backed up regularly.
Worth the money – just treat it as a business expense and please backup your files. I am basically 100% electronic and loosing files is not an option. I prefer crashplan because it’s interface is easy and there are multiple ways to set it up including a free option if you have time and resources.
I post my ad’s here like everyone else in the world, there are also some sites I use as a backup to this like postlets, but in general this is the modern day newspaper and this is the only way I find tenants.
The days of giving tenants your mobile number and / or home number are over. Go get yourself a google voice number for several reasons. First, if you need to take a vacation you can create a voicemail with detailed instructions for tenants. ie, if there’s a flood call these people. If there’s a non-emergency I will be returning on this day. You would never put this kind of message on your mobile phone, else your boss and friends would think your crazy. Make sure this is the number that’s shown on all your leases.