Landlords, by their nature, are generally cheapskates. Just ask their tenants. You have to be. The market sets your rents, not you. But you can control your expenses. And landlords can have a lot of expenses:
- Mortgage
- Insurance
- Taxes
- Repairs
- Improvements
- Utilities
- Management fees
- Landscaping
Part of managing the property is keeping track of these expenses. Today, there are some great programs for keeping track of your properties – such as Appfolio, Buildium or QuickBooks.
Trouble is, you pay a monthly fee for each of these. Starting from $10/month to several $100/month for a larger portfolio.
Maybe you’re not managing 1,000 rental units – yet. You can handle all your income and expenses on an Excel spreadsheet.…
JP Moses
is a real estate investor in Memphis, TN, with experience ranging from land lording to note buying, rehabbing, and wholesaling. However, wholesaling is the area that he enjoys most and where he bring the most experience and expertise to his students.