I see your point on the quadplex and rooming house. I have a quadplex and rented 2 units as apts, and the 2 units as rooms. I prefer the rooms for the damage control aspect. The 2 unit apts I can not just walk in and address repairs before they get worse. The toilet was running and I wasn't notified by the tenant in the apt. I wouldn't have that issue if I run the whole building as rooms.
This was surprising until I realized you bought a rooming house with only 4 beds. I remember you saying in another video you have limitations. So far in my area there are no limitations, so my 7 bedroom rooming house is absolutely stellar
The main drawback in my market is the code restrictions of only 4 beds. If I could go up to 7 it wouldn't even be a debate. Thanks for tuning in and for commenting
Great question. I monitor repairs, income, and utilities. I track average expenses and compare them month over month. In terms of income, I also track %of on time rent, time between filling vacancies, and % of rent collected in total. I go over a lot of this data with my property manager so that he stays on top of things. I also compare my actuals against what I projected when I brought the property to make sure that my assumptions are in a good range whenever I analyze new deals. I use stessa to keep track of income/expenses and run reports so that I can see how properties are performing over time. They have some really good tools to help you to quickly see how you compare to pro forma projections.
I see your point on the quadplex and rooming house. I have a quadplex and rented 2 units as apts, and the 2 units as rooms. I prefer the rooms for the damage control aspect. The 2 unit apts I can not just walk in and address repairs before they get worse. The toilet was running and I wasn't notified by the tenant in the apt. I wouldn't have that issue if I run the whole building as rooms.
This was surprising until I realized you bought a rooming house with only 4 beds. I remember you saying in another video you have limitations. So far in my area there are no limitations, so my 7 bedroom rooming house is absolutely stellar
The main drawback in my market is the code restrictions of only 4 beds. If I could go up to 7 it wouldn't even be a debate. Thanks for tuning in and for commenting
Great video. What are KPI’s for your business? What metrics do you measure to ensure your business/portfolio is running successfully?
Great question. I monitor repairs, income, and utilities. I track average expenses and compare them month over month. In terms of income, I also track %of on time rent, time between filling vacancies, and % of rent collected in total. I go over a lot of this data with my property manager so that he stays on top of things. I also compare my actuals against what I projected when I brought the property to make sure that my assumptions are in a good range whenever I analyze new deals.
I use stessa to keep track of income/expenses and run reports so that I can see how properties are performing over time. They have some really good tools to help you to quickly see how you compare to pro forma projections.
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@AllBoutCribs
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How do rooming houses provide vacancy protection for you?