Source: Rental Awareness
Landlords can typically charge tenants reasonable costs for repairing an excessive number of nail holes, beyond normal wear and tear. Small charges of $5-10 per hole to patch and repaint are common. However, minor wall damage from a few small holes for hanging pictures is expected.
Some landlords may charge a flat fee for repairs, while others may deduct the cost of repairing the nail holes from the security deposit.
The specific amount a landlord can charge for nail holes should be clearly stated in the lease agreement or discussed with the tenant before any repairs are made.
It is always best to communicate and clarify these details with the landlord to avoid any disputes or misunderstandings regarding the cost of nail holes.
The Landlord-Tenant Relationship
When it comes to renting a property, it’s crucial for both landlords and tenants to have a clear understanding of their rights and responsibilities.
A good landlord-tenant relationship is built on open communication and a shared understanding of the rules that govern the tenancy.
This includes knowing what repairs are the tenant’s responsibility and what charges the landlord can impose for damages, such as nail holes.
Importance Of Clear Guidelines On Repairs And Charges
Having clear guidelines is essential for landlords and tenants to avoid any confusion or disputes when it comes to repairs and charges.
By clearly outlining the responsibilities of each party in the rental agreement, there is less room for misunderstandings or disagreements down the line.
For landlords, it is key to provide tenants with a comprehensive list of what repairs they are responsible for, as well as a breakdown of any charges they may incur for damages beyond normal wear and tear.
On the other hand, tenants must fully understand these guidelines to ensure they can maintain the property and fulfill their obligations effectively.
Common Areas Of Confusion Between Landlords And Tenants
Despite clear guidelines, conflicts can still arise between landlords and tenants regarding repairs and charges.
Some common areas of confusion include:
- Disagreement on what constitutes normal wear and tear versus tenant-caused damages.
- Inconsistent enforcement of repair responsibilities leads to tenants being held liable for issues beyond their control.
- Unclear documentation of damages makes it difficult to determine the appropriate charges.
- Disputes over the reasonableness of charges for repairs and replacements.
To address these potential areas of confusion, it is essential for landlords and tenants to maintain open lines of communication throughout the tenancy.
Timely reporting and documentation of damages can help minimize disputes, while regular inspections can ensure that both parties are aware of any needed repairs or maintenance.
Determining Tenant Responsibility For Nail Holes
Determining tenant responsibility for nail holes is essential to understanding how much a landlord can charge.
It is important to know the rules and regulations regarding nail holes to ensure a fair and proper assessment of costs.
Normal Wear And Tear Vs. Tenant Damage
It is essential to understand the distinction between normal wear and tear and tenant damage when it comes to nail holes.
Normal wear and tear refers to the natural deterioration that occurs over time due to the everyday use of the property.
This includes minor scuffing, fading, and other common signs of use that one would reasonably expect.
On the other hand, tenant damage involves any intentional or negligent actions that result in excessive or unnecessary harm to the property.
Nail holes left behind from hanging pictures or mirrors can fall into either of these categories, depending on the circumstances.
Factors That Influence Whether Nail Holes Are Considered Tenant Damage
When determining whether nail holes should be considered tenant damage, several factors come into play.
These factors can include the number and size of the holes, the location on the walls, and whether the tenant received permission to hang items.
Additionally, the duration of the tenant’s occupancy and the overall state of the property can also influence this assessment.
For instance, a few small nail holes in inconspicuous areas may be considered normal wear and tear, while large or numerous holes in prominent locations may be deemed tenant damage.
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Tips For Documenting The Condition Of Walls Before And After Tenancy
To ensure a fair assessment of responsibility for nail holes, it is critical to document the condition of the walls both before and after the tenancy.
Here are some practical tips to consider in this process:
Conduct a thorough initial inspection
Prior to the tenant moving in, conduct a detailed inspection of the property, paying close attention to the condition of the walls.
Take clear and timestamped photographs of each room, focusing on the walls and any existing nail holes or damage.
Include a detailed move-in checklist
Provide the tenant with a move-in checklist that outlines the condition of the walls and encourages them to report any pre-existing damage.
This will help establish a clear baseline for responsibility assessment later on.
Communicate guidelines for hanging items
Clearly communicate your guidelines for hanging items, such as using adhesive hooks or obtaining permission for nail usage.
Keep a record of any written agreements or correspondence regarding this matter.
Conduct a thorough final inspection
When the tenant is preparing to move out, conduct a final inspection of the property and specifically examine the walls for any new nail holes or damage.
Again, document the findings with clear photographs and written notes.
Compare before and after
Finally, compare the initial and final documentation to determine whether there are any new nail holes or damages that fall outside the realm of normal wear and tear.
This will help you make an informed decision regarding tenant responsibility.
Legal Limits On Charges For Nail Holes
Landlords are subject to legal limits on charges for nail holes.
Discover how much a landlord can legally charge for nail holes in rental properties.
Familiarizing With Local Landlord-tenant Laws
Prior to understanding the legal limits on charges for nail holes, it is crucial to familiarize oneself with local landlord-tenant laws.
These laws may vary from one jurisdiction to another and can greatly influence the rights and responsibilities of both landlords and tenants.
The Legal Limitations On Charging For Nail Holes
As a landlord, it’s important to know your rights when it comes to charging tenants for nail holes in the rental property.
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By Ryan Squires
Your rental is filled, your tenant is happy, and the only time you think about your property is when rent hits your bank account every month. Investing in a property was the best decision you ever made—until you find yourself with a vacant unit, and suddenly, your passive income isn’t feeling quite so passive.
Anyone who’s managed a property has felt the pressure of navigating all the “To-Dos” that come with a vacancy. Listings, marketing, showings, screenings… what are you even allowed to ask on an application anymore? This applicant seems fine, but so did Ted Bundy… And just like that, you’re regretting ever thinking you’d have time to manage a rental property on top of everything else you have going on.
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Centralized Lead Management
TurboTenant landlords average 28 leads per property, so you’re going to need an easy way to keep track of your inquiries. But don’t sweat it—TurboTenant automatically organizes all your leads, whether they found your property on external sites or through your TurboTenant listing page.
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Source CNN
Renters are gaining the upper hand in the balance of power with landlords. Apartment units are staying on the market for longer. Vacancy rates are rising. And rental growth is slowing. Now, landlords are being forced to offer sweeteners like free parking and free weeks of rent to get tenants to sign on the dotted line.
The share of rental listings on Zillow offering a concession as an incentive to rent climbed to 33.2% in July. That’s flat from June, but up from 25.4% a year earlier and well above the recent low of 19.4% two years ago, according to Zillow.
“Landlords are basically in a race to get tenants, so they’re throwing in a bunch of deals and perks to sweeten the pot,” said Orphe Divounguy, senior economist at Zillow. “Renters have more bargaining power.”
Deals are especially popular in six major metros areas, where more than half of the rental listings on Zillow are offering sweeteners: Raleigh (53.3%), Charlotte (53%), Atlanta (52.2%), Salt Lake City (50.9%), Nashville (50.8%) and Austin (50.5%).
All of those markets have experienced an increase in landlord concessions over the past year, led by Charlotte, where the share of units offering incentives increased by nearly 16 percentage points.
Natalie Garcia, a 23-year-old graduate student in Arizona, had no trouble finding a deal when she was hunting for a place to live with her boyfriend this spring.
“Honestly, all of the apartments I was looking at were running promotions,” Garcia said in a phone interview with CNN.
Garcia and her boyfriend ended up getting half off the first month of rent at a one-bedroom apartment they recently moved into in Scottsdale. “The concession was a bonus,” she said.
Rylee Dunham secured a free month of rent after she and her boyfriend offered to fix a broken fence at a two-bedroom apartment they were looking at in Gilbert, Arizona.
“We totally lucked out,” said Dunham, a 23-year-old school teacher. “I think we would have gotten the free month of rent anyway.”
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High Cost of Living
Despite these concessions, the cost of housing remains a sore spot in the economy.
Shelter accounted for almost 90% of the monthly increase in consumer prices across the economy in July, according to the Bureau of Labor Statistics. Shelter prices jumped 5.1% from last year, although that represents a deceleration from recent trends.
Apartment rents are still getting more expensive, increasing by 5.1% over the past two years, according to Zillow.
However, that’s in-line with historical trends and marks a major improvement from the 22.3% spike during the prior two years.
The shift in the balance of power in favor of renters has been driven in part by a building boom for apartments.
In June, nearly 60,000 multifamily units were completed across the United States, according to government data. That’s the biggest increase in supply since 1973.
The recent building boom has made it harder for landlords to fill some units. The rental vacancy rate remains at 6.6%, the highest since the winter of 2021.
Divounguy, the Zillow economist, said falling mortgage rates could also work to the advantage of tenants by encouraging some would-be renters off the sidelines and into the housing market.
“By being proactive, informed and realizing their leverage, renters can make the most of the perks landlords are offering,” Divounguy said.
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Provided by BiggerPockets
As a landlord, you probably already know that taxes are unavoidable, but that doesn’t mean you can’t minimize them and keep more of your hard-earned cash. The IRS can be your friend who gives you their notes before the test or the bully who takes your lunch money. It’s all about how you utilize the tax code in your favor. Here’s a little guide on how to play the tax game without paying a cent more than necessary.
Tax Advantages Of Rental Properties
First off, depreciation is your best friend. The IRS lets you deduct the wear and tear of your property over 27.5 years. So, while your house may actually be appreciating in value, on paper, it’s “wearing down,” which magically reduces your taxable income. Next, we have deductible operating expenses like insurance, taxes, and more that can significantly lower your tax bill. Finally, there is capital gains tax relief that comes into play when you hold your property longer than one year, which you may qualify for.
Another tip: if you’re planning to sell your rental property, the 1031 exchange is your golden ticket. This lets you reinvest the sale proceeds into another rental property and defer paying capital gains tax. It’s like pressing pause on taxes while you grow your real estate empire.
How is Rental Income Taxed With a Mortgage
Next, if you’ve got a mortgage, you’re in luck. The interest you pay is fully deductible. Think of it like this: every time you make that monthly payment, a chunk of it goes towards lowering your tax bill. And if you use part of your property as your primary residence and rent out the rest, you can even deduct the interest on the rental portion. Sadly, the principal paydown is not tax deductible.
6 Tips To Reduce Your Rental Income Tax
Actively Managing
One of the lesser-known tricks is actively managing your property. According to the IRS, if you spend at least 750 hours a year managing your rentals, they consider it “active” income rather than passive. This classification opens up more deductions, which means more money stays in your pocket. The more involved you are in your property’s upkeep, the bigger the tax benefits. There are several factors to be considered active, so talk with an investor-friendly CPA to learn the ins and outs of qualifying.
Track and Deduct All Expenses
Keep a detailed list of every single expense related to your rental. We’re talking about everything from new appliances to marketing costs and travel expenses. Even the miles you drive to and from the property are deductible. Miss a deduction, and you might as well be tossing money out the window. Even the HOA fees you may pay are deductible. Finally, we can benefit from them telling us our trash cans were out an hour too early.
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Depreciate Capital Investments
If you made any big-ticket upgrades like installing a new HVAC system or putting on a fresh roof, you can depreciate those over time. Depreciation accounts for the natural decline in the value of assets over time. Maintaining your property, and will the IRS reward you for it? That’s a rare win-win for both of us.
Make Borrowing Your Friend
When you take out a loan or line of credit for your rental, the interest is deductible, too. It’s another win-win: you get the cash to improve your property, and you get to reduce your tax bill. Just be careful not to overdo it—too much debt might limit your financing options down the road.
Reduce Capital Gains Tax
Now, if you plan to sell the property, brace yourself for capital gains tax, but don’t worry—there are ways to soften the blow. If the property was your primary residence for at least two of the last five years before selling, you can exclude up to $250,000 ($500,000 for married couples) from capital gains. For those thinking long-term, careful estate planning can help defer and even eliminate capital gains taxes when passing properties on to your heirs. Selling your property or gifting it to a family member will trigger a gain tax. Tax rules swing in our favor, though, when it is an estate gift instead.
Review your property tax assessments regularly
Over-assessed properties mean overpaying taxes. Compare your property’s assessed value to similar ones in your area, and if it looks off, appeal the assessment. You’d be surprised how often tax assessments are higher than they should be. The process to appeal property taxes varies by jurisdiction, so make sure to familiarize yourself with the deadlines and procedures needed. There are even companies that will do all of the work for you in return for a percentage of the money they saved you if you are confused by the process or don’t have time.
Managing rental properties is a juggling act, and taxes are just one of the balls in the air. But with these tips, you can minimize your tax bill and keep your investment profitable. If all these deductions and tax strategies sound overwhelming, don’t sweat it. Software like Baselane can help you stay organized. It simplifies bookkeeping and rent collection and even helps you categorize all those deductible expenses, so you’re not scrambling at tax time. Take it from me, the guy who regularly used to not keep up properly and would turn on panic mode each tax season.
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By Alondra Segoviano
Out of all the responsibilities that come with being a landlord, collecting rent payments is the most important for a few reasons. Not only do these payments help cover operating expenses like your mortgage and maintenance, but the way you handle late payments can also influence the eviction process.
For that reason, you’ll want to have the right reporting in place to help you keep track of all your tenants and their payment history — thus comes in a rent ledger. A rent ledger is a report landlords can use to get an overview of all rent payments they’ve collected with information on the tenant. Keep reading to learn more about rent ledgers and how they can be helpful for you.
Key Takeaways
- A rent ledger shows all the rent payments you’ve collected from your tenants with information on the payer, the unit, when the payment was debited to your account, the payment amount, the status (scheduled or paid), and charge type.
- If you use Avail for rent collection, click on the “Reports” tab to download your “Received Payments” report for free.
- Rent ledgers can be helpful during tax season, in the case of an eviction, or monthly financial review.
What Is a Rent Ledger?
A rent ledger is a spreadsheet or report that includes all the rent payments you’ve collected from your tenants with information on the payer, the unit, when the payment was debited to your account, the payment amount, the status (scheduled or paid), and charge type.
If you use a rent collection platform for your rental property, you can generally download a free rent ledger directly from your dashboard with all payments you’ve collected so far. However, if you use a platform like Zelle or PayPal which are mainly intended for personal use, you will need to create a rent ledger manually.
What Information Is on a Rent Ledger?
As mentioned above, a rent ledger includes the following information:
- Your renter’s name
- The address of the rental property it’s for
- When the amount was debited to your account
- The amount the renter paid
- The status of the payment
- The transaction number
- The charge type
The Benefits of Using Rent Ledgers
There are a handful of benefits of using a rent ledger. For one, periodically reviewing them can help you audit how all of your renters are doing when it comes to meeting their obligation to pay rent on time. There may be times when a late payment goes unnoticed, especially if you don’t have a system in place to automatically spot late payments. In that case, you can review your most recent rent ledger to confirm that all your renters paid rent, on what day, and the amount.
Rent ledgers can also be helpful during tax season, considering rental income is taxed and needs to be reported to the Internal Revenue Service (IRS). You can easily provide your certified public accountant (CPA) or tax professional with a rent ledger so they can see how much you’ve collected in rent and other rental fees per unit.
While this use isn’t as common, rent ledgers can serve as an important piece of evidence in an eviction case caused by failure to pay rent, since they say if a payment is paid or unpaid.
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How To Get a Rent Ledger for Free
The platform you use to collect rent payments usually produces a free report for you to download through your dashboard. If you collect rent with Avail, log in to your account and click the “Reports” tab. Then click on the “Received Payments” report.
Our system will then email a copy of your free report to your email in the form of a spreadsheet to further customize or export as a PDF to share with others.
If you’re a renter looking for proof of payments, you can ask your landlord to provide you with a rent ledger or something similar.
Collect Rent Online With Avail
Having the right tools and resources on hand can be a great way to streamline rent collection and take the stress out of the process. The next time you need an overview of payments you’ve collected, use a rent ledger provided by your current platform or create one manually if that’s your preference.
When you collect rent payments with Avail, you can access helpful reports for free that you can export to customize or share with other people. In addition to that, you can automate late fees, send automated rent reminders, and schedule upcoming payments for all your rentals.
Create an account to get started or log in to your account to download your free report.
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Written by Emily Koelsch
If you’re like us, zombie mortgage is a new term to you or one that you hadn’t heard before this spring. NPR did an in-depth report on zombie mortgages in May, and The New York Times followed with an article in late June. At the same time, the term is showing up in headlines and real estate news across the country.
That said, most of us still don’t know exactly what zombie mortgages are or how they impact the real estate industry. To help answer those questions, here’s an introduction to zombie mortgages and some tips for how property owners and investors should deal with zombie mortgages.
What Is a Zombie Mortgage?
A zombie mortgage is a mortgage that a lender or debt collector begins to collect after the loan has been dormant for years. To understand why this is such a prevalent issue right now, it’s important to have some historical context.
How Zombie Mortgages Were Created
In the years leading up to the housing crash of 2008, it was a somewhat common practice for property owners to have two mortgages. A primary mortgage covered 80% of the purchase price. Homeowners unable to cover the downpayment took out a second mortgage. The second mortgage covered the remaining 20% of the purchase price.
After the subprime mortgage crisis, many homeowners fell behind on their second mortgages. At that point, housing prices had dropped significantly so there was little value in the second mortgage. While many lenders had a right to foreclose on properties, there was no benefit to doing so. The value of the home only covered the primary mortgage, so there would be nothing to recover for the second mortgage.
As a result, when borrowers fell behind on second mortgages, most lenders did not take any action. Some lenders just stopped sending notices. Other lenders said the loan had been forgiven or told homeowners not to worry about the second loan.
At the same time, these secondary mortgages were written off as uncollectible. Mortgage companies sold them to collection companies for a fraction of the value of the loan. For example, there’s documentation of a collection company buying 9,000 secondary mortgages for $6,000.
Why Zombie Mortgages Are Coming to Life Now
Companies that bought these mortgages held on to them and waited. Now that housing prices have surged, the secondary mortgages have value. As a result, the companies holding them have started trying to collect them.
After years of thinking the loan was inactive, homeowners are now getting notices saying the loan is in default, payment is due, and significant interest and fees have accrued.
For homeowners, this is shocking and distressing. Most homeowners thought these loans had been forgiven or reworked with their primary loan. They are caught off guard when they get notices that they are in default.
To further add to the confusion, most property owners get calls and notices from companies they’ve never heard of – the companies who, unbeknownst to the homeowner, purchased the loan years ago.
Some homeowners think it’s a scam and ignore the communication. There are even extreme examples of homeowners not realizing the loan was active until people showed up at their homes for a foreclosure auction.
What to Do If You Have a Zombie Mortgage
Zombie mortgages are an increasingly prevalent issue affecting thousands of homeowners. If you have a zombie mortgage or are concerned that you could have an outstanding loan, it’s best to be proactive.
First, check to see if there’s a lien on the title. If you still have an active mortgage, the secondary lender will have a lien on the title. You can check the title yourself or have a title company or lawyer check it.
Next, seek legal help. While the owner of a loan has a right to collect the loan value, certain procedures and requirements have to be followed. There are specific foreclosure processes that have to be followed in all circumstances. In addition, lenders cannot collect interest and fees without giving the borrower monthly statements. An attorney can help property owners navigate this process and ensure their rights are protected.
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What Zombie Mortgages Mean for Real Estate Markets
NPR’s research shows there are currently 10,000 old, secondary mortgages with current foreclosure activity. In Maryland alone, there are over 500 second mortgages in default.
This is a relatively new issue that’s creating uncertainty in real estate markets. Many homeowners, who are current on their primary mortgage and surprised to find that they’re in default, are taking legal action. There are even cases where properties are sold at auctions but the homeowner remains in the property while the sale is challenged in court.
Investors purchasing properties at auctions should be leery of homes being foreclosed on because of zombie mortgages. Given the legal battles surrounding these transactions, new owners could be subject to years of legal challenges.
Right now, debt collectors, homeowners, and attorneys are navigating this new issue. Our advice to investors is to avoid being part of these transactions until there’s more clarity about how they’ll be resolved.
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By John Triplett
Freddie Mac and Fannie Mae have announced new tenant protections for residents in multifamily properties with mortgages backed by the two Government-Sponsored Enterprises (GSEs), according to a release from the Federal Housing Finance Agency (FHFA).
The new multifamily lease standards policy requirement starting February 28, 2028 will require borrowers with new Enterprise-backed financing to provide residential tenants the following three minimum standards which will be included in all residential leases at properties for which applications for new loans are signed on or after the effective date.
The new multifamily least standards are:
- 30-Day Notice of Rent Increases: Written notice of a rent increase at least 30 calendar days prior to said increase;
- 30-Day Notice of Lease Expiration: Written notice of the scheduled expiration of the residential lease at least 30 calendar days prior to said expiration;
- 5-Day Grace Period for Late Rent Payments: A minimum five calendar day period from the rent due date before late fees or other penalties can be charged, e.g., if rent is due on the 1st day of the month, a late fee cannot be charged until the 6th day of the month if rent is still unpaid.
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“Fannie Mae and Freddie Mac’s (GSEs) announcements today of new multifamily tenant protections mark an important milestone by increasing transparency and improving communication between housing providers and tenants,” said FHFA Director Sandra L. Thompson.
In 2023, Fannie Mae financed approximately 482,000 units of multifamily rental housing, a significant majority of which were affordable to households earning at or below 120% of area median income, according to Mortgage Point.
“These lease standards seek to extend the reach of common baseline tenant protections,” said Kevin Palmer, Head of Multifamily for Freddie Mac. “Although many borrowers already exceed these minimum standards, all will be required to meet the standards to obtain GSE financing in the future. The details we released are intended to give lenders, borrowers, and other market participants clearer expectations with regard to how we will implement, monitor, and enforce the new requirement.”
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When you’re ready to part with old furniture, knowing where to donate furniture can make the process smoother and more rewarding. Why donate, you might ask? Donating helps those in need, supports communities, and reduces waste. On top of that, many organizations offer free pick-up services. All of this makes it easier to get your items into the hands of those who will benefit from them. So, with this in mind, let’s explore some top options for furniture donations. We’ll also give you a few tips on preparing your items.
Why Donate Furniture?
Donating furniture has several benefits that go beyond simply clearing out space. On the one hand, it’s a beautiful way to support those less fortunate. It helps families and individuals struggling to furnish their homes. Therefore, your donations can significantly improve living conditions by providing essential items that others might be unable to afford. Additionally, donating furniture leads to a more sustainable environment. This is because it reduces waste by keeping valuable items out of landfills. It’s a win-win situation where you give back to your community while maximizing space for yourself or your tenants.
How to Prepare Your Furniture for Donation
Preparing your furniture for donation involves a few key steps. This can involve a few more things, especially if you live in a busy city like Toronto. However, don’t let this prevent you from donating. First, clean each piece thoroughly to remove any dirt or stains. Then, if the items have glass or other delicate ornaments, wrap them up. This will prevent unnecessary damage. For large items, consider disassembling them to make transportation easier.
If you’re using a moving company, check whether movers do this and how much it might cost, as they often provide disassembly services for relocation. Finally, consult with the donation organization for any specific guidelines they might have. Proper preparation ensures your furniture is ready for its new home and helps the donation process go smoothly.
Top Organizations Offering Free Pick Up
Donating furniture can be a rewarding experience. And the best part? Many organizations offer free pick-up services to make the process more convenient! So, here are some top organizations that provide this valuable service.
Goodwill Industries
Goodwill Industries has a long tradition of dedicated job training and community support. Donations help fund job training programs and other community services, ensuring that your furniture supports a good cause and is reused or resold to benefit local initiatives.
The Salvation Army
The Salvation Army is a well-known organisation and for a good reason. Its wide range of social services includes emergency shelters, addiction recovery programs, and support for needy families. Scheduling a pick-up with them is simple, as their service is designed to make it easy for everyone who wants to make any donation. So, your contributions can help fund critical programs and support individuals and families facing hardship, all while making your apartment cozier and more inviting by reducing clutter.
Habitat for Humanity ReStores
Habitat for Humanity ReStores accepts furniture donations and also offers free pick-up services. Furthermore, the sales from donated items help fund the construction of affordable homes for families in need. So, when you donate your furniture to ReStores, you can also support their mission of building homes. Not to mention that their efficient pick-up service means you’ll have an easier time organizing the donation on your part.
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Tips for Scheduling a Free Pick Up
Scheduling a free pick-up for your furniture donation can be straightforward with the following tips in mind:
- Check local availability: In order to be sure that the organization has free pick-up in your area, contact them directly. Service availability can vary by location.
- Schedule in advance: Book your pick-up appointment as early as possible. This way, you give yourself and the organization enough time for everything. Not to mention, you can avoid delays.
- Prepare your furniture: Find the reparation guidelines for your furniture. This means you might need to do a bit of cleaning or disassembling. Also, don’t forget to wrap delicate pieces to prevent damage.
- Provide accurate information: Be precise with the details about your furniture. Furthermore, give as much information as you can about the pick-up location (availability, parking, and such). The organization will surely appreciate it.
- Confirm the appointment: Last, but probably the most important thing, is to verify the pick-up date and time. Do this a day or two before to ensure everything is on track.
With these tips, the whole furniture donation process will be a breeze!
Where to Donate Furniture if Free Pick Up Isn’t Available
If free pick-up isn’t available in your area, don’t give up on donations. There are still plenty of options. One alternative is to deliver the items directly to a local donation center. Many organizations have drop-off locations where you can bring your furniture during operating hours. If you’re renovating and need to clear out old furniture quickly, check the donation policy with local thrift stores or second-hand shops. Chances are they accept donations and may even offer to assist with transportation. Additionally, consider reaching out to community organizations or shelters that might coordinate pick-up through volunteers or local networks. Exploring these alternatives ensures you can still find a suitable place for your donations, even if free pick-up isn’t an option.
Final Thoughts on Donating Furniture
Donating furniture is a meaningful way to give back to the community and support those in need. Because of this, it’s crucial to understand where to donate furniture. Luckily, you can explore many different options to make a positive impact and help those who might not have the means to furnish their homes. In the end, your contribution helps reduce waste and supports a more sustainable environment. And this is true whether you utilize free pick-up services or explore alternative donation methods. Every piece of furniture you donate has the potential to make a difference in someone’s life. So, give your furniture a chance to find a new home where it can continue to be valued and useful.
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By Ryan Squires
Finding the best real estate accounting software for your needs is crucial, no matter the size of your portfolio.
Because, let’s face it, streamlining bookkeeping and ensuring your numbers are airtight is non-negotiable.
In this guide, we’ll evaluate eight of the industry’s most trusted real estate accounting software solutions, compare essential factors, and match you up with the best fit for your needs.
And to simplify your search, we’ve split our recommendations into two categories:
- All-in-One Real Estate Accounting + Property Management Software
- Accounting Software without Property Management Features
Let’s get started.
All-in-One Real Estate Accounting + Property Management Software
To begin with, we’ve selected four widely used and highly rated property management software solutions that offer integrated accounting and financial reporting.
While universal accounting solutions like Xero, QuickBooks, and Zoho Books could be adequate for your needs, these platforms weren’t engineered explicitly for landlords, property managers, or real estate investors.
As such, we recommend considering all-in-one property management software that handles accounting and streamlines rental marketing, tenant screening, lease generation, rent collection, maintenance requests, and other essential duties.
Best All-in-One Accounting + Property Management Software
TurboTenant
We’d be selling you short if we didn’t start this guide by recommending TurboTenant, the best property management software with integrated accounting and tax reporting on the market today.
TurboTenant’s highly-rated landlord software integrates with REI Hub’s top-notch accounting features that thrive for landlords, property managers, and real estate investors. Boasting a sterling 5.0-star Google Business rating, REI Hub’s customers have nary a bad word to say about the company.
Perhaps that’s because REI Hub forgoes the antiquated spreadsheet model in favor of more visually appealing features that securely integrate expenses, allow users to create rule-based transaction matching, and generate handy templates that save landlords time and money.
Accounting aside, TurboTenant’s powerful property management software enables landlords to advertise rental properties, process rental applications, screen tenants, craft lease agreements, accept rent payments, handle maintenance requests, and do it all from their laptop or mobile device.
So, sign up for a free account to take TurboTenant for a spin. Most property management features listed above are free, with no strings attached. Plus, we’re offering a 50% discount for the first two months of REI Hub so that you can get a feel for how TurboTenant and REI Hub empower landlords to eliminate pricey property management companies from their bottom lines.
Pros
- Utilizes REI Hub’s highly-rated rental accounting software
- Comes with a full suite of property management financial reporting
- Rent payments and other real estate expenses automatically sync with the software
- Features real-estate-specific capabilities, including tenant screening, rental advertising, lease agreements, maintenance management, and more
- 50% off introductory offer
- Users can track accounting and run reports for unlimited units at only $85 a month
Cons
- REI Hub’s free trial doesn’t transfer to TurboTenant
Best for Small-to-Medium Sized Portfolios
RentRedi
Like TurboTenant, RentRedi utilizes REI Hub’s powerful accounting software to help its customers effortlessly balance their books and generate flawless financial reports.
RentRedi’s accounting features ($39 per month for landlords with ten or fewer properties) work well for landlords of all stripes but best suit those with growing portfolios. Ultimately, their pricing structure for small-time landlords makes the software appealing.
As with TurboTenant, RentRedi offers all of the property management features you’d expect from an all-in-one software, including rent collection, credit boosting, e-signing, renter’s insurance, and more.
Pros
- Utilizes REI Hub’s highly-rated rental accounting software
- Full suite of property management features
- Highly rated and reviewed across many platforms
- Users can track accounting and run reports for unlimited units for $99 a month
Cons
- No free trial available
Premium Free Trial
Landlord Studio
Though we recommend TurboTenant and RentRedi above all other property management software solutions, Landlord Studio offers something you can’t find from either: a 14-day free trial to test drive their premium software and accounting features.
If you use Xero, Landlord Studio integrates with it, making the pairing convenient for real estate investors already familiar with the widely used accounting software. Integrating existing financials from Xero to Landlord Studio could get complicated, but don’t say we didn’t warn you.
Since Landlord Studio’s prices operate on a sliding scale, visit their pricing page to see if their software makes sense for your budget.
Pros
- Free 14-day trial for PRO features
- Receipt scanner and mileage tracker are helpful
- Integrates with Xero
Cons
- Doesn’t integrate with REI Hub or QuickBooks
- A maximum of five users are allowed on the PRO Plan
- Pricing only makes sense for landlords with small-to-medium-sized portfolios
Well-Established and Widely-Used
Buildium
Of all the property management software we’ve recommended up to this point, Buildium has been around the longest. Their accounting and reporting software, included in all three pricing tiers, is trusted by thousands.
Buildium’s integrated property management software is robust by industry standards and covers all the essential features you’d expect, including intriguing standouts like client lead generation, and property inspections.
However, Buildium is the most expensive solution among the four products we’ve recommended, and it’s not even close. For instance, a landlord with 150 properties in their portfolio will be on the hook for $375 a month after signing up for Buildium’s Premium Plan.
TurboTenant landlords who subscribe to the Premium Plan and add on accounting features, however, will pay less than $98 per month to manage unlimited properties.
Pros
- Accounting software is included in every tier
- Robust set of property management features
- Widely trusted by property managers
Cons
- Doesn’t integrate with QuickBooks or Xero
- Expensive; the premium plan starts at $375 per month
- Might not make financial sense for landlords with small portfolios
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Accounting Software without Property Management Features
If the property-management-specific solutions above are giving you pause, you might want to consider a service that focuses solely on accounting and reporting.
Well-known companies like REI Hub, QuickBooks, Xero, and Zoho Books offer intuitive and powerful solutions that can balance your books and take the stress out of tax season.
But keep this in mind: The four companies we’re about to recommend won’t help you accept rental applications, initiate background checks, advertise your rentals, manage maintenance requests, or handle your many other property management needs.
Best Real-Estate Specific Accounting Software
REI Hub
At this point in our write-up, we’ve made our glowing opinion of REI Hub quite clear.
And, though we’d recommend signing up for property management software already integrated with REI Hub’s powerful accounting features, we wouldn’t fault you for seeking out their services independently.
Designed explicitly for property managers and real estate investors, REI Hub’s robust set of features includes 1099 vendor tracking, double-entry accounting, and automatically generated reports like balance sheets, cash flow, P&L, cash-on-cash, and net operating income.
On top of that, REI Hub returns countless five-star reviews from satisfied clients and offers thoughtful customer service from well-trained professionals based in the US.
Property managers who already have their day-to-day operations on autopilot but crave a more streamlined accounting solution might find REI Hub to be the perfect fit.
Pros
- Designed for property managers and real estate investors
- Integrated into trusted TurboTenant and RentRedi
- Each tier enjoys the same full suite of features
- Pricing is based on the size of the portfolio
- 5.0-star Google Business rating
- Free 14-day trial
Cons
- Limited integrations compared to competitors
Best Introductory Offer
Xero
Xero is one of the big names in the accounting software universe, and its services could be helpful for property managers and real estate investors seeking to tidy up their numbers.
Equipped with intuitive features like project tracking, payment collection, payroll, bank reconciliation, automated bill paying, and more, Xero will undoubtedly meet the needs of busy landlords who need to bring order to their finances.
Xero offers potential clients a free 30-day trial and a generous 95%-off introductory rate for their ‘Growing’ and ‘Established’ tiers, allowing users to thoroughly test their product before committing to it long-term.
While you shouldn’t doubt Xero’s ability to balance the books, remember that they are a big box supplier that doesn’t offer complimentary real-estate-specific features that you’d enjoy with all-in-one property management software.
Pros
- Incredibly affordable three-month intro offer
- Automation features allow for enhanced efficiency
- Integrates with Gusto payroll
Cons
- Not explicitly made for real estate
- Some users have reported a steep learning curve
- One of the more expensive solutions (after the intro offer)
Used by Millions Worldwide
Intuit QuickBooks
Unless you’ve been living under a rock, you’re likely aware that QuickBooks is a powerhouse in the accounting software arena. They offer a functional and full-featured interface that helps millions of people worldwide keep their finances in order.
QuickBooks has long been the industry standard regarding invoicing, tracking expenses, managing bills, uploading receipts, and integrating with tax software, but their impressive features don’t necessarily mean they’re your best option. Why, you ask?
Exhibit A: Intuit’s abysmal Trustpilot page, where thousands of unhappy QuickBooks users go there to vent about the company’s poor customer service, unexplained account deactivations, and questionable business practices. Yikes.
Not to mention, QuickBooks (as you may have gathered by now) doesn’t offer integrated features built for property managers, such as tenant screening, rental advertising, or maintenance management.
Pros
- Widely-used and full-featured
- Syncs with TurboTax to streamline filings
- Integrates with over 750 other popular business apps
Cons
- Big box company; doesn’t specialize in real estate
- At $235 a month, their Advanced Plan is as expensive as it gets
- Terrible customer service reviews on Trustpilot
Rock-Solid Customer Service
Zoho Books
Zoho Books has all the features you’d expect from a major player in the accounting software game, including expense tracking, purchase approvals, secure document storage, bank synchronization, and more.
However, they separate themselves from the other big names in the industry through top-notch customer service. By all accounts, clients seem thrilled with the support they receive from Zoho’s knowledgeable help team.
To attract potential customers, Zoho Books offers a free 14-day trial to anyone who wants to test their product. They also allow anyone with less than $50,000 in annual revenue to use their software for free as long as they stay below the threshold. That’s pretty generous.
Though we’re impressed with Zoho Books’ customer service ratings and product, we think property management software with integrated accounting features is the no-brainer choice for anyone looking to simplify their real estate investment operation.
Pros
- Offers a free plan for businesses with under $50,000 in annual revenue
- Each plan comes with a free trial
- Great customer service reviews on Trustpilot
Cons
- Like Xero and QuickBooks, not specifically designed for real estate
- Not as many integrations as its competitors
- The highest-tier plan is expensive: $240 a month
We Have a Winner
Thank you for sticking around as we analyzed the best real estate accounting software solutions of 2024.
For our money, we believe TurboTenant’s all-in-one property management software with integrated accounting features from REI Hub is superior to all other options.
TurboTenant’s powerful accounting features can help you track every expense, organize essential data, set customizable rules, and generate easy-to-understand graphs and charts to visualize your financial picture.
All while seamlessly simplifying the rest of your property management needs, such as rental marketing, tenant screening, lease generation, rent collection, and more.
Sign up for a TurboTenant account today to immediately automate your bookkeeping and property management operation.
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By John Triplett
Some landlords are changing how they set multifamily rents as a result of the U.S. Department of Justice lawsuit against RealPage alleging price-fixing on rents by landlords.
At the Bisnow Southeast Summit in Atlanta, Kenneth Racowski, an antitrust lawyer and partner at Holland & Knight, said, “Many multifamily companies are moving away from RealPage products, moving away from revenue-management software that uses private information and moving away altogether from revenue management [software].”
Racowski said the issue comes down to whether the information used to establish apartment rents is coming from exclusively public sources. Racowski has helped two multifamily companies get dismissals from charges of price-fixing using algorithmic price-setting software, the Bisnow article says.
“The most conservative risk-mitigation advice is not to use revenue-management software that uses confidential nonpublic information,” Racowski said.
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RealPage has said in response to the lawsuit that its products that use algorithms are legal. RealPage announced earlier this month a feature that allowed users to remove “nonpublic competitor data” from the results.
Several states, including Arizona, have sued RealPage and landlords for price-fixing and conspiring to illegally raise rents for hundreds of thousands of renters.
“The conspiracy allegedly engaged in by RealPage and these landlords has harmed Arizonans and directly contributed to Arizona’s affordable-housing crisis,” Arizona Attorney General Kris Mayes said in the release earlier this year.
“In the last two years, residential rents in Phoenix and Tucson have risen by at least 30% in large part because of this conspiracy that stifled fair competition and essentially established a rental monopoly in our state’s two largest metro areas,” Mayes said. “RealPage and its co-defendants must be held accountable for their role in the astronomical rent increases forced on Arizonans.”
Melissa White, the chair of the board of directors for the Atlanta Apartment Association, an organization representing more than 300 companies managing more than 415,000 apartment units, said during the Bisnow multifamily event that even the methods by which apartment owners conduct basic competitive-market studies are seen as risky by association.
“Something as simple as a market survey that we have been doing forever is now looked at in a negative manner, and it could impact any involvement companies are having related to this issue,” said White, a partner with the Atlanta-based urban mixed-use development firm Perennial Properties.
“It’s definitely a conversation that you should all be having if you don’t have priorities established for 2025,” she told the audience at the event, Bisnow reported.
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