There is no doubt that house hacking is a great way to offset your mortgage and offers an easy way to dip your toes into rental ownership. There are distinct benefits and challenges associated with it.
In order to make the business side of house hacking easier, consider adopting a software to help you manage the rental process. Below are three ways a rental management software will make the business side of house hacking easier.
Remove the discussions about money
One of the most awkward topics that can come up, especially with house mates is money. Rather than having to be the annoying roommate who is always checking in at the first of the month to remind your house mates that rent is due. Let the software handle it for you.
Not only will you move past those uncomfortable feelings, your house mates will be building an identifiable rental history they can use once they decide they are ready to move on.
Establish ground rules from the beginning
Having a rental management software in place allows you to set operational ground rules from the beginning. A software allows you to specify how rent, late fees, utility charges, etc. will be handled. You set the lease parameters and the software does the rest. You don’t have to feel bad about asking for late charges – the software just followed the rules we established.
Essentially, your rental management software is your backbone and the bad guy!
Direct deposits of rent
Your house mates can pay rent with the click a button. You get to experience the euphoria of seeing a digital check show up in your email box. Within 2-3 business days the funds are automatically deposited to your bank account. Your house mates can even setup auto pay or recurring payment schedules so they can set and forget the rent payment.
Everyone saves time!
A Win – Win
You provide a tool that makes it easy for your house mates pay rent. Your house mates have convenient, mobile friendly tool to help them take care of business.
Implementing a rental management software makes house hacking easier for everyone because it sets an operational platform for you and your housemates to conduct business in. We can’t guarantee that living with your house mates will be easy but putting a rental management software in place sure makes the business side of house hacking a breeze!
Beyond House Hacking
A rental management software can provide you with the same benefits whether you are own a duplex, triplex or are leasing to own. With tools that streamline the management of maintenance requests and general communication, you can easily distinguish business from living.
RentMindMe is a mobile friendly rental management software that makes paying rent or any monthly payment as easy as clicking a button and collecting rent as easy as checking your email. For more information visit www.rentmindme.com and sign up for your free 60 day trial.