All Forum Posts by: Al Mac

Hi All,

I have the following questions for the investors experienced in single family rentals.

Who is typically responsible for fixing the following items? the tenant or the landlord?

1) exhaust fans that stop working because of corrosion due to tenant showering with very hot water and filling the bathroom with steam all the time?

2) Smoke detectors that stop working and the inside of them show lots of dust, cockroach drops and other nasty stuff?

3) mirrors with edges blackened due to excess steam in the bathroom?

Any info will be appreciated.

Thank you.

Alfredo.   

To all accessing this thread, beware of erentpayment.com.  I was pretty close to use it when I learned about this other thread at BiggerPockets.  It looks like eRentpayment.com is being sued.

I don't know if eRentPayment.com is still in business or not, but if it is, you migh want to read this looong thread before thinking about using it.

https://www.biggerpockets.com/forums/52/topics/499...

Hi

Kyle M.  Congrats on your rehab, the pictures look great.  Could you also itemize your holding costs? It may be obvious for experienced investors, but I don't have a clear idea of exactly where the 4,750 and 3,269 went.

Thank you.

Al.

Jake Thomas, nice set of transactions, congrats!!.

Could you share more pictures of your kitchen remodel on your 125K house? that looks awesome.

Also, you said that you put $45K into house A renovations.  Could you provide a short list of what was renovated? so we can get a better idea of how your renovation dollars were allocated to maximize value. i.e. 

Thanks.

Chrissy Arnold, you are awesome!!

That's the kind of information and detail I was hoping to get.  As I was reading your reply a lot of light bulbs started to pop up in my head, and I get the feeling that the examples you mentioned are just to scratch the surface.  I will get started on that and continue building my action plan.  Thank you and Eric James.  Every bit of information is helpful and appreciated.

Hi all,

I'm a recent subscriber to this forum and would like to post a couple questions to the real estate investing community.

I own a handful of properties. I purchased them all from the MLS about 8-10 years ago. These rentals have been producing just a marginal positive cashflow. This is mainly because the purchase price from the MLS was mostly at market value a the time, so nothing that I could consider a "good deal" by today's standards, so the mortgage taxes and other expenses eat up most of the montly rent, with just a little bit left for me as a profit.

After a few years of inactivity I'm raising some capital so I can go into acquisition mode again, but this time I want to try BRRRR and/or flipping. I have been renovating my rentals lately, so I'm getting good at rehabing, and I think I could do a good job in the flipping area.

The question I have is, what do I need to do, or where do I go to find deals where I can buy at a discount, have enough room to fix the property, sell it and still have some profit.  I'm not after a big profit to start, I know it will take practice before I can get a decent profit.

If someone could share the strategies they are using in their market that would help me a lot.

From time to time I get in the mail letters from local investors asking if I want to sell my rentals, but I don't see how they would be able to get properties at a discount by just sending that kind of letters.  When I get those letters I just ignore them as I don't see anything in them that could get me motivated to sell, and if I do, I'm going to ask for a full market value.  I get the feeling that the other rental owners do the same.  So I don't think that kind of strategy works, at least not in my market.

Does anyone have any "secret strategy" that are willing to share?

Any info will be much appreciated.

Thank you.

Al Mac.

Hi, I just read a very similar discussion where the poster asked about a better method of collecting rents than direct bank deposit by tenants.  Some of the comments were to use Cozy or ACH payments? I didn't quite understood and wanted to reply to the discussion with my questions, but the site kept asking me to setup a company first, so I couldn't get around that and had to post a separate discussion.
So here are my questions.

Are there any downsides to using Cozy.co to collect rents? my 8 tenants are low income field workers who might not know how to use (or trust) an online payment system.  I guess I could train them, but before I move in that direction, I'd like to know if there will be any problems that I'm not anticipating, or if there is anything I should prepare for if I start receiving rents online.

@John T. mentioned ACH, but I wasn't sure if that's the same as Cozy.co's rent collection.

I'm currently collecting cash myself every month, but the comment from @john T. made me think I'm actually in the pre-stone age, and I'd like to "evolve" as a landlord.

Any advise anyone on what to prepare for if I move into collecting rents online?

Also, I'm using my visits to collect rent every month to take a look at each property and see how the tenant is taking care of it.  If I go into online payments, I guess I will have to schedule inspections separately from rent collection.  If so, what is the "standard/recommended" interval for inspections?

Thank you all