All Forum Posts by: Al Pat

@Nate Burgher so what if you have multiple properties. Do they charge you? how much? I don't like to wait for 5 days before I see my money. I have been using Zelle and Cash app with instant deposit into my account.

I have multiple SFH houses spread within few miles from each other. Besides the houses on the same street, what if I use same key for the properties so I don't have to carry bunch of keys with me? Has anyone did that? Does master key concept work with locks from Defiant and Quaickset? (as some properties have different brands). Tenants dont know each other much less know what properties I have. I am open to other creative ideas.

I'm in the process of acquiring a duplex in metro Atlanta. I am working with a lender but he is telling me that for duplex, I need to put 25% down for the financing. I was planning on 20%, I can do 25% but I want to know if anyone recently closed on a duplex with 20% down and walk me through their experience. This will be my first duplex as all other properties were SFH. Thank you for the guidance.

Originally posted by @Thomas S.:

Five years and still below market is not good management on your end. You should probably consider having a PM manage the property if you are unable to do it yourself.

A PM would probably have also had the deposit topped up yearly.

I will adjust my approach going forward. I have started raising rents but at the same time wanted to be about $50-$100 below market just to ensure occupancy. I figured it is not worth it to go through turnover when you have a tenant(s) who pays every month on the clock w/o delay. Also, the properties didn't not have any significant maintenance all these years due to upfront upgrades. Thanks for the feedback.

I am interested in NI, however I don't really know whole lot about it. What do you all recommend me to do to learn more? Or any insight would be a big help @Jay Hinrichs - I have saw your posts on the subject, I would appreciate any guidance you may provide.

Here is a question for my fellow investors. Several of my tenants are in my rental houses for now over four or five years. I was able increase their rent over time but it is still about $150 or so below market. I am okay with it given the fact, no additional funds were invested to upgrade the properties over this time (i.e carpet, paint, etc.). However, their security deposit is what they paid when they first moved in and it is now way lower than their current rent. For example house rent is $1100 but security deposit is $875. How do you handle that, do you charge one time security fee adjustment at renewal? what is the best way to handle it or just leave it alone given the fact they have been there for five years now? Any insight would be helpful. They have taken good care of properties and never had any late payment in five years, which makes me want to leave it alone but need someone to second the motion :)

I have been researching Clayton county, in particular Riverdale and Jonesboro because of the low prices but eventually decided against it. I found most of the areas to be low end with rents for 3br/2ba in around $800 to $900 range. Crime rate is high and no significant upside. Do your due diligence. Good Luck!

Originally posted by @Russ Draper:

Do NOT pay them anything. You know the old saying, If You Give a Mouse a Cookie he'll ask for a glass of milk .  Don't give them anything because they'll just keep asking for more and it's totally not your fault and you are not liable this is what renters insurance is for !

Boy I need to remember this mouse and cookie quote:). I made a mistake of offering money for what was not my mistake just to make peace and let me tell you, they then expect every time any little bit of thing go wrong. Don't get into it. Tell them to file a claim with their renter's insurance which I have in my lease that they must have. This is not an act of negligence on your part so you don't have to give in. Also, I don't tell my tenants that I am the owner, for them I am a little guy in the food chain, just a property manager. So any demand they make, I have a standard answer, let me check with the owners/boss, whoever. But hey, you learn as you go!

@Angeline Lee, interest rates for investment properties are always higher than primary residence. I just got quote for the one I made an offer on and it is 5.38% APR. Smaller or community bank will probably give you lowered rate but mortgage broker is a way to go. If you can manage your first rental yourself then I will strongly recommend it as it will provide you lots of learning. Typically for one rental, PM rate will run around 8-10%. You shouldn't need lots of support if you property rehab/renovate the house. Go in with a set budget and make that budget NOT on the wish list but practicality and tenant comfort. Your goal is to provide quality rental and not luxury rental ;) Good Luck and now take a leap!

I explored an idea of using Cozy but have been using Zelle and it's great, rent is in yoir account instantly. one of my tenant asked me to set up CASH app so I did and that too is great, money in the account next morning. I am thinking to stay with Zelle and CASH.