All Forum Posts by: Al Pat

@Charles Ngansop Paying late feed or not? If so then keep on collecting. If it gets past 30 days or they don’t call you to advise you of being late then send 3 days pay or quite notice. As long as they text you of them being late and adds late fees to rent, I wouldn’t sweat over it.

@Engelbert Devera Always put in your offer with a sign by or expiration date. That puts pressure on them to accept In timely manner. Often time they play this game to have you raise your offer. Remember to fall in love with the numbers not so much in love of the property, love the property after you purchase it.

@Rob B. Once you verify yourself using last four digits of your social security number, this limit of $500 is removed. This is to comply with federal money laundering law. I have my tenants verified and me as well. Works as charm.

@Jennifer T. I have been accepting CashApp rent payment for now over three years and I like it. No cost either way. Tenant can not pay unless they have money in their account. I strongly recommend that over PayPal. Tenant can not dispute it once sent. I also use Zele for accepting rent. Under No circumstances, I want my tenants to know where I live, because if you ever have to evict them then this can become risk by emotional tenants.

@Todd Kruger Congrats on your acquisition. I am like you, I hold all my units without any partners. Your COC @ 19% is pretty respectable. Why do you want to bring in partners? You can pull your cash out by refinancing in few years down the road just by raising rents (May be 3% a year) and restating your cap rate. Seems like you don't need cash and don't need partners so why bother? Just my 2 cents, keep it solo and increase the COC.

@Jim K. It would cost about $200 to $300 per window for installation. Not sure how much the storm windows will cost. I generally use American Craftsman replacement series windows from Home Depot and it’s about $108 to $149 a piece depending on a size.

My First Property was SFH, it was a HUD foreclosure.

@Bud Gaffney I am in exactly similar position. I bought four plex in September 2019. Rents are $725, $750 for 2 bd/2.5 ba and $825, $850 for 3bd/2.5 ba. previous owner had not raised rents in a while in their ownership of 16 years. Property is maintained well with few exceptions. Immediately after purchase, I took care of some house keeping and pest control. One lease was expiring at the end of October so I gave them a move out notice citing full renovation but also gave them an out to stay for three months at $1000 a month (market is $1200). She immediately said they are moving. After 15 days sage called me and said she couldn’t find anything so would I work with them to give her six months extension at $1000? I agreed and now she is on $1000 a month. Another lease is coming up in December and I will do the same. Another two are not due till May 2020. However, previous owner has a clause in the lease that states in the event of the sell of the property new owner can terminate the leases with 60 days notice. I am thinking about it but will not do that until January. I told them all that their rents are moving up and their reaction was, “Yeah, we knew this ride will come an end one day, but it’s good till it last because there is nothing around at this price point”. They know they have a deal, I’m just conditioning them for the raise. Goal is to have all 3 bedrooms at $1150 - $1200 and two bedrooms at $1100-$1150 in next 8 months.

I also send them rent comps from hotpads and Zillow when I send rent increase letter. Let me know if you need my letter.

@An Lam don’t do anything. Anything you do wil tie up your funds in clearing process that last 5 days both ways unless you do wire transfer. You should have done that before you received the funds but now it’s too late because it may delay getting clearance from the institution you transfer it to.

@Samuel S. I have my name on the policy as additional insured to get around this. So now you will have your LLC and you both on it. No cost, no fuss.