All Forum Posts by: Andrew S.

I'm looking at renting a unit I own in a small town (2500 people). The prospective tenant has an income that qualifies > 3x rent for 3 months. They have no rental history from living with parents and owning their own home with an ex. Their credit score is poor from a truck repo that they signed with their ex (they discussed this before I've run the credit check). It's a fairly younger person with a couple of young kids, if that matters. I understand the tenant pool in the smaller town can be less cookie cutter. I'm considering to offer them to pay first month rent, last month rent, and a normal security deposit for no rental references, poor credit, and a new job. Curious what others have done in this situation?

I recently had a tenant pay partial rent on the 4th (rent is due on the 1st with a 5 day grace period). They had asked if I'd drive by to collect a third part check but I told them I don't accept third party checks. There was no proactive communication about possible late rent. The tenant now sent over the remainder of the rent (through Cozy) on the 7th but didn't pay the administration charge online. Should I worry about communicating there's an additional $50 remaining or wait until next month to see if it gets paid? I assume they don't "want" to pay the administration charge...They were late because they didn't want to go to the bank to cash their other check.

I recently had a tenant pay partial rent on the 4th (rent is due on the 1st with a 5 day grace period). They had asked if I'd drive by to collect a third part check but I told them I don't accept third party checks. There was no proactive communication about possible late rent. The tenant now sent over the remainder of the rent (through Cozy) on the 7th but didn't pay the administration charge online. Should I worry about communicating there's an additional $50 remaining or wait until next month to see if it gets paid? I assume they don't "want" to pay the administration charge...They were late because they didn't want to go to the bank to cash their other check.

I think you should follow up on this post with your findings. They'll probably be pretty interesting.

Happy Monday BP, I have an inherited tenant that has paid $340 out of the $500 monthly rent. I use Cozy for rent collection, which allows partial payment. Our lease have a $50 administration charge after the 5th so there is now $210 remaining due. I've owned the property for 3 months, but the tenant has been in the apartment for 6+ years. I texted the tenant on the 6th (tried to be polite) to ask when the remainder will be coming. I received no response however. Should I today (the 7th) then serve the 3 day notice? Is email a fair way to serve the 3 day notice if it's been an acceptable communication method historically? I can text or call her afterwards confirming she received the notice? Thanks and happy investing, Andrew

Hey BP, I have an apartment building that I own in Montana, where it snows often in the winter. I have an offer from a tenant to shovel the sidewalk and small parking area for $100 per month. I would still charge full rent then write them a check for $100. My other option is to hire a local guy who is "licensed & insured" supposedly for $25 per shoveling. I think it's a fair assumption it will snow more than 4 times per month in the winter. I think the tenant would be much cheaper. I know any of the local guy/ company. I have other quotes that are much higher than $25 per shoveling. I can document the responsibility of shoveling via an email or via a lease amendment with the tenant. Curious if anyone has had success or bad luck with tenant and shoveling or lawn maintenance. Thanks, Andrew

Lean Goal: $3000 per month Fat Goal: $5000 per month Current: House hack (live for free) + $800 per month cash flow in other rentals. Vehicles: Small multi-family rentals, VTSAX When I reach FIRE I'll probably continue to manage and repair my properties while I work on other side hustles. Or continue my engineering career to buy more properties.

Nice part of owner occupied is that you're not held responsible to Fair Housing laws. If you live in one of the units and I believe it's up to 4 units. So not just your units but other units in your complex.

Venmo, Zelle, and Cozy are work great for me

Yeah I think both options are good. Debating to save $10k in 401k + $60k in rentals or $20k in 401k + $50k in rentals?