All Forum Posts by: Blake Garcia

Congrats and work hard for more success

Congrats and work hard for more success

Thanks. I tried to contact and he igored for 3 days then randomly showed up to clean 8 days after his notice.

I have a tenant with a 12 month lease. He has paid for current month and calls to says he's leaving 8 dats into his month. I told him to send a 30 day notice. He sent an email with 1 day notice. He broke the lease by leaving early, shutting off utilities, and left food to rot along with massive amounts of garbage. He is now asking for his deposit back. With those violations in mind would any rent or deposit be returned to the former tenant if I have new people lined up to rent. 

My lease specifically states utilities must be on and house should not be vacated along with remaining rent to be due and payable.

I would recommend it to anyone with any number of rentals. I have been using for close to 2 years with 5 units of my own and a housing board I volunteer on (15) units. It separates money in same accounts between properties or with multiple owners each group of properties can have their own designated account where they can only see their property info and account balance.  I scan/upload all my receipts to the matching transactions in the bank account. My accountant has his own login to check things if I have questions. 

Buildium makes it very easy to post the listings for open units. The support has been great and I honestly wouldn't have needed it if I just read instructions. The mobile app connects the contacts (tenants & contractors) to my phone but currently it still forwards all the major pages to the website instead of staying in an app.

The few things it takes to get used to is Owner Contributions & Withdrawals have to be done through the Owners Section first, then make the appropriate deposit to the bank account. The same for manually collecting rent (I can't even remember last time I had to). Online rent payments cost $0.50 each. The monthly cost is less than the gas money it used to take to collect rent and WAY MORE TIME EFFICIENT. 

The money does generally take 3+/- days to deposit into my account after payment, but it takes any negotiating out of when to charge a late fee after due date. It got several of my tenants that used to pay late with excuses to pay ahead.

Thanks for the heads up Clint. 

I'd be happy to help. Let me know here or send me a message if you would like with the details.

I have used the bigger pockets calculator to play through different equity scenarios on propertiest is definitely a personal decidion. Current cash flow and responsible leverage vs waiting to pay cash and receive higher cash flow with no debt. Having 100% equity probably would be nice but comes with the liability of a lawsuit. From the forums I believe that investors generally balance equity compared to their career minimizing the debt in later years.

I would consider reusing the same lower entities just to save on the cost of starting and maintaining entities. I don't see an issue with holding 3 properties in each entity, but that is dependent on your price point and comfort level.

I had my attorney set up a series LLC in TN. It will be interesting to see how courts will treat the separation of the series entities after an incident. There is still some debate because of how new they are and how people will test them in court. I hope that I never have to find out. I like the structure of the parent LLC controlling the others.

I think people in my area are finally looking online, but not into providing anything online. I changed from my application link to my contact page. I imagine I'll still be taking mostly calls. At least most people appreciate e-check for collecting rent