All Forum Posts by: Mike S

Depends on your lease. In mine it says that all drains operate on signing date and that any clogs are the responsibility of the tenant. Then I verify with the tenant that they operate properly during the move in inspection and note that on the form.

If I'm not mistaken unlike some of the other "rules" this one is based on a survey of millions of units from the national apartment association. 

Not sure of the time frame they used but at least it's based on actual statistical analysis. I use it as a quick first pass property analysis before I plug in actual expenses into my spreadsheet. 

@George P. 

eRentpayment itemizes every transaction in their reports menu. I also have it set up to email me if rent is late. I'm still very new to this but from all the problems and caveats I've heard from other rent collection companies, I'm surprised that everyone doesn't use eRentpayment.

I just found out that eRentpayment is now also doing online applications. You can use their default app or make a custom one. Another thing that I can handle electronically now thanks to them. Anyone that offers a service where I can manage my business via my cell phone is worth $3 per transaction.

 I can see how $50/month looks like a lot, but the percentage is the same for one or 500 rentals. I see the cost as being reasonable for a business to make it and have staying power. 

Erentpayment is very flexible. For example you don't have to bank at a certain place. The properties can be set up exactly how you want as far as blocking certain payments, automatically charging late fees, emails can be sent reminding that rent is due and rent is late on days you set. Also sending emails automatically that say whatever you wany. Mine say to change the furnace filter when you pay rent.

Above all that is the customer service. I have emailed them at 9pm EST and they have gotten back to me that night. 

I do 3x gross income.

We have been using eRentpayment.com for ~2 years now. We are very happy with it and so are our tenants. $3 per transaction that you can eat, tenants can pay, or you can split. We just pay it. Very good customer service and very good website. Plus it doesn't have a goofy website name like some. Straight to the point. We require our tenants to use it and it weeds out applicants who don't have bank accounts.

I look for the most bedrooms in the least sqft as possible near transportation, jobs, colleges, and entertainment. My area is mostly early 1900s so I try to find buildings that have been rehabbed but have something major wrong with them. For example dirty, copper stolen, etc so the retail buyers pass.

Just fix what you need to in order to rerent it and don't renew the lease. 

I like buying vacant properties. I haven't been at this long but I have had less problems with the tenants I put in vs tenants I get stuck with.