All Forum Posts by: Logan Larochelle

 When I was starting off with my first property I just used Venmo because it was easy and reliable. I have since moved to Zelle and I am in the process of exploring collecting payments through Stessa. I would like to collect payments through Stessa so it's integrated into my financial tracking, my only concern is the multiple ACH transfers required between the tenant paying me, then me transferring the funds to my business checking outside of Stessa, I don't want the rent to be just hitting my account 5-8 days after the start of the month. Testing in progress!

For your case, just starting off, I don't see a reason why you can't just use Zelle or Venmo, then as you scale to more properties you can look for a more professional solution. Just keep in mind that in H2 2023 most of those platforms are going to begin issuing 1099-Ks but that should actually be helpful for claiming the income on your taxes, further helping your DTI ratio for future purchases!

@Logan Larochelle The best bet is to market it as many places as possible to drive lots of demand. Zillow, Realtor, Facebook MP, craigslist, MLS, any and all relevant sites. For screening you should run a background/tenant/credit check. You can do it through Keycheck or something more robust like yardi. Good luck with it!

Hey Logan!

Nice to meet another local Orlando LL. I typically post on Zillow and FB Marketplace, though I've had the best luck with word of mouth.

I collect applications on Zillow and Stessa, both have great background check features.

Best of luck on your journey!

Brett

I list mine on Zillow rental manager for free about a week or two before they’re ready. I usually get over 50 inquiries within 48 hours. Mostly tire kickers, but usually a few really good applicants. They pay the background check on Zillow and it’s all easy to do. You can list up to 10 pics and say whatever you want. Maybe have an open house on a weekend. Then I get all my leases for free on lawdepot.com

I wouldn't rent it out for more than 5 years so you don't get nailed with taxes when you eventually sell. Plan on selling it within 5 years. And I would do a HELOC on it now so you can tap that equity to buy more real estate. Maybe even a cash out refi depending on what you want to do.