All Forum Posts by: Brian R.

@Marc V. and @Thomas S. Thank you both for this contribution to the conversation. You both are making me reconsider and lean more towards one rent check. I will definitely have just one lease, there's no question about that written as Jointly and severably. I'm glad I'm reaching out to the BP community before I start showing the property so I can have confidence in my choices and go about this strong and secure knowing I've considered multiple options. 

@Mindy Jensen, thanks for the reply! This is such a valuable question to research for me in Philadelphia. How receiving partial rent impacts the eviction process if worst comes to worst. Thank you, really!

@Deanna McCormick, Thank you for contributing your thoughts. I am looking for one person per bedroom which is well within the limits of Philadelphia. And yes, I agree with you absolutely one lease thought I won't be allowing people to 'assign' their slot on a lease without applying through me first.

@Colleen F., Great point about account number being on the bottom of the check! I inherited my skittishness about this kind of stuff from my parents, but so true! I forget that that info in on every check I've ever written. And also, good thinking to have one account for 'receiving' money as almost a gate to pass the membrane into my bank account and then transfer it into another account that only I have the info for. I'm definitely going to take a few pages out of your book! So helpful, and much appreciated!

@Account Closed

Great idea advising them to check with their banks how long it takes to clear so they can initiate the transaction accordingly. Do you mind my asking if you use a software like Cozy for the parents/student's to pay or do you have them put it right into your bank account? And if the latter option, do you have to give out your account number and does that worry you?

@Colleen F. Thank you for reinforcing this. You've helped me settled on one lease for sure. I also like ACH because it hopefully can be automated to withdraw from their accounts. Do you have any experience with this? Or do you have them do it manually each month? I am planning on first, last, and security, that seems to be more or less accepted here and gives me extra protection.

@Dylan Bensinger, Thank you for sharing your experience on the student side of housing. This is a wonderful compromise where all are responsible [protection for me] but each can pay their portion separately [convenience for them]. And made all the easier for everyone hopefully with Cozy as Chris mentions below. I also like how you said it, "kept up on top of each other". That is something I am curious/excited about with student rental is the peer-pressure of being responsible and paying rent on time.

@Chris Eaker, Thank you! I own only one other investment property in NYC and I've used Cozy only for the screening services they have but not yet for the rent collection. I didn't know it had the option to put multiple people on a Cozy lease and each pay their portion. I will definitely be looking into this!

@Joe White, I just sent you a message! @Thomas Collins, thanks for starting this thread! Have you started work with anyone? I just bought my first property in Philly and would value any feedback you have up until this part in your journey with a GC in Philly. @Account Closed, message incoming!

@Tony Velez, Consider asking them to just replace the horizontal pieces of the gutter. Why? Vertical pieces never have standing water in them [it just falls straight down] and usually they are in fine condition because of this. Saves you money on materials and labor. Good luck to you!

@Allen Chao, My thoughts are check with the license and inspection department of your town/city ASAP. Before investing time considering this, find out if it's possible.

Also, consider seeking contractors who do this work and ask 1. Is this something you've done before? [this question could lead to useful insight into your driveway inquiry] and 2. are you registered to pull permits for this type of work with the city for zoning purposes?

I've been trying lately to ask questions that would reveal a 'no' ASAP so I don't waste time and have been finding it helpful, I hope it's of some us to you as well. Good luck!

Hello BP hive mind, I am curious what people's thoughts are regarding allowing students to each pay me their portion of the rent [ie, 4BD house rents for 1300 between 4 people = $325/per person] Do I ask one person to get me 1300 by the 1st of the month or allow each to pay me individually?

I think it would be better for my organizing and peace of mind to have one person pay me the total but from the students I've spoken to, they aren't accustomed to that. Do I need to train them? I'm worried that will scare people away as this is my first property and I'm worrying I'll never rent it at this rate...

Thank you for offering your thoughts!

@Matthew Olszak thank you for taking some time to read my post and reply. It is true that I am not certified in anything related to lead paint and I would not pretend to. Also, you are correct that I haven't had it tested so truth be told, I do not know (also when I bought it there hadn't been testing done for the seller to disclose to me). By disclosing the POSSIBILITY, which we all must do, plus covering it with drywall mud, primer, and paint does that sound like responsible action to take from your perspective? I am only asking for option, I know you are not offering me legal advise or otherwise Thank you again! Brian