All Forum Posts by: Jabari Brooks

Originally posted by @Thomas S.:

Your tenants already have access to where you live but it is always best not to make arrangements for tenants to show up at your home. Separate personal from business at a minimum by having tenants mail payments.

Having them deposit rent into a bank account you have specifically set up for that purpose works providing you do not leave money in the account. With direct deposit to a rental bank account you must insist on cash deposits to avoid NSF checks.

 Why would one not want to keep money in the account?

Originally posted by @Thomas S.:

Money order is best but along with that policy you must also make it crystal clear that as a landlord you never "pick up" tenants rent. That is a extremely poor business habit that places tenants in control over their landlords time.

Insist that it be mailed and received by you on or before the 1st or on the 2nd you will be sending a pay or quit notice. Never allow a tenant to control your business practices. Place all responsibilities on the tenant to have the rent in your hand when due otherwise you will be forever chasing them to pay.

Never justify catering to tenants needs with the excuse that it is a opportunity to view the property. You view the property during scheduled regular inspections. If you want to see the outside of the property drive by, you do not need an excuse.

 I was just discussing this lady night (the value of my time in this situation and making the tenant responsible for getting payments to me).  I think I need to get a P.O. box for the time being for mailing payments in as i don't want to use my home address thereby giving tenants access to where i live.  

Thanks for your input!

makes sense. think I'll go with the no cash policy asap

I have a tenant who only wants to pay cash for her rent. Part of me sees this as a plus "cash is king" right, but another part of me feels that she and I both should keep some kind documentation to cover both our butts "in the event". should I let it keep flowing in as is or have her pay rent in money orders at a minimum? thoughts?

@Earle Keenan

Welcome from Boise.  The networking is pretty solid here.  Getting connected with the likes of @Jonna Weber and @StacyA McBain will be a quick jump start to getting to know some other investors face to face.  Best wishes.

Hello @StacyA McBain, 

Thanks for keeping me in your thoughts. Brandon Turner's book was my first piece of Real Estate literature.  That's how I found BP!  It has been great working and learning the process with you.  Thank you for your patience and willingness to help.  I look forward to the next meeting as well. 

Jabari 

@Kelly N,  thanks and that's exactly what I intend to do.  Any "extra" funds will be used for investing power.  

On the positive about your 15yr term, you're building equity a heck of a lot faster now and the lesson you learned from the experience was surely a valuable one.  

Originally posted by @Bryan O.:

@Jabari Brooks I saw your post. I'm having trouble finding solid information on restoring a VA entitlement for a property I still own. I am refinancing it traditionally right now. Are you saying that after it is refinanced you can restore your full entitlement? Is this the "once in a lifetime" restoration?

That's going to be your best bet. I thought I was in the clear with my IRRRL however I'm not. But from what I understand (and have seen done) a traditional should restore your entitlement and you can rinse and repeat the process over and over.

Thanks for the curve ball on that IRRRL @Lisa Troxel. Lol. That was actually poor education on my part. Lesson learned for sure. Fortunately it hasn't "cost" me anything this time.

Thank you @Jonna Weber. I have been looking forward to making it to my next REI meeting. Work on the yard has been keeping me in Mt Home late but I'm staying active.