All Forum Posts by: Carlos Villanueva

Hello BP group, I have a friend who just so happens to be sitting on a 24 unit. It' actually in his father's Trust that his mother is holding at the present time. He said it is worth 1 mil but it' assessed at $750,000. It is currently being rented as a low income rental to the elderly.  The area is a small town ( under 4,000) in Nebraska but it's between 2 major cities and the town itself has plenty of new construction taking place as we speak! Once I take a deeper look at the numbers and inspect the property I will have to figure out the best approach for financing. The rents are about 500 per unit . How could I possible make this deal on my own without having nearly half  the 20% down needed to purchase this property. I have a couple rentals and free of all debt except for the mortgages on my rentals and house. Any ideas ?? 

Excellent advice Scott Daily , thank you sir .

Thanks Stephanie,  my wife just made that point to me a moment ago.

Here's my situation... I have a 2/bd 1b home which is a total sq. ft of 720 no basement.  A week ago my tenants called and told me the a/c went out at 8 pm at night. We have had long heat waves here in the Midwest this summer. Immediately the next day, we had an a/c guy come and repair it. The problem was a broken connecter and he also replaced the thermostat. Fyi, The unit is OLD! The tenants were happy until they got their first electric bill of the summer season. It had doubled. Going from  $70-$200.  The tenant called us immediately after receiving this bill and said the bill was so high because the a/c had been running constantly and not shutting off when hitting the desired temp. They had never mentioned this problem before and said it was happening all summer. They said it got so cold they had to manually turn it off at the thermostat. Now they want us to help them pay a portion of these high utility bills. Today is the last day of residency for these tenants in our property. So when they called to get the electricity turned off they found out they owed additional  $260 for the month of July. Upon showing the property to new rental prospects, we did notice damage to the property estimated at about $200 Their deposit is $825. Before this whole utility fiasco, we were just going to let them slide on the damages. Just some background on me, I only own two rentals and I take care of them like my babies only been doing this about 2yrs. Has anyone encountered this before? Any suggestions on how to handle this?? 

 Thanks ,I'm steering in this direction and I'm wanting to make it as easy as possible for them . Thank you for valuable advice.

 @Ken Sauer , my lease is left blank for me to fill in the specifics myself. I'm thinking about checking in with my bank and trying "remote deposit" . The tenant simply takes a pick and the bank uses that as a deposited check. Thanks for your input.

 eRentPayment.com sounds like a great route to go im going to be digging into that Website tonight. Thanks Lucas!

Alright BP world, I need some helpful advice on my 1st rental. The rental has been renovated and the right tenant has been found for this single family home. I will be meeting with the tenant on friday to sign the lease . I can't believe I haven't figured out how  to collect the rent. This property is only 5 minutes from my residence so do I pick it up, have them mail it to me, set up a bank account at a Bank and have them take it there? Please shead some light on this simple but complicated subject for me. 

Christian, the damage has been done and nothing happened beyond the already damaged apartment. Just move onward  and upward. No police should be involved,  they have real criminals to go hunting for unless there was damage done to your vehicle. Just move forward realizing this is all part of rental property ownership.