All Forum Posts by: Chinmay J.

@Bryan C. - Its a very simple and easy to use website, where you set up your account and the tenant sets up theirs. The two are linked by a code that you provide to the tenant, without which they can't even register. You add your individual bank accounts, and neither of you will have any knowledge of each other's bank account. The website can be customized and you can set it to remind them of upcoming payments and late payment notices can be sent as well. Late fee and frequency of payments can also be adjusted to suit the contract. As long as everything is set up correctly, the money is moved (has to be originated by the tenant) in 3 business days. 

@Account Closed - You can bear it yourself, let the tenant bear it or split it 50/50. I bear the charge, but I am very strict about late payments. 1 late payment of $50 pays for the fee ($36/yr per property). Lets say I made up my $36 even before I paid my 2015 taxes.. LOL

I am upaid promoter of erentpayment.com Easy to use for both me and my tenants. Easy to set up. Costs only $3.00 per transaction. Money in my account in 3 business days.

@Jenny Duclair - Awesome job.. Congrats on the 1st deal.

@Dan Schwartz - If you ask me, responsibility is a strict NO, and as far as the costs.. it depends. If you can tack on the extra HOA fee on top of the rent and the market can still bear it, by all means go ahead. Now, it also depends on how much HOA fee we are talking. Some properties have $100 month, some have less than $50 a month.. Some have over $200 a month.. It all depends...

No... Its not common. Not at least in our area @Joseph Lewis. You have to be careful with this. If the tenant doesn't pay, the HOA can put a lien on the property. Its ultimately your responsibility as an owner to pay. The market trend doesn't support tenant paying the HOA fees and it makes no sense from business perspective.

@Matt Murphy - What do the numbers look like?  Purchase price, holding costs, rehab costs, commissions etc...?

@Nancy Curran - I think his intention is to make it commercial business for tenants and retail customers alike. That's just a guess though. I could be wrong. Plenty of laundromats in low income neighborhoods, where people don't have washer/dryer in the building or in their unit.

@Chris Jackson - Out of curiosity, why are the tenants not paying for other utilities like gas and water?

@Rebecca Chapa - There are thousands of banks, credit unions, direct lenders out there you can and will gladly do refinance for you. Why are you waiting 6 long months and getting treated, for a lack of better word, like CRAP?  Did you sign any piece of paper saying you will solely use them to get permanent financing, and won't go elsewhere. I can't imagine someone who has been in business for a decade and half doing a rookie mistake like this.  Please say it ain't so.  What am I missing?

You can consider working for an investor as a bird dog as someone has suggested in the thread. He can give you a finders fee. Small amount.  

Also, I would never work on just trust. If you have intentions to pay me, you shouldn't have problem putting it in writing.