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All Forum Posts by: Clint Bolton

Clint Bolton has started 15 posts and replied 57 times.

Post: What is your preferred way to collect rent?

Clint Bolton
Pro Member
Posted
  • Investor
  • Hernando, MS
  • Posts 61
  • Votes 30

Definitely online via property management software! There's tons of options and even free options for landlords. 95+% of ours pay online and we have 3 tenants that drop payments off at our office. If it's not in our hands by the due date it's late and late fees begin. They are able to make as many payments as they'd like throughout the month if that's better for them but they will need to make their payments for the current month in the previous month so that their balance is paid in full by the due date. We have several that pay weekly but they start the first week of the month paying 1/4 of the next months rent and by the time they make that 4th payment for the month they've paid the upcoming month in advance. They can pay however they'd like as long as the balance is paid in full by the due date. We have numerous who have their payments set up to auto-pay. We've considered offering a discount for doing so but so far we haven't because for the most part everyone pays on time with no issues. Our last 15+ tenants that we've placed we've required online payments. It's just much easier for everyone, including the tenant. 

Post: Any Interest in 10 acres of land in a prime Memphis location?

Clint Bolton
Pro Member
Posted
  • Investor
  • Hernando, MS
  • Posts 61
  • Votes 30
Originally posted by @Sam Wilson:

@Clint Bolton - didn't know if any of your developers might be interested.

Thanks for the mention Sam! Shoot me some info. I may have a developer that would be interested.

Post: Experience with RentRedi?

Clint Bolton
Pro Member
Posted
  • Investor
  • Hernando, MS
  • Posts 61
  • Votes 30
Originally posted by @Joe Splitrock:
Originally posted by @Clint Bolton:
Originally posted by @Leah Gonzalez:

Thanks for the info and follow up Clint! I was going to go with RentRedi for my first rental but now I think Cozy sounds better!

Great! Again, from what I've heard RentRedi is great. I just liked the fact that Cozy.co is free for landlords and so far it's done well at everything it claimed to be. Hope all goes well with you too! 

 FYI, Cozy is no longer taking new customers and all existing customers are moving to Apartments dot com. My account was moved last month. There are some differences, but month one on the new platform we did collect rent fine. It took 6 days to hit our account, which is a little longer than Cozy in some cases. 



@Joe Splitrock  -  Yes, our accounts just swapped over to apartments.com yesterday. Waiting to see how it goes. Hopefully no hiccups. I'm wondering what other changes will be coming after this one. I know most of these "free" solutions turn into "paid" solutions at some point once they've secured enough users and have you committed to using their system. I'm sure more monetization from us is on the way. 

  

Post: Experience with RentRedi?

Clint Bolton
Pro Member
Posted
  • Investor
  • Hernando, MS
  • Posts 61
  • Votes 30
Originally posted by @Leah Gonzalez:

Thanks for the info and follow up Clint! I was going to go with RentRedi for my first rental but now I think Cozy sounds better!

Great! Again, from what I've heard RentRedi is great. I just liked the fact that Cozy.co is free for landlords and so far it's done well at everything it claimed to be. Hope all goes well with you too! 

Post: Paying for cash and pulling my money back out in Mississippi?

Clint Bolton
Pro Member
Posted
  • Investor
  • Hernando, MS
  • Posts 61
  • Votes 30

Hey Pat, do you have a lender you can recommend to him there on the coast? I've found it helps when lenders know the area well.

Post: Paying for cash and pulling my money back out in Mississippi?

Clint Bolton
Pro Member
Posted
  • Investor
  • Hernando, MS
  • Posts 61
  • Votes 30

I have a contact there. Let me see if they have someone that may be able to help you. 

Post: Paying for cash and pulling my money back out in Mississippi?

Clint Bolton
Pro Member
Posted
  • Investor
  • Hernando, MS
  • Posts 61
  • Votes 30

I have successfully completed cash out refinances here numerous times. My bankers who have done them for me do not do stated income and I don't know of any local lenders that do stated income loans here. Usually you do have to provide your financials and show the ability to repay along with the property appraising for the amount you need (they will usually only do up to 75-85% of the value). What area are they in? I may have a contact I can share with you. 

Post: Paying for cash and pulling my money back out in Mississippi?

Clint Bolton
Pro Member
Posted
  • Investor
  • Hernando, MS
  • Posts 61
  • Votes 30

What market/area are you looking to be using the $50000 price point? I serve the north MS and the Memphis TN area (and invest here as well) and on today's market you're not buying much more than dirt only for $50k. A few war zones may work in that price point but even those are limited today. 

Post: Experience with RentRedi?

Clint Bolton
Pro Member
Posted
  • Investor
  • Hernando, MS
  • Posts 61
  • Votes 30

Well here's a quick update. Thanks for the replies BTW! I ended up going with cozy.co about a year ago. The tenants love it. Easy to set up and make payments monthly, easy to submit repair requests and easy to manage those requests from the landlord side and their application/credit/background check works easily and pretty seemlessly. The only negative so far is their financials for landlords. It really doesn't have anything to offer as far as that's concerned other than tracking payments and automatically posting payments, late fees, charges when necessary. No reporting function on the landlord side as far as expenses, etc so we're just using an in house system accounting system for that part. The tenants have been very pleased with it and it's very mobile/app friendly. 

Post: Vacancy Rate in Oxford MS

Clint Bolton
Pro Member
Posted
  • Investor
  • Hernando, MS
  • Posts 61
  • Votes 30

That seems extremely high. It's a college town so this year with covid things have been different with more students doing online classes but even taking this into consideration 30% is high. I'd venture to guess without digging in too deep that vacancy is still 10% or less. If you plan to buy student rentals the vacancy rate may be higher but long term non-student rentals still have a very strong occupancy rate in all of North MS. We have waiting lists for most of ours.