All Forum Posts by: Cody Davis

@Theresa Harris never thought about splitting between two weeks. Good idea. Thanks

@Steve Smith Good ideas! Thanks for replying. I think I will enjoy the upsides of these tenants until there is an actual problem with rent. Could you elaborate on the deposit slip option? So you give them deposit slips that are already set up for your account? Do they deposit them at your bank?

@Marcus Geiser I agree with you about the rent potentially coming in later being a small price for such long term tenants. I was stuck in the mindset that allowing things to slide will cause more things to slide in the long run. Thanks for your reply!

Hello everyone!

I recently closed on my first duplex that I will be house hacking. The duplex came with long term tenants (9 years) as well as the year lease they resigned shortly before I bought the house. During the first conversation, I asked how they have been paying rent. The tenants said that they usually leave a check in the mailbox. I will get back to that later. The main thing that caught my attention is when the tenant said they usually leave the check in the mailbox within the first two weeks of the month... Their reasoning was that they get paid bi-weekly. It says in the lease agreement that rent is due first of the month.

So, my first question is this: how should I approach this situation? I want the rent on the first of the month, which is when my mortgage payment is due.

Second question: how should I approach changing the way rent is collected? I would prefer to have the money deposited directly into my account. I am also interested in using an online source like Rent Redi or Cozy.

Thanks in advance for any ideas!

First meet up was great! Looking forward to the next one.

Hello BP friends, I am preparing to invest in my first single family BRRR. I'm thinking about doing renovations and trying to decide what changes will bring back the most equity. I know kitchens and bathrooms are a good first step. Another thing I plan to focus on is the electrical service. The home has a 100 amp panel and I plan to upgrade to 200 amp. I'm and electrician and will be able to do the update myself. I'm just wondering what percentage of return I can expect on upgrading the service when it comes to refinancing. Thanks!