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All Forum Posts by: Colin Sweeney

Colin Sweeney has started 3 posts and replied 12 times.

@Connie Chan  This Tellus app looks pretty cool, so can I use this for accounting as well, therefore not having to use quickbooks or whatever platform I choose to keep track of the books?  How about the tenant screening they offer?  have you used it and does it do a pretty thorough background check into credit, evictions, criminal, etc?  Lastly, its totally free? no hidden charges?  Thanks, I appreciate the recommendation!

Thank you everybody for the info!  Ill be checking into a few of these and see which one will do the trick!

Hey BP,

Im about to close on a 4-plex in NE Minneapolis (my first investment property) and I was wondering what people in the area do to collect rents.  Even though I'll be living on the property and they technically could just drop it off to me I would rather have a system in place where they can pay it online (for when I move out in a year).  Just wondering what any local people in the Minneapolis area use or what anybody nationwide would suggest.   Thanks in advance!

"I mentioned buying my thornton park quad for $390,000 and having it appraised at $520,000 one year later. Assume that i put down 10% or 39,000 what is my rate of return for that year? 333%! What if i put down 5% or 19,500, my rate of return jumps to 667%". This is a quote from his book and i cant figure out how he got his rate of return percentages? I know that ROI is your net profit / total assets but that doesnt get me those percentages. Basically, im just wondering if anybody in this thread knows how he got those rate of return numbers. Its throwing me for a loop! (The paragraph im referring to is on page 64)

Thanks!

Post: House hacking, rental agreement

Colin SweeneyPosted
  • Maple Grove, MN
  • Posts 12
  • Votes 3

thank you guys for all the info

Post: House hacking, rental agreement

Colin SweeneyPosted
  • Maple Grove, MN
  • Posts 12
  • Votes 3

Thanks everybody!  very helpful!

Post: House hacking, rental agreement

Colin SweeneyPosted
  • Maple Grove, MN
  • Posts 12
  • Votes 3

yes i am the owner, and am trying to rent out my upper level.   Im just wondering if the people residing in the upper level would need to sign a lease, just to cover myself in case something happend.  Hopefully that is a little bit clearer @Brie Schmidt  and thanks for your response!

Post: House hacking, rental agreement

Colin SweeneyPosted
  • Maple Grove, MN
  • Posts 12
  • Votes 3

When house-hacking do you have the hackee (would tenant be the right word?) sign a rental agreement?  If so, does anyone have any advice on where to get one drawn up or have an example of one that they have used?

Thanks,

Colin

thanks joe!  I really appreciate that! Im usually free on weekends or after 6:00 pm during the week.  Id definitely like to take you up on that offer though!   Do you have any times that work best for you?

Thanks Todd!  I will give them a shot.  Do you have any recommendations of a meeting you like?