All Forum Posts by: Connie Chan

@Roger Steciak Tellusapp.com! Excel is great but doesn’t automatically create the diagrams for you. The Tellus app has a finances tab that shows me my monthly cash flow and there’s also a cash flow that gets generated automatically per property, even per unit. But best of all, the company lets you download and export your data anytime so you can still work with your data or share it however you wish. I like it as an app because I can input from anywhere and also take photos of receipts and have them linked to the financial records.

@Marcin G. Congratulations!!! My comment is not on whether or not the text is legal (my hunch is it is as long as you’ve cleared it with your building if it is a condo or something). The only thing I wanted to mention is you might want to clarify the language more. I read the ad copy you included in the post and had to read it a few times to understand it. Maybe give an example to the tenant on what it would cost per tenant specifically? Or rephrase it so there is less uncertainty?

@Eddie Cottingham thank you!

@Huy Pham Try tellusapp.com! It’s also free and lists your home on a lot of sites. The big difference with the other ones mentioned is tenant screening is also free! So you can accept more applicants.

@Pete Woelfel facebook is very interesting but be careful not to use the ad route there. There have been all kinds of real estate companies that were sued because they were advertising on facebook and therefore choosing certain demographics and this becomes discriminatory. I think marketplace geography targeting is probably okay but be super careful if you target any more granular than that. Like others said it’s about expanding your funnel. My rental app can list the home on over 15 listings for free and I’ve heard people say they get more interested parties that way. The app also suggests how to Improve the listing. It’s def how I would list my rental, by seeing more applicants you are more likely to find a good one.

Hi all! Wanted to hear if anyone had recommendations of great influencers who help teach or tell the world about real estate investing. Any favorite YouTube channels or instagram accounts I should be following?

@Devin Gordon Tellusapp.com! I use them for my rent collection (also free, it’s great for mobile and my tenants prefer that). It has a lot of late fee optionality. You can add per day or one time and specify at which date to start collecting. Best of all you have the option to waive the late fee whenever you need to. And the balance shown to tenants for what they owe includes the late fee. The visual presentation of how much money they owe helps make things 100% transparent. It greatly reduced the number of times my renter is late. For the payments I get receipts each time to see what day the payment was initiated and when it hit my bank account. Also I turn on notifications so it notifies me when rent paid or when it’s late. The latter helps me the most, I don’t have to check my bank each month anymore.

@Matt Buchalski I would try to get more information first. How many students is she expecting, is she going to hire more teachers and expand her business? If you cap the number of students that might be an option if you are very concerned about many students in the home. But yes, check with legal counsel to make sure what you are deciding is compliant.

@Steve Emling Great question! I have been in unfortunate situations where I had leftover tile or flooring and many times the store won’t take the remainder back. But like other posts have said I would focus on items where 1) Ideally leftover and not alreadu used 2) not obvious to the tenant that it has been used 3) something where this massive discount warrant it being not the exact color or thing you want. This third point is true of all discount shopping! For example it’s like buying a sweater that doesn’t exactly fit well on you but is 50% off, just make sure that percentage discount makes it worth it.

@Jeff Beaman my mom has a property that I help manage that is this situation. Three rooms that each pay separately. She uses Tellusapp.com to collect rent from them separately and hasn’t had problems. The three did not know each other beforehand but have since gotten to know each other. The screening process is not that different. Except that the utilities split you may need to figure out the policy. For example how will they split water or electric. If your building covers this then it’s no problem but that’s one area you want to decide the policy or make sure the people you rent to know that together they are still on the hook for utilities (if you structure your lease that way).