All Forum Posts by: Daniel Guas

@Anthony McDougle With Zelle have you seen any restrictions with how much money a tenant can send you? I have 1 tenant who pays $1600 a month. She has to send me 2 payments - 1 payment for $1000 and then another one for $600. I wonder if that is an issue with the bank or the Zelle system?

@Anthony McDougle  Thanks for the response. What services do you use to collect rent? I like that I get an e-mail every time a tenant uses one of the online services to pay me. Have you had any issues where a tenant claimed to pay you, but it never came through?

Daniel Guas

With all my rental units I always had my tenants leave the check in their mailbox and I would go and pick it up. With everything that is going 
on with COVID I'm trying to keep myself and my tenants safe. I just started accepting online rent payments. I am using Zelle, PopMoney, Venmo and Apple Pay.

I'm curious about how many other landlords use these methods to collect rent. I also have been reading conflicting statements about these services sending out 1099's. Some statements state that they do not send them out and other statements state that if you collect more than $20,000 in rents then they send you a 1099. My question is to anyone that uses these services did you get a 1099 at the end of the year and what was your approximate rent collected through the service?

Daniel Guas

what type of cabinets did you use and where did you buy them from?

Great job on the flip!

With regards to rental or flips, which do you prefer to use?

Also, where do you buy your materials from? I've been using the big box stores like Home Depot and Lowes. I feel that they offer a good

product at a reasonable price with the installation included. 

I have a tenant that has been renting from me for about a year now. He's a single guy and he doesn't complain much about anything as he's handy and can handle many of the household issues. 

I typically will repair a washing machine or dryer if something happens in the first 30 days of the new renter renting the home. This is almost a year now and he wants me to send somebody over to his home to repair the washing machine.

I want to tell him that its his responsibility as he has been in the home for almost a year now and when I gave him the house the washing machine was working fine. 

How would the rest of you handle this issue? Would you agree to fix the washing machine or would you tell him that it is his responsibility to handle it.

Thanks in advance to everyone who takes the time to give me their advice on this situation.

Dan

@Chris Mason After you bought the $25 note and waited for one payment, what price did you sell it on the secondary market for? On the Folio Investment site I see notes going from a 5% discount to a 50% up charge depending on the note. 

I'd like to try your method, so if you don't mind giving me an idea of what $$$ amount you where able to sell the notes on the secondary market it would be appreciated. Thanks!

In my humble opinion I don't think any type of correction is happening now. If for the last 10 years you can say that nobody ever came in and asked you to drop your rental price then you should consider yourself very lucky. I can tell you in the New York market at least one person every time I have a rental come up will try and negotiate the price with me. I always tell them I can't do anything for them and I move on to the next renter who can afford the rent I want. 

I agree with what everyone has been saying about the Zillow zestimate. I've found that number to be spot on at times, but also way off at times. 

Also, when you do comps in your area make sure they are really comparable to what you have for. For example, I recently saw a 3/1 house in my area rent for $2100. I would never get anything less than $2700 for a 3/1, but my rentals are always in excellent condition and rent very quickly. All the counter tops are granite, cabinets either are new or have been replaced in the last 5 years, bathrooms are fully updated, etc. I want what the market offers, but I also put out a product that the market wants. The landlord in my area put out a product that should only get $2100 rent. I would never let another landlord's inability to keep up with his rental effect how I keep and market my rentals and you shouldn't either. Good Luck! :)

It doesn't sound like they are planning on moving any time soon. I would contact your attorney and start the eviction process.