All Forum Posts by: Dave Bal

Not asking for documentation, just letting me know they will be doing a payment reversal for the disputed amount.  This is what I received from Apartments.com:

One of your renter's payments has been disputed

We want to let you know that one of your renters disputed, or reported as fraudulent, a past payment they made via Apartments.com. We’ve initiated a payment reversal as detailed under our Terms of Use. Here are the details of the payment:

• $XXXX is being withdrawn from XXXXXXXXXXXXXX.
• The disputed/reported payment was initially made by TENANT NAME on SPECIFIC 2022 DATE.
• The payment ID was XXXXXXXX

When a payment is disputed or reported as fraudulent, we're required to process a payment reversal immediately. We understand that this can be frustrating, but want to make clear that this is an action that the renter initiated directly with their bank or card issuer, and we often have little or no information regarding the factual basis for the dispute or fraud report.

Please note that under our Terms of Use, you are required to maintain a balance in your account sufficient to cover any reversals. Consequently, pending completion of the associated debit transaction, you should not withdraw from your bank account any funds that are the subject of this reversal.

Here are some steps you can take now:

If you believe this was an error or misunderstanding on your renter's part, get in touch with them directly and have them withdraw or rescind the dispute or fraud report with their bank or card issuer. If the renter’s bank confirms that a dispute or fraud report has been rescinded or withdrawn, we will be able to return the funds to you via Apartments.com (which will happen according to our normal payout schedule following confirmation). Alternatively, your renter can simply initiate a new payment via Apartments.com.

If you believe your renter is breaching the terms of their lease agreement or that the dispute or fraud report is otherwise improper, you should pursue legal recourse outside of Apartments.com (in the same manner as if a renter had placed a stop-payment order on a physical rent check delivered to you). Suspected illegal activity should be reported to law enforcement.

Apartments.com is generally unable to intervene in disputes between renters and property managers. However, if you believe fraudulent or abusive activity is taking place via Apartments, or if you have questions, please let us know by replying to this email. We’ll get back to you right away.

Thanks,
The Apartments.com Team

Notice to all Landlords using or considering Apartments.com (previously Cozy):

I received notice today that one of my previous tenants (who moved out 6 months ago with an unpaid balance of over $8K) disputed a payment received from Apartments.com from over a year ago.  Apartments.com is requiring the funds be returned despite the scam and the already excessive balance due on the account from the previous tenant.  I was not aware this could happen, especially a year later and with a prior tenant.  Apartments.com shared the only potential recourse would be to reach out to the previous tenant and ask that they withdrawal their dispute or take them to court.  

I am posting as a warning to all landlords to avoid the site.  This may be a new scam on the rise and all should be cautious with third party management sites/apps.

I've been installing LVP in my rentals for the past 2 years and have had some of the issues mentioned in this thread as well. Last year I gave this a try: https://www.flooranddecor.com/...  . Been great so far. I've installed about 3500 sqft with no complaints so far. One thing i noticed that the seam locks a bit differently than the laminates and lvp I used in the past. You have to actually strike the butt seams straight down with a regular hammer, not mallet, and use some force at that. This creates a super tight seam lock in the spot that is most likely to separate over time. Will update this if I ever notice problems though. You never know. 

Hey y'all. I've got a few triplexes in Gloucester City NJ, but definitely need to look around for more comprehensive coverage for em. Any local recommendations? I'm basically covering the bare legal minimum, with a high deductible and low premium in order to cash flow better, but wifey no likey..

Who ya got??

Thanks both Chris and Charles. I'll be checking in with Jim Kennedy after this holiday break.

Hi All

My name's Dave Bal. I'm a rather novice investor based in the South Jersey/Philly area. I do already own one rental in Port Richmond (Philly), and am in middle of purchasing a triplex in Gloucester City. My first place i basically walked into after some strong "encouragement" from a family member when i was still too young to care. I haven't been the most dedicated investor or landlord really in the first 6 years. I finally found this podcast about a year back, made some smart friends and got motivated to get into real estate investing. With that said, i formed an LLC in Philly to manage my rental with, separated my accounts the best i could, and got my rent up to market price. The things that still make me nervous are taxes and accounting practices. With this new property, i'd like to start off on the right track, so i figure that hiring a real estate savvy accountant would be a huge boost for me.

My question for you SJ/Philly people is simple. Would you recommend an accountant with good rental investment experience in our area? Many thanks in advance!

Looking at a property in Camden right now in fact I'll make an offer. I say if the numbers work and you're fine with the neighborhood, go for it. Curious though.. what sort of rates should be expected right now on a 25% down investment property (30 yr)?