All Forum Posts by: David Walton

Hey Dhaval! I have a good friend that works for Service Star Realty. They are local, not a franchise, and have a good area reputation. She has been there for 4 years and has nothing but great things to say. Good luck in your search. https://www.leaseaz.com/

I would also look into The Guarantors. We are a smaller company and they have been great to work with. They can guarantee security deposits but also have a program where you can guarantee SD's plus rent for those who might have lower credit scores. They just charge the resident a set monthly fee.

@Melanie P. Thank you so much for this insight. I will be looking into the TBills option. 

@Bill S. Thanks for sharing your insight. We do have all SD’s in a trust account. We use Enterprise Bank & Trust who is well known in the PM world. We’re still weighing all options at this point and of course wouldn’t do a tubing without proper legal advice.

@Austin F. Exactly! ! A lot of banks, credit lenders, and credit unions are offering ~5% on CD’s right now which is the best high yield I can find at the moment. Now, this of course depending on the amount you put in and terms. I have seen decent rates at 10 and 12 month terms and you still avoid penalties if you need to withdrawal. Just need to be cognizant about how much you decided to move over. 

Keep me posted if you find any really good offers out there! 

@Bill Schrimpf I am licensed in Colorado. The law states we can put in a normal account, interest bearing, or surety bond, just as long as it’s a separate account from our operational account. From what I understand, CD’s are considered a savings account so it wouldn’t be an investment. 

@Bob Stevens To each their own! All my best!

@Bob Stevens As I mentioned in my initial post - we wouldn’t take the entire SD balance, maybe half but this amount is truly unknown until we consult with a financial specialist. This way, we have funds available should we need them for said eviction, move outs, etc. 

Yes, we are absolutely, 100% looking for new and unique ways to make ancillary income. I am not sure what limitations you have in Cleveland but it’s becoming more difficult to find make profits in Colorado (disassembling fees, caps, etc.).

Finally, as I mentioned in a reply, we do not have to notify the tenants, it’s already listed in our lease which was written by a reputable real estate attorney. 

I appreciate the concern but it’s honestly not that big of a hassle in my opinion, and by me bringing it to BP folks for ideas, I am truly interested in pursuing for my business. Personally, I think it’s important to continue to stay creative and generate new ideas on all facets of the business as legal restrictions continue to present themselves.

Have a good one!

@Michael Sloan Appreciate it!

@Michael Sloan Any suggestions on good companies that offer high interest returns?