All Forum Posts by: Eddie L.

@Henry Clark I am considering self storage with RV parking in Texas. Thanks for the advice. Any additional thoughts on financing or additional pitfalls?

@Jim K. I’m currently hosting two tenants similar to the ones you described. The first hasn’t paid since March due to Covid. The second moved in back in April, paid a security deposit and first month rent and hasn’t paid since. Fortunately, I received some rental relief assistance a few days ago. It is very disappointing to have such irresponsible adults as tenants.

@Cameron Tope Yep, that’s the magic recipe. Thanks again

@Taylor L. That’s the big challenge as the property is a D class building. The current property manager specializes in the area and others either don’t want to manage the area or have insane fees. Thanks again

@Xavier Randall thanks for the feedback. It’s a multi-family building and I am managing the property manager to the point where I can easily remove them and manage more efficiently. However, you do make an excellent point.

Does anyone self manage out of state rentals utilizing technology apps, vendors, and a decent handyman?

Sounds like a hustle to me. I think he’s trying to take advantage of you for whatever reason. Who is to say he didn’t have his buddy double back and pickup the tools later that night and now wants you to file an insurance claim.

@Nathan G. I will checkout TenantCloud. I agree NestEgg’s tenant sourcing is very expensive. Thanks for the new platform recommendation.

@Henry Hogeterp I currently use Avail.co. The rent collection and listing options are nice. You can enter maintenance requests through their portal and it costs $5/unit. I have used NestEgg.Rent in the past. NestEgg now has nationwide maintenance scheduling and I may test them with a new tenant I am onboarding next month. I had challenges with their payment setup in the past. However, I do like their vendor management, scheduling and tracking of maintenance through their app. Avail does not have an app and you have to use their web portal. NestEgg charges a full months rent as commissions for filling a listing. Their is an addition fee for Zillow listing through Avail.

@Jain P. Keep in mind closing costs may be high and make it not worth it to complete a cash out refinance after six months. I had a purchase for 145k, after nine months the appraisal came back at 181k instead of the expected 190k. Closing costs were around 8k. I determined it wasn’t worth it to walk away with only ~13k after closing costs. Four months later the value seems to be around 210k based on other comps. Thinking of retrying a cash out refi after I see one additional comp in the neighborhood.