All Forum Posts by: Edward Toomey V

 Tyson 

I am not sure why you can not get through now, but I did respond to your email. In short after researching Appfolio and DoorLoop I have decided to go with DoorLoop. The number one reason I have decided to leave RentRedi is the lack of customer service. I know it is 2023 and their are some people that hate using the phone and prefer the chat box, but I am not one of them. I will openly admit I did no research into RentRedi or any property management software when I decided to leave Quickbooks I just saw a RentRedi add that showed the Biggerpockets team raving about the software and being a Biggerpockets fan I jumped right in. I will also admit at this point we are comparing apples to light bulbs since RentRedi was only costing me $59 per month and DoorLoop will cost $200+ per month and for those that have a lower unit count and only need basic services the RentRedi cost should outweigh the beta tech. I do not believe I am RentRedi's target consumer as I have more needs than others and that has been true for other business relationships I tried to build in my time, but I hate when things have to end on sour notes and the fact that it took publicly criticizing the service to get attention is more than disappointing on RentRedi's part as a service business.

 Hey Margie

Did Tyson ever respond to your question? I did get a call from someone at RentRedi but it was the Friday after Thanksgiving and I was not working that day. I asked the caller to call back Monday and nobody ever did. I am interested to know if they ever got back to you? 

I had not thought about it that way, but yes if i used Apartments.com and then just matched the transactions in QB that would work. I wanted something more automatic so because depending if the tenants pay in one lump some or split it between the occupants it can be between 35 and 85 transactions. QB sent the invoices out automatically each month and then matched the payments but they started charging $10 per ACH and that started costing me $450+ per month. I manage all my properties myself and am looking for the most automated way to manage. 

I have been using RentRedi for 5 months now and I am switching back to Quickbooks and will be looking for a plugin payment collection system. RentRedi has zero customer support and the tech its self is very Beta. The main benefit is low barrier to entry but you can get the same lack of service from Zillow or Apartments.com for FREE. 

I switched from Quickbooks to RentRedi 5 months ago because the payment processing fee cost me $400 a month with Quickbooks. RentRedi claims to be a system built by landlords for landlords and I have to disagree. The number one problem with RentRedi is the total lack of customer support and yes with Intuit you will have to talk to an oversees call center but every question I needed help with got answered and all problems got resolved. With RentRedi you are reduced to talking to a "BOT" until an agent decides they want to chime in (still only on a chat window no phone numbers for RentRedit). Today was the final straw for me as I have come to realize you can not get a transaction report that shows a breakdown of deposits so I can show proof of rents received to my lenders. Appfolio is more expensive but after saving money for these past 5 months I have determined RentRedi could be free and I would pass. 

You should certainly save the money for your next house.

$1,200 per month saved over 24 months is $28,800. Ounce that's saved I would look for a property that's close to rent ready for $150,000 that puts you P&I payment at $575 and with insurance and tax it would be around $775 with potential rent of $1,200 per month. Fist year net $5,000 that's a 17% return on you vested dollars. 

Investment Info:

Single-family residence fix & flip investment in Roanoke.

Purchase price: $56,000
Cash invested: $32,500
Sale price: $117,900

Fix and filp in NW Roanoke that took to long because we decided to do most of the rehab work ourselves to "save money"

What made you interested in investing in this type of deal?

Low purchase price foreclosure in a middle class area with quick resale potential.

How did you find this deal and how did you negotiate it?

MLS and offered cash with quick close

How did you finance this deal?

Hard money lender

How did you add value to the deal?

Full updated including remodeled kitchen and baths, refinished hardwood, painted the house, and replaced old windows.

What was the outcome?

Purchase $56,000 rehab $32,500 and sale for $117,900 after closing costs of about $9,500 net gain was $19,900

Lessons learned? Challenges?

Doing the work yourself doesn't save money it only adds time and headaches. You have to pay yourself for your time.

Did you work with any real estate professionals (agents, lenders, etc.) that you'd recommend to others?

Sharon Crenshaw Wainwright Realtors

@Marlen Weber Roanoke va

Investment Info:

Single-family residence buy & hold investment in Roanoke.

Purchase price: $105,000

My favorite purchase to date. This house is in a flood zone and was a hard sale for traditional home owners and it didn't help that it was the only house on a pier foundation in the area. This made the owner very motivated. We had a signed lease 10 days before closing was to be done.

What made you interested in investing in this type of deal?

It had been fully renovated and the owner was having a hard time selling because its style and location.

How did you find this deal and how did you negotiate it?

MLS listing

How did you finance this deal?

We offered the owner full term owner financing and since they had been sitting on the house for 6 years they jumped on it. $105,000 purchase price $10,000 down 30 year note APR 4%

How did you add value to the deal?

We didn't need to do anything.

What was the outcome?

A house that was rented for $1,200 10 days before we closed.

Lessons learned? Challenges?

Run the AC for an house it least to make sure its not leaking and stays cold.

Did you work with any real estate professionals (agents, lenders, etc.) that you'd recommend to others?

Sharon Crenshaw Wainwright Realtors

Investment Info:

Single-family residence buy & hold investment in Roanoke.

Purchase price: $69,500
Cash invested: $11,000

3bed 1bath ranch purchased using owner financing. Needed a new kitchen, carpet, and paint.

What made you interested in investing in this type of deal?

The owner was a land lord that was liquidating his portfolio and this house was in a flood zone making it hard to sell to traditional buyer. I offered the land lord an owner finance deal with a balloon payment that would let me get it cash flowing and make renovations before refinancing.

How did you find this deal and how did you negotiate it?

Listed on MLS for 180+ days

How did you finance this deal?

Owner financing: Sale price $69,500 with $8,000 down amortized 30 years at 4.00% APR with a 7 year balloon payment.

How did you add value to the deal?

Updated kitchen and flooring. Added AC to central heat.

What was the outcome?

acquired a house with an ARV of $105,000 for $69,500 and invested $11,000. Upside equity $24,500. Monthly mortgage payment wit taxes, insurance, principal, and interest is $433.17 and house has been rented for $1,100 per month since January 2018. At the maturity date of the loan we will have seen $50,000 in profit from rent and we can sell the house.

Did you work with any real estate professionals (agents, lenders, etc.) that you'd recommend to others?

Sharon Crenshaw Wainwright Realtors