All Forum Posts by: Elford Stephens

Hi Nathan,

I just got home from our local REI meeting. Some experienced investors there recommend having the existing tenants sign new leases drafted by our company. Others recommend leaving the existing lease in place until it is expired. If I follow what your saying, my plan will be to have the tenants sign new leases when the current lease expires and include the accepted payment methods in the new lease.

Thank you,

Elford

Wesley W,

I have saved the excerpt from your lease.  I am considering placing this in any future leases we generate.  I will also contact the bank about not allowing tenants to request balances.

Thank you,

Elford

I am meeting with her next week.  I will ask about her fears (and whether she has a bank account.)

Thanks for the advice William W,

Elford

I can see how this tip could motivate her to use Cozy. 

Thanks Max T,

Elford

Anthony,

I had not heard of Venmo before.  I am reviewing the information on the website.  It does appear to be a good electronic payment solution. 

Thank you for the information,

Elford

Hi Ned,  

I did not consider whether or not our tenant has a bank account. I will discuss that with them and inquire whether they have a smart phone.  I appreciate the advice. 

Thank you,

Elford

 Hi, we are new real estate investors. We just purchased our first property.    The tenants are accustomed to paying their rent to the old owner in cash. This will not work for us.  We would like them to use some form of electronic payment either direct deposit or Cozy.co.   One of the tenants would like to mail us money orders. Her concern is that she is a new renter and she would like to be able to keep track of her payments.   What arguments would you use to persuade her to use electronic payments? 

I think you are right to consider the effect this obnoxious neighbor will have on the likability of this property.   After all most people prefer to live in areas that are more presentable, (even in moderate income communities.)  Most people would consider 10 flags in one's yard unattractive.  Since I am in this to make a profit, I would investigate how well other units which view this property are renting.  If they are retaining long-term tenants, then great.  If not, I'm all about free speech and the freedom to allocate my money elsewhere.

Hi Malcom,

I am a recently new member.  I have found the community here very encouraging.   

Good Luck!

Elford

 Hi Ned,

Thanks for the advice.  I can appreciate your perspective on reading books outside of real estate.  In my primary profession I have come to that point where I have enough knowledge that growth continuing faster through experience.  I look forward to reaching that point in real estate investing.  It's actually pretty exciting to have a new interest.  So, I am using all of that energy to push me to study.

Over the next few months I would like to move closer to getting into the game.  Specifically, I want to learn how to tackle principle 2 & 3.  I wish to learn how buy undervalued assets and how to find growth opportunities.  The text I have read recommend studying local markets to understand what real estate prices are and where they are going.  They also recommend obtaining city demographics data to figure out what areas have potential for growth.  I am putting together a plan on how to do this.  Do you (or anyone else) have any recommendations?