All Forum Posts by: Gerald Marshall

@william 

@William Price, thanks for your reply, and I agree with most of what you said.  I guess my issue is that I have 6 rentals that have tenants that have been with me for 5+ years.  Usually I just send them a letter of the upcoming rent increase before the renew date, which really doesn't exist since I've allowed them to just stay month to month after their original lease expired.  I have discussed with my partner (wife) about new leases after each "term" just to guarantee the income.

I guess I'm mostly looking at the built in rent increase factor to forecast the future earnings and how to combat the dreaded increase in expenses.

Thanks all for your input.  I live quite rural to Atlanta and my renters are spread out over about a 50 mile radius.  I prefer to use my small community bank, which isn't always readily available to my renters, whom I would rather not inconvenience on a monthly basis.  They currently deposit into a deposit account which is set up with my bank.  The idea of a P.O. box isn't appealing to me since my renters are currently paying throughout the month, "something im working on correcting", and I would have to constantly check it.  I have a few renters who pay bi-weekly.  This is how i rent to borderline approvals.  I'm going to look into Cozy and research the app world and see whats out there.  I would prefer to not have to incur an additional expense, and don't want to charge my tenants a fee either, so im sure something will have to give.

Does anyone initiate the "Annual Rent Increase" in their lease contracts, where you use a percentage factor to increase your rents on an annual basis, even if you have some one sign a multi-year lease.

I would like the ask th BP community if anyone recommends a renter pay system.  I don't give out my home address to renters, so they can't send their rent by mail, so I give them a deposit account number to deposit there rent into.  Any suggestions on an app or program?

Great insight. Just last week, I had a similar conversation with my wife referencing subdividing one of out properties that sits on a large lot. No HOA or restrictions. Tying into the existing water hook-up to save on that large hook-up fee. It would also mean that I would have to pick-up the water cost since it would be feeding 4 properties. (estimated). With already owning the land, I can build a no thrills 3/2 1321 sq.ft. structure for 68k - 72k with me being the GC, (past career). That residence will support a $1200.00 rent in this area.

Replace and forget about it.  31 years is three times the expected life.  Its a cost of doing business.

Chris, thanks for your reply.  With reference to separating my person business, im referring to my house hold expenses.  I am not a real estate professional, but soon will be.  An injury has caused a disability which will give me a small income, but not enough to live on.  I am in the beginning of putting my business model in place, which includes mortgaging my current properties to access capital for future purchases.  My goal is to purchase 2 mil. in properties in the next 18 months.  Except for my disability, all of my income will be from Passive Income, since I plan to continue with what I know, which is Landlording. 

BP has a list of lenders here on this site with filters to specify what your looking for.  I've found may connections and lender just by following post and getting lender advise from others.

I have a family friend who is in a position to become my personal private lender.  I would like to make this as easy for him as possible.   Any advise on how I go about assisting him in setting up to do this.  I am a moral and ethical person who wants to treat him right with a good return and protecting his financial interest with putting him as first lien holder and the such.  Any advise?  

Both!!!