All Forum Posts by: Greg Appelt

Do a search for PadSplit.  That is their business model.  They handle the tenants while the owner handles the maintenance, utilities, and other landlording.

Safety first!

PPE - Safety glasses, gloves, masks, preferably boots, and a fire extinguisher!  Hard-hat is optional, but if you're anywhere you can bump your head or have something fall on you - get at least a baseball cap - bump hat ($18).

@Stephen Page - I use NREIG for my fix/flips. Very convenient on-line portal and very good rates. Their phone customer service has been stellar for me, but I've heard from 1 other person who had a bad experience. I did try using a local insurance broker that I met at a REIA meeting. They couldn't come close to NREIG for my fix/flip, but they saved me loads on my car insurance.

Quote from @Carlton B.:

Quote from @Michael L.:

Quote from @Carlton B.:

I'm sure its different in different places. But there is no inspection to pull the permit. Then you have a rough inspection while everything is open and visible. Lastly an inspection for the final once everything is done. We always pull them as soon as possible so when we know what work is needed we pull them. 

 @Carlton B, thanks champ. Are you allowed to start pulling permits before you actually close on the property? Maybe not all permits but atleast the most important ones. You're likely to already have a scope of work that was created in the due diligence period, right?

I never do anything until we close things can south quick. I just had a closing postponed the day of. 

 Ditto on the zero action until the ink is dry.  Current project was supposed to close today but we've extend 2 weeks due to seller probate issue.  If probate turns into 2-6 month process the deal is dead.  No not put out any money until you have the keys.  Better to delay a few days than to have to unwind payments.

I go with the simplest method.  If the house has a gas line, do a nice gas range.  If it has a 220/240 outlet, use an electric range.  For electric I install the glass-top style.  (just my personal preference)

Quote from @Greg Appelt:

For my first flip I used NREIG.  2br/2bt 886sqf condo : $1280 annual.  For my second one I'm using SSW Insurance out of Land O' Lakes.  Same unit type/size in the same community: waiting for quote. 

I got the quote back from the 'new' provider.   It was about 60% more and the cancellation refund terms are not good.  Basically there is a base fee + monthly and you only get back 50% of the unused portion.  

For my first flip I used NREIG.  2br/2bt 886sqf condo : $1280 annual.  For my second one I'm using SSW Insurance out of Land O' Lakes.  Same unit type/size in the same community: waiting for quote. 

Quote from @Michael Kawashima:

Quote from @Christen G.:

Apartments.com has been good for me (7 units across 3 buildings). They're upgrading consistently and now have a "Maintenance Portal" that tenants can submit to and track. Tenants have to make a profile so that's a nice first step in screening them and you can upload a lease, input your late fees, etc... that it calculates. It also does all the background checks, etc... during screening. One thing I dont like about it is the ledger format, but overall 4.5 stars.

Excuse my dumb question but is this just for apartments or can it work for SFH? Does the property have to be listed and rented on Apartments.com? Thanks

Yes, this is good for SFH (and condos).  You do not have to list the property for rent.  My condo has been rented to the same people for 9 years, and I used Cozy, which was bought by Apartments.com 2 years ago.

Quote from @Spencer Keebler:

I've been using the Apartments.com manager tool for rent collections on my duplex. I marketed the units via that site and the tenants can pay electronically as well. While its user friendly, one downside is that it takes about 5 business days for the payments to hit my bank account (no fees). I can't comment on whether this is a scalable solution for a larger portfolio, but it works well for me. 

other perks to Apartments.com; it sends reminders to the tenant that rent is due and confirms payment received.   You also get a notice when payment has been made and when it gets deposited into your account.   It also let's you track maintenance and repairs...great for tax history. 

Quote from @Drew Sygit:

@Marcus Auerbach

The most effective rent collection method is whatever works for the tenant - except picking up rent!

We offer 4 different payment methods to our tenants:

1. Online ACH via our PM software (no charge)
2. Deposit @ our bank ($3 charge)
3. Credit Card ($5 + cc fees)
4. Mail ($10 charge)

Notice we charge a fee for the less desirable options to encourage the behavior we want:)

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Instead of charging a fee, I offer a discount.  Same dollars but psychologically people will feel better about about saving money rather than being punished.