All Forum Posts by: Gretchen P.

Of course, once I posted about them I noticed some posts about eRentpayments. Look in the forums, others are saying they have had delayed payments. I will be sticking with them but you should look into all options for this service. 

I looked back at my records and rents were deposited a few days later than typical for October, but they were typical in November, in my account a few days after payment was made. . 

I use eRentpayments to collect rent. I set up the account so that the tenant must pay a $10 late fee daily on the second of the month, as is stated in the lease. The tenant cannot pay their rent until any late fees due are paid. I have one tenant who insists on giving me an extra $30-50/month because he can't seem to remember to pay on the first even though I set up an email reminder for him. I don't mind if he pays late because I know I am making an additional $360-600/yr on that unit, and he does always pay. 

The advantage of an online service is that I don't have to call or try to collect late fee, the tenant is forced to pay it.

I think it is bad practice and a bit dishonest to offer a higher price and negotiate based on an inspection. 90% of asking isn't unreasonable, especially if properties have been sitting on the market. Asking 80% of asking is probably a waste of his time if the property is newly listed. 

If he doesn't want to work with you fine. Find a realtor who has investments in the area, who will be honest with you. Some properties ARE priced properly, and some are worth OVER asking, depending on what you want to do with it (depending on zoning, etc) some aren't, but to offer 100% with the expectation you will go to 80% because of inspection items isn't fair to the seller who could have taken other offers. Suggesting you throw good money after bad for a termite and sewer scope seems like bad advice. You should feel like your realtor is a team member, this guy treats you like the opposition, and you must not feel as if he has your interests at heart as well or you would have forwarded the inspection to him. If you are offering a low price, you might want to beef up earnest money, quick close, cash offer, etc.  

Don't sign. 

Depending on the state, realtors don't just write offers and collect a commission, that is like saying landlords just collect rent. In Colorado, they are responsible for many items, and I am in the middle of a deal that has been a doozy due to a variety of factors, my realtor has worked her behind off and has been invaluable. 99% of of the agents out there wouldn't have been able to do what she has because of her knowledge of the market, utilities easements, contracts, title, legal and other aspects. 

Work with someone who invests in properties similar to what you are buying, preferably someone who has been investing for a long time. Knowing the area of the city is helpful too, especially if you are looking at multifamily homes, which have lots of ins and outs you probably won't find if you buy a newer SFH in a development (which could have a different set of issues). Do not work with someone who doesn't understand the investment market. Many who aren't investors think rent - mortgage = cash flow, which isn't the case, and they will bring you to properties that won't perform well or will be difficult to rent.

Wow, the plot thickens, the realtor realized she printed the investor listing out the day we saw the property, on Day 0 of the listing. There is NO mention of the agreement to share water on day 0. We made an offer that day. The listing she printed out today has the blurb about shared water, so it was added later, only to the investor listing. Seems a little "off" to me. Especially because we made an investor offer, and the realtor never added it to the other listing. It will be interesting to see what the lawyer says. 

I do have a call into an attorney, the property is a strange situation for sure. In CO it is unusual to engage an attorney my realtor is top-notch (she owns 28 properties in the area and has seen everything (except this of course), this deal has been a challenge all along to say the least. 

Thanks for your detailed response. The seller is an attorney and the title company found no recorded agreement. The seller hasn't produced an agreement. It is mentioned in a cursory fashion (which the realtor missed, (which is understandable as the property was listed only as 200 XXX avenue, and in fact it is 200 and 202 XXX avenue) in the realtor remarks section (not visible to the buyer) on the investor listing, but not mentioned at all in the residential listing for the property. If the agreement is recorded, isn't it a title insurance issue?

Cost to install a new tap is 10K, and there are other costs, so I am guessing the total cost to remedy the situation is about $15-20K. I would like to proceed with the deal IF the seller remedies this, but realize this situation could impact my ability to sell in the future, or cost me money (for all I know, the agreement could state I will pay for water at the neighbors) and feel as if the seller was not completely forthcoming. 

Thanks everyone.

We are closing on a duplex in the next few days. When I called to switch utilities to my name I discovered that apparently the duplex  shares a water and sewer meter with a neighbor. The meter is on the property I am under contract for so it didn't show up on the inspection. A search of public records shows that the seller sold the neighboring house 11 years ago,  and I discovered there is some agreement in place, but the seller has not produced the agreement, and I have no idea what the agreement could be.  The utility company wouldn't tell me who pays the bill. The contract states the seller should disclose off-record items. He did not. The title company is not aware of this agreement, nor is our lender. It is a deal breaker, but I do not want to loose earnest money. Am I under an obligation to honor an agreement the previous owner made?