All Forum Posts by: Chad Hurin

Hi @Shelly Smith

Welcome. There is some great stuff here. Good luck!

Hi BP. I'm closing on some properties with seller financing and need a escrow service to facilitate the transactions for the 30 year term - I found some out of state that charges about $20 per month but none in NC. Does anyone have recommendations? (closing isn't the issue- only escrow service to be middle man for payments) Thank you!

Someone else from Raleigh. I love seeing the RTP/RDU area growing on BP. Lets connect! Welcome!

@Brandon Hicks

I like it. Thanks for all the input! I'll update after 6 or so months to let you know how its going. I really appreciate everyones time! -Chad 

@Adam Johnson

 & @Brandon Hicks

I've seen some people write that having deposit slips for your tenants isn't really their best option because if they deposit half of rent on due date then it buys them time for eviction because you 'accepted' their partial rent payment. On the slip themselves do you have the rent amount on them so they cant change them so when they deposit they need that exact amount? If not, how do you prevent this. Im interested to hear if this is the case. Thanks!

Welcome! Great resources! Enjoy

@Steve Osowicz

 Do you know if it need to be the the lease? I'm purchasing from someone that already has tenants and it 'comes' with the lease in place. Can I just send a letter saying that's the only accepted payment; and are able to send the 'pay or quit' notice if they dont like it? 

@Judah Hoover - Yea, I understand. I also don't want to be their prisoner. Like @Randy E. said... ultimately its your decision. What If i'm gone when rent is due then need to find someone to pick it up (possibly even have to pay for that) or while your at Walmart getting groceries get a money order and some stamps or use their bill pay options (if they have that).   And @Account Closed.

IDK, any more thoughts?

@Jarrett Harris - Glad to see others are going through the same. Vote at top; i think it helps with exposure-not sure. Yea, to me that seems just... idk.. too inconvenient. If they pay for other bills online or in store (Wal-mart, 7-11, etc) for cell phone, insurance, or cable they should be able to pay rent as well. I asked this question preparing myself to come up with a way to switch with an incentive or a norm.. etc. but you @Jarrett Harris if they're refusing to pay online... idk, maybe put it in next lease that its mandatory to pay by depositing in a bank or the like. 

@Account Closed - Yea, im interested too. You report their on time and late payments? sounds like a good thing to offer and incentive to pay on time. I came across a site www.erentpayment.com that reports but not sure how to report without going through a payment processing site.

Thanks!

Wow,

Thanks for every ones response. 

@Judah Hoover - So, yea, I like cash. I see your point about not rocking the boat but... IDK, I'm really into convenience. It's about 30 minutes from my home and if you have due date the 1st but late after the 5th - i may need to run over the 3 times (number of tenants)..Thoughts?

@Nicole A. - Yea, Ill check them out. I've seen something else similar to this service. Seems like it makes it easy for the tenants. 

@James Wise - Yea, I may just open up a bank account near them and give them another option such as the one @Nicole A. gave. Ill see how it goes.

Thanks again. I may give an update on how things go 6 months down the road. Take care!