All Forum Posts by: Jacob Wietholder

What is the best landlord app for reporting tenant payments to credit bureaus, collecting rent, etc.? I have one duplex that I own and self manage and want to help my tenants by boosting their credit scores. Please share what app you use to manage! Thanks everyone.

@Austin Jones, I am a fan of looking at comparable rentals in the same neighborhood on a real estate app (zillow, realtor.com) and using rentometer. Like @Dustin Allen said, a comparable has to have similar specs (bed/bath, # sq. ft, finishes, amenities), and what the landlord provides (appliances) or pays for (utilities). I see you are from Topeka, KS, which is very close to the Flint Hills region of Kansas that I just moved away from. I can tell you that rent prices in that area are way behind the rising home values so I would agree that your home value is not applicable to the situation. We ended up selling our home instead of renting it out for that very reason; the rent payment from a tenant wouldn't even cover my mortgage!

@Otto Monroy I would definitely talk to the previous Landlord/PM about how the tenants were on making their payments, cleanliness, damages, etc. before renewing a lease with them. I just went through a similar situation on my duplex purchase with both leases still having two months left. I had the luxury of attending an open house and paid close attention to both units. They were a night and day difference - one side was dirty, damages more than normal wear and tear, tall grass, and had a funky skunk smell on the inside if you know what I mean. The other side was clean, organized, normal wear and tear only, and neatly cut grass. You could tell this tenant took pride in their home. Needless to say, I am not renewing the first lease and I am glad to renew the second unit's lease.

@Joshua Stepanov, I like to be as diverse as possible and not "put all of my eggs in one basket". That being said, the majority of my assets are in real estate, but I also contribute to a Roth IRA, S&P Fund, hold shares in Fortune 500 stocks, and recently have invested in crypto currency. I think real estate is the best long term investment with the lowest amount of long term risk. It is also one of the best ways to hedge against inflation as property values and rents will continue to rise, once again, long term - it is not a get rich quick scheme. Good luck and happy investing!

Thank you all for the input!

@Brad Knight Welcome to the BP network! This platform has truly taught me so much over the last several months via podcasts, forums, webinars, etc. It is truly amazing and you won't get this information and networking anywhere else. Good luck in your journey to financial freedom! I am not far from you in the Quad Cities region (Iowa/Illinois). 

Awesome, thank you for all of your feedback!!

I finally have my first investment property under contract, a duplex with two long-term tenants already in place in Davenport, Iowa. I plan on managing the property myself.

What method(s) are best for collecting rent from the tenants? I have researched that personal checks, venmo, and cash are not ideal. Should I utilize a direct deposit system though a checking account at a local bank?

@Jerome Morelos replace the vanity, keep the window, redo the floor. If you have the time, redo the tile yourself to save a significant amount of money. I'm currently in the middle of remodeling my primary residence master bathroom from a complete demo to finishing it how we want it. You can learn everything you need to know from YouTube videos. My total renovation will cost me about $4000 in materials, but that will likely be different in your location.

@Chad Nachiappan, I am also a new investor in Davenport and just put a duplex under contract last week and I own my primary residence. It is a great market to be in with a lot of options all around. There is a meetup Wednesday night at 1511 Harrison St in Davenport at 6PM. I will send you a connection as well!