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All Forum Posts by: Justin B.

Justin B. has started 5 posts and replied 50 times.

Post: Tenant Cloud

Justin B.Posted
  • Warner Robins, GA
  • Posts 56
  • Votes 17

What's bad for me is I just switched my tenants over from IPN to Cozy.co. I think I would have rather used TenantCloud because Cozy.co takes fooorrreevvveeerr putting the money into your account. I don't even know the money is taken out of the tenants account until the last possible second. I have had a payment fail on day 5 of processing then had to start all over again using Cozy. 

I still have a tenant that pays through Google Wallet only. Maybe I could dangle a carrot to see if she would switch to TenantCloud so I could give it a test drive.

Post: Tenant Cloud

Justin B.Posted
  • Warner Robins, GA
  • Posts 56
  • Votes 17

TenantCloud used to be EvaProperty years ago. I, too, was looking around for various free payment and management software. Years ago I found EvaProperty. The site design was unique (I couldn't decide if that was good or bad) but it seemed to have the necessary requirements of a proper prop mgmt tool. I got an email back in Dec. 2014 saying EvaProperty was now TenantCloud. I still never used the site live but I kept an eye on the progression. I logged back in last night, first time in a while. I will say the site looks fantastic. I am still reviewing all of the features but it still seems to have everything a prop. mgmt site needs. There's even iOS/Android apps now. So it seems that the revamp is at least 2 years in the making with even more history/experience behind them (EvaProperty). 

I snapped this pic from my account's Setting > Upgrade You Plan option:

Post: Property Manager - Warner Robins, GA

Justin B.Posted
  • Warner Robins, GA
  • Posts 56
  • Votes 17

Is 10% the going rate for a property manager in WR's?

Post: Advice on Macon Georgia market

Justin B.Posted
  • Warner Robins, GA
  • Posts 56
  • Votes 17

The advice here is solid. Macon is very spotty. I've looked at buying multi / single families there. It's so tempting! When you run the numbers, your ROI always hits the marks. But the location... The number of murders alone will scare off any good tenants / buyers.

That's why I've stuck with Warner Robins. As said, you could worry because it is a one-horse-town but you can resolve that by developing your own diversification strategy. For me, starting out in WR has been a great experience. The competition has been relatively low (compared to Atl), inventory has been moderate, and the purchase to rent ratio is between 1.5 and 2 (I buy n hold).

I recommend you actually get out there and learn your market first hand. You'll quickly figure out what suits your personality.  

Post: Kwikset SmartKeys

Justin B.Posted
  • Warner Robins, GA
  • Posts 56
  • Votes 17

If you find out the tenant rekeyed, slap him with whatever charge you (hopefully) had outlined in your lease. 

I use LandlordLocks. The locks have a master key, contractor key, and tenant key. The tenant key works for just a set of locks. The master and contractor key works for all the locks you order from the company. However, the master key allows you to remove the core of the lock to exchange for a different set when turning over the property. My contractor/maintenance guy has just the contractor key and can service all my properties without having to worry about a set of keys or updating him with lock changes, etc. It's a small win but I'll take it. :)

Post: Home Depot 6AM trick

Justin B.Posted
  • Warner Robins, GA
  • Posts 56
  • Votes 17

Hey @Mason Keith. You're in Centerville on Watson? 

I use a contractor that has done work on my rentals. His primary work is electrical but he tells me he runs a crew of guys that span the trade and are insured. I can't say how he is with a big rehab but he's really honest, prompt, and fair for the work I've used him for which was service calls and one small rewire job. 

I also have a contractor contact (written down at the house) that I got from the WR REIA. He spoke there a couple months ago. The REIA host uses him for his flips and recommends him. PM me if you're interested.

Post: Rent Payment Methods

Justin B.Posted
  • Warner Robins, GA
  • Posts 56
  • Votes 17

When I first started out, it was rent checks to the po box. I quickly realized that I didn't have a cash option when the excuses started to roll in about not being able to mail the check on time. So I had to meet in person. That happened just once before I pushed for the tenants to use Google Wallet for the "cash" option. I stopped receiving checks and began receiving transfers. They loved it. I simply requested the rent through the Wallet app and it was sent directly to my bank account when the paid. It typically takes a day or two to show up and it's free. 

My problem now is that I don't see this as a scalable solution because I have to request the rent. I want some type of recurring request to be automated so I don't have to be involved with that task. I also don't like the idea that they can just send me any amount of cash at any time. If I was ever going through an eviction process, someone could send me a $5.00 partial payment derailing the eviction. So I have recently started using Inuit Payment Network. The cost is minimal at $.50 per transaction. 

Post: From Warner Robins, GA

Justin B.Posted
  • Warner Robins, GA
  • Posts 56
  • Votes 17

Hey @Carl Candiano! It's good to see you on the site. 

See you at the next WR REIA. :)

Post: How I turned $10k into a $50k Line of Credit

Justin B.Posted
  • Warner Robins, GA
  • Posts 56
  • Votes 17
Originally posted by @Eric Smith:
Originally posted by @Justin B.:

This is great! @Eric Smith When you make offers with your LOC, are they considered cash purchases? Does the bank need to approve the asset and it's condition? I was just wondering if this strategy could be used to buy inhabitable/distressed properties quickly and cheap using a LOC as cash and use the rest of the LOC for rehab if needed.

I guess you also need to know if you can qualify for a mortgage before purchasing with the LOC You can't have more than 10 loans, correct?

Thanks for sharing.

 Hi Justin,

Yes, you can use the LOC to buy and fix up distressed properties. Also, you probably won't get a LOC without being able to qualify for a loan. That is discussion for you and your banker. I put all my houses under an LLC so I don't have a limit.

Thanks Eric. So you're making cash offers? The LOC will suffice for proof of funds?

Post: How I turned $10k into a $50k Line of Credit

Justin B.Posted
  • Warner Robins, GA
  • Posts 56
  • Votes 17

This is great! @Eric Smith When you make offers with your LOC, are they considered cash purchases? Does the bank need to approve the asset and it's condition? I was just wondering if this strategy could be used to buy inhabitable/distressed properties quickly and cheap using a LOC as cash and use the rest of the LOC for rehab if needed.

I guess you also need to know if you can qualify for a mortgage before purchasing with the LOC You can't have more than 10 loans, correct?

Thanks for sharing.