All Forum Posts by: Venkat K.

Hi Yonah and other BP'ers,

I am in similar situation NJ. My commercial tenant is evicted last year, and I have a judgement against the owner in person and the entity that is operating from another location and would like to start the collection process. Can you refer a dept collector? I collected enough documentation on the debtor, and I think collection can be successful. 

I just started researching Baselane, along with  and Azibo

These apps look very promising and interesting. Look at my post here : Property Management Banking (biggerpockets.com)

Let me know if anyone has experience using especially their banking. I am going to try these out and report back once I talk to them to make sure they are legit

Hi,

I have been struggling with general property managing with regards to banking, rent collections, invoice payment, accounting and year-end tax preparation for last few years. None of the solutions seem to be complete in that regard. 

Traditional banks to some extent offer invoice payment through online BillPay, ACH etc., but none of them to offer rent collection features.  Also, I always wished that these banks offer a way to add tags to all transactions so that it becomes easy to generate reports and do year-end accounting. I know QuickBooks does offer these features but setting it up for this purpose is challenging since is not designed for the task.

General property management systems do the above to certain extent, but their main focus hasn't been accounting and banking integration and ease of use.  

Due to above issues, I have been researching into options and stumbled upon on this: Landlord Banking: What is the Best Bank Account for Landlords? (landlordgurus.com). Looks like these apps are very appealing for the above purpose. They not only offer the above-mentioned features, but also their own banking (I still need to check if they are FDIC insured and regulated), in terms of ease of creating multiple accounts, free checking accounts, and great interest rates on balances in checking accounts. It seems to be too good to be true, so I thought I will run it by here to see if anybody uses any of the systems mentioned in that article. I think they are trying to capture market share of landlord segment of banking by offering all these features for almost free of cost, and more.

Do you use any of the above systems? If so, so far how has it been going?

I am new to tenant screening process. Is there any one here, or a consultancy service that can help me through navigating the their condensed financial reports and DnB report? 

What is the best way to vet an unrated (Corporate credit rating), up and coming nationally expanding corporate tenant? Their Dun and Broad Street risk assessment is very high with PAYDEX score:65 and delinquency predictor percentile:9

I have their financials in very condensed format and they are not willing to give any more information than what they provided.

They are asking for about 100K in tenant improvements with 10-year lease term, and I have to pay about 100K in broker commissions upfront for total lease value of about 1.5M over 10 years, which seems to be a very risky deal.

How do you go about vetting these kinds of tenants? Do you know any consultant/specialist who can navigate me through this situation?

How about shortening of the lease to 5 years with additional 5 year option? That way you are obligated to pay the tenant rep the commissions worth only 5 years.

I have a related question regarding Tenant Improvement and free rent. If free rent is provided in lieu of Tenant Improvement, how does it get treated for tax purpose? Should that free rent be amortized over lease term or can we not book it as revenue because rent is not collected?

Hi,

Any recommendation of real estate accounting and tax advisors in NYC/NY area? I need some who can advise me on tax optimization strategies and structuring as well as book keeping and year tax filing

I am in contract to buy a residential rental property with 7 units and looking to for inspection company. Would you recommend any one?

Kevin,

I am in the process of acquiring rent control building and looking into doing the same. Did you make any headway with yours?

I own an investment property and in the process of closing another one in Jersey city and would like to connect with fellow investors in Hudosn county.