All Forum Posts by: J Zhang

Quote from @Dave Spooner:

Hey @Katie Williams just wanted to clarify a few things:

We will take away a tenants ability to pay via ACH after 4 failed ACH payments. We can take it away sooner if you request it, but two months in would be pretty aggressive typically. 

We hold the funds for 3 business days on the first ever transaction (meaning if you're paid on a Monday, you get the money after 3 days, therefore Friday). This is a pretty standard ACH hold period. Future payments are held for 1 business day (accelerated). If your tenant has a history of failed payments, we permanently move to 3 day holds to ensure the funds are available. Sounds like that's the case here. 

Hi Dave, does Innago automatically stop tenant's ability to pay via ACH after  4 failed ACH, or it's up to the landlord to request the stop?   I hope we will never have to deal with something like this but would be good to know how this works. BTW it's been a great experience using Innago, and very good customer/tech support. 

Quote from @Adam Bartomeo:

Sounds like someone is trying to cover their butts. I have never read a contract that stated that. 

It's in every single lease I've seen from PM companies ( over half a dozen). Might just be a Colorado requirement for RE brokers/PMs. 

Quote from @Koren Lavi:

@J Zhang, no not if you are an unlicensed broker in the state of Colorado. Different rules apply to brokers and property management companies, but the state is much more Laissez-faire with unlicensed homeowner landlords.

Thank you! 

Quote from @Alex Pelletier:

Quote from @Allen Berrebbi:

Quote from @Alex Pelletier:

Quote from @Allen Berrebbi:

I'd love one with built in accounting. Simple accounting needs

 In that case, Azibo may be a great fit. We (I work at Azibo, just a disclaimer) have quite robust accounting capabilities and time saving features like Schedule E generation and automated  transaction tagging rules. If you want to chat or hop on a demo, feel free to connect with me!

 How is it free then? You must make money somehow?

We make money from value add features and services: credit card fees (ACH is 100% free), credit reporting for tenants, insurance policies (both renter’s insurance and landlord), our lease creation and e-sign feature. So we don’t charge anything for the platform but we make money as we provide value for our users! 

For anyone who wondered here a year later, if you also use Innago, you can avoid manually entering expenses by scanning the receipts and the item description and total $ amount will load automatically, as long as everything on the receipt is expenses for the unit. Although sometimes I have to edit the description if the description on the receipt is too vague. 

I've always seen a disclosure in rental lease by property management saying "This lease form has not been approved by the Colorado Real Estate Commission. It was drafted by xxxx". Does anyone know if this discloure is required for a self-managed rental lease where the landlord drafted their own lease and they are not a real estate broker?  Thanks! 

Hi I'm screening an applicant who works at a large organisation that uses 3rd party employment verification system (which I have accessed via the portal from the organisation's website). My question is, is there any point to ask the applicant to give me their supervisor's number so I can call?  Where I was from (large orgs) managers are pretty strict on what information they can provide for employment verification. Is it the same here on Colorado ? If so, a phone call is not going to get me any more information. Or are there still good reasons to talk with a real person? Thanks for any insights! 

more info: At this point I'm satisfied with all other aspects of the application and credit/background check came back clean and excellent. 

Quote from @Owen Rosen:

Quote from @J Zhang:

I got two insurance quotes for the same property. The replacement values are drastically different, and so are the premiums. I would like to find out what are some good websites with calculators you use to calculate rebuild cost, so I have a better idea which replacement value is reasonable. Thank you! 

 Have you asked the agents about it?

Will ask them tomorrow! Each must have their own calculators and justifications for 200K vs 400K! :-) Outside the US I use the Corelogic calculator because our local insurance companies provide a no-frill version for free. I don't see how I can access it from here as an individual. I do miss the Corelogic rebuild cost calculator; would be good to know of an equivalent. 

  

Quote from @Theresa Harris:

You can't because you don't know the move in condition of the home and it would be the seller's word against the tenant.  At the end of the day $800 of repairs in an inspection report isn't that bad-ask him to split it with you.  You also need to make sure you get the tenant's deposit (in full) transferred to you at closing along with prorated rent.  As soon as you take possession, do a walk through to document the condition of the home, so that when the tenant does move out, you know what was damaged AFTER you bought it.

Thank you Teresa! The total repairs from the inspection is much more than $800. But you made a good suggestion, and I agree it'll be messy for me to determine what's tenant damage and what's not (even with the move-in report). I will just negotiate the total repair cost (while removing myself from making judgement about what's tenant damage or not), and receive the full deposit. 

I got two insurance quotes for the same property. The replacement values are drastically different, and so are the premiums. I would like to find out what are some good websites with calculators you use to calculate rebuild cost, so I have a better idea which replacement value is reasonable. Thank you! 

I would like to get some insights from those of you who've been through buying a tenanted property. We just did the inspection and there's about $800 repairs (not wear and tear) that would be tenant's responsibility. The seller says I can just deduct the repair cost from the tenant security deposit. To me, this is using security deposit to pay for repairs DURING a lease (because the tenants aren't moving any time soon). I believe the seller should settle these repairs with the tenant now, and hand me the full amount of security deposit at closing. I don't want to start the landloring with a tenant dispute about those repairs.  What are your thoughts? How did you or would you navigate through this?