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All Forum Posts by: Joni Chin

Joni Chin has started 2 posts and replied 40 times.

Post: Home Warranty Decision(s) for entire portfolio

Joni ChinPosted
  • Investor
  • Honolulu, HI
  • Posts 45
  • Votes 20
My one experience with home warranty was that we had purchased it for 1 year one of our rental properties at the suggestion of our realtor. It’s a 90+ yr old house so thought it was a good idea at the time. Paid about $350 for the home warranty (fidelity) Within a couple of weeks we called in for service because drains were backing up. $65 service call and the plumber snaked the drains and the clean out. So I guess I saved about $100. 2nd time it happened within weeks, they determined it was in the sewer line (tree roots) not the drains in the house so they wouldn’t cover it. So eventually I ended up spending big bucks for camera scope, service, and eventually replaced much of the sewer line. Next within the same year, hot water heater went out, they couldn’t sent their plumber out so they charged me $65 for “service call” and told me to get my own plumber and they would reimburse. That cost $235 to repair and the plumber recommended replacement as he felt that the repair wouldn’t hold for long. Final result was they agreed to reimburse me for the $235 but refused to pay for replacement although two weeks later the hot water heater went out again. The plumber even sent in his recommendation for replacement at the time of the first repair but I was told they would replace it until there was a “total failure” (which would have resulted in additional damage to floors and drywall, according to plumber) So I ended up paying $1500 to replace hot water heater. So basically it was a wash or really a slight loss. So to me it didn’t seem worth it so I did not renew.

Post: Install HVAC in rental and be broke or NO?

Joni ChinPosted
  • Investor
  • Honolulu, HI
  • Posts 45
  • Votes 20
I would get a some Cadet wall heaters installed. They cost similar to baseboard heaters but I think they will cover a larger area. They have individual temp control/thermostat too. We have those in each room in our rental property in Oregon, they keep the house warm enough. If you google the website you should be able to determine the right size.

Post: Rent payment for absentee owner?

Joni ChinPosted
  • Investor
  • Honolulu, HI
  • Posts 45
  • Votes 20
Nearly all my tenants pay online through Zelle/pop money or other online payments with the exception of two of my tenants who deposit it directly into our account at the bank.

Post: Break down of areas to invest in Kansas City, MO

Joni ChinPosted
  • Investor
  • Honolulu, HI
  • Posts 45
  • Votes 20
Brian Wilson could I get a map too? thanks!

Post: Are College Town Rentals Crazy?

Joni ChinPosted
  • Investor
  • Honolulu, HI
  • Posts 45
  • Votes 20
The two rental properties we have are rented out to mostly college students. There has been a lot of turnover as we rent ours by individual leases per room, but this works best for us. And we can get more income per room this way. We have had virtually 100% occupancy, even in the summer. We have done both school year leases combined with summer term leases or 1 year leases starting in August. Always only 1-2 days between move in and outs, and most of the time we have a large number of applicants for vacancies. For the most part, we haven’t had problems with parties or damages over the nearly 4 yrs we have owned them-you have to screen well, check references, social media, that kind of thing. I’m an Out of state landlord but I have “boots on the ground” there too. It helps that my college age child lives in one house. Once tenants are in you can find one that’s the most responsible and enlist their help in keeping things running smoothly.

Post: AGE of a multifamily investment property in New Jersey

Joni ChinPosted
  • Investor
  • Honolulu, HI
  • Posts 45
  • Votes 20
Should always have a sewer scope done. I learned the hard way on my last rental property purchase.

Post: Contractors in the St Petersburg, Fl

Joni ChinPosted
  • Investor
  • Honolulu, HI
  • Posts 45
  • Votes 20

Looking for "investor friendly" contractors ion the St Petersburg, Florida area. Any suggestions/recommendations, can someone PM me or post (if allowed) contact info  of any you have used in the past? Thanks! 

Post: Renting by room in Tacoma, WA legal issues, etc

Joni ChinPosted
  • Investor
  • Honolulu, HI
  • Posts 45
  • Votes 20
I have two rentals, one in Arizona and one in Oregon both are in college towns. Both properties are rented by the room (12 total) and managed from another state and for me, it runs very smoothly for the most part. It’s mostly rented to college students but there’s interest from other people as well. PM me if you like to know how I have everything set up, etc.

Post: Portfilio For Sale EVERYTHINGS NEGOTIABLE!

Joni ChinPosted
  • Investor
  • Honolulu, HI
  • Posts 45
  • Votes 20
I know it’s been a while but could you send me your list of what you have, interested in all but particularly Indy. Thanks, Joni

Post: How to find a new, RELIABLE online payment service?

Joni ChinPosted
  • Investor
  • Honolulu, HI
  • Posts 45
  • Votes 20

Our tenants use Zelle, our bank account is with Wells Fargo. We usually get payments the same day or within 3 business days. The limits with Wells Fargo are $2000 any single payment from an individual but there is a limit of 20,000 a month. So if your rental income is less than $20,000 then it would work. Since we are OOS landlords, and our tenants are college students renting by the room, it works for us! I return security deposits using the same method as well. Zelle another electronic payment systems like POP Money, P2P is available through nearly all national banks and many smaller banks. When we get a new tenant in, we send them the information on how to set it up through their bank. The other option for them is to deposit directly into our business account at Wells Fargo. We have used this method for over 3 years now, and have had no issues with it.  Also each deposit list the persons name so we know who its coming from, and we also receive a payment notification from the bank as well.