All Forum Posts by: Jordan B.

Hello BP!

Can anyone explain to me their process of getting rent from their tenants? Do you mail a bill to each one of your tenants with the balance due for the next month's rent (including any late charges etc.) Or do you just simply tell your tenants to send in the rent by the 1st of the month and leave it at that?

Also is there anyone who uses bill paying software to allow their tenants to pay the rent online? If so, please let me know what software you use and how it has worked for you. (alsohow much is costs)

I am under contract for my first property and am trying to get my systems into place beforehand.  Thank you for any and all responses!

Jordan

Hello BP,

When is the best time to sit down and speak to a soon-to-be inherited tenant about the new lease terms, rules, etc.?

I have read it s best to do it before closing and other have told me to do it right after closing. What do you think?

Thank you!

Hello BP!

I am curious to how the security deposit gets transferred when inheriting a tenant.  Does the previous landlord give me the security deposit to hold at closing? Does the previous landlord give the tenant back his security deposit and I then have to ask the tenant for the new security deposit?

Also how do I make sure there isn't a discrepancy between what the tenant and the landlord said he gave for the deposit ?

Thank you in advance!

Jordan

@Demeko Morgan I am 22, I actively started educating myself about a year ago and decided that I knew enough to take action about 2 months ago.  I am now under contract for my first buy and hold rental and I feel confident that what I learned was enough to make the right decision. Best of luck to you and don;t be afraid to take ACTION.

I'm in the Dayton,OH market and there are plenty of 2-4 units under 100k. You have to know where the decent neighborhoods are and where the D areas are. Having boots on the ground would be the only way to know for sure. @Rito Altamirano

Great ideas, Thank you! @Kyle Godbout @Karl B.

Hello BP,

I just had the inspection done on a property I have under contract.  It came back that the chimney is leaking due to improper flashing.  I asked the seller to have the chimney re-flashed before I would close on the property.  He agreed to the repair but now my question is, how do I know if he really made the proper repair or if the repair was made at all? Do I hire a contractor to go look at it before closing to make sure it was done right? Do I ask to get on the roof to take a look to see if it was done correctly?  

Thank you,

Jordan

@Frank Chin Thank you for the helpful reply. Yes I think I'd rather spend a little more money and be with a larger more reputable company.

Hello BP,

Has anyone heard of or done business with "Keystone National Insurance Company"? They provided me with a great home insurance quote but I don't know much about them.

Thank you

Hello BP,

Has anyone heard of or done business with "Keystone National Insurance Company"?  They provided me with a great home insurance quote but I don't know much about them.

Thank you