All Forum Posts by: Joseph Konney

Also, a note on Zelle, many banks are still not fully setup for Zelle and may have transfer limits. While you can use Zelle with almost any bank, tenants should check and see what the limits are on what they can send in a Zelle transaction. Unlisted banks on Zelle's website likely will likely not support sending the rent amount. 

PayPal charges a 2.9% fee. I find it useful to use for taking app fees. It is also useful for an initial payment for someone moving in from out of town (I charge back the fee in this case). Also, if you send as 'friends and family', which essentially strips buyer protections or their right to dispute the payment, there is no fee.

If you have good and free credit, to complement your HML for your flip you might consider opening some credit cards that have introductory rate of 0% APR for 12 months. You might need to pay a couple points initially, but it sure beats 10%. I've heard of people doing free balance transfers to extend that.

I just thought I would toss out there that some areas require a heat disclosure statement which inform prospective renters of anticipated heating costs. While you might not pay the bill, low income tenants may be particularly sensitive to the burden. They may see several comparable apartments - if the cost to heat your unit is significantly more or less, it may very well influence their decision. 

Congratulations on a great first flip! What would you do differently? Specifically, how will you address your general contracting differently in the future?

A lot of banks want experience before letting you take on a commercial apartment building. You might consider a certificate of training which may weigh in your favor. For the Chicago want to be landlords, see http://www.cicchicago.com/documents-training/prope...

A lot of banks will want to see financial statements from the current owner. For smaller buildings or troubled buildings, it was troublesome to obtain this documentation. Shop around at local banks and you may be able to find someone to work with you that doesn't require the seller's prior tax records on the property and may approve you based on the rent roll, walk-through, and other factors.