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All Forum Posts by: Justin Strait

Justin Strait has started 4 posts and replied 18 times.

Post: NoVa In Person Meet Up | Tyson's Corner Virginia

Justin Strait
Pro Member
Posted
  • Rental Property Investor
  • VA/MD
  • Posts 18
  • Votes 14

Hoping to make it this time.

Post: RentRedi- how do you return tenant security deposit?

Justin Strait
Pro Member
Posted
  • Rental Property Investor
  • VA/MD
  • Posts 18
  • Votes 14
Quote from @Jake Hedrick:

RentRedi customer support ftw 

  1. From your RentRedi dashboard, click the "•••" next to "Rent"
  2. Click "Payment Accounts"
  3. Next to the payment account, click “•••”, then click "Open"
  4. Click "Reports"
  5. Click on "Transaction Reports", specify a date range, and then click search
  6. Locate the transaction that you want to refund
  7. Click the transaction number(should be a blue number link)
  8. Scroll down and enter the refund amount in the box and then click Refund Transaction

 Be careful though. Most states require you to refund any interest accrued on the deposit as well.

Post: Feedback on RentRedi

Justin Strait
Pro Member
Posted
  • Rental Property Investor
  • VA/MD
  • Posts 18
  • Votes 14
Quote from @Daniel Peoples:

Tried for about 1.5 years. My 1099K's from RentRedi are full of errors which they sent to the IRS. There is 30% over income on my 1099. They also fraudulently claimed credit card charges to my renter as income on my statement. I didn't receive the credit card fee and it's not my income. It's going to be a nightmare fixing this. I'm done with RentRedi and I gave them 9 weeks to fix this. They had recommendations from review sites which I don't see the hype. Navigation on the software isn't that intuitive either.


 What is RentRedi providing to the IRS? I though the only accounting was the third party paid service option?

Post: Feedback on RentRedi

Justin Strait
Pro Member
Posted
  • Rental Property Investor
  • VA/MD
  • Posts 18
  • Votes 14
Quote from @Tzvi Ausubel:

I thought RentRedi was free for BP members, but every time I go to register, they ask me if I want to subscribe. How do you get RentRedi free for BP pro members? Thanks!

 You sign up from the Property Management link in the tools section from BP. If you already have an account there is a code you put in to activate it. https://www.biggerpockets.com/...

Post: Rent by Room Move-in/Move-Out Condition Report

Justin Strait
Pro Member
Posted
  • Rental Property Investor
  • VA/MD
  • Posts 18
  • Votes 14

Thanks all. I figured that would be the case but always helpful to poll the community just in case.

Post: Would you charge tenant that moved out for cigarette smoking in rental

Justin Strait
Pro Member
Posted
  • Rental Property Investor
  • VA/MD
  • Posts 18
  • Votes 14

Not a lawyer but legal question that may come up. Did you not conduct regular inspections on the property? Stains and smells like that don't occur overnight. You may want to talk with your lawyer before moving forward on any security deposit assessments to make sure you don't have any liabilities under your lease agreement.

One thing I've learned is there is no exception for conducting rental inspections at least once a year if not every 6 months on a property to protect yourself and your investment.

Post: House Hacking for W2 employee with lower income getting financing

Justin Strait
Pro Member
Posted
  • Rental Property Investor
  • VA/MD
  • Posts 18
  • Votes 14
Quote from @Timson Sunny:

Hi everyone,

I'm looking to house hack a home soon to start investing in real estate. I currently work full-time in recruiting. I've been with my company for 8 months now. I'm also a real estate agent and was doing it full-time before until business slowed down for me. I originally got my license to understand the real estate industry better and take advantage of the benefits of my license when purchasing deals. I now decided now is the year for me to start investing and house hacking makes sense for me at this time. I looked into different financing options and decided that the Navy federal home buyers' choice program would be the best option for me at this time. I plan to take advantage of the no down payment option with no PMI. I would only have to cover the closing cost which I know typically is 2-3% of the purchase price. The hurdle that I have is my company is only paying me a base salary of $45k and I haven't been in the industry for more than 2 years. I want to get approved for at least $265k-$300k but I doubt that's possible with my income. I was thinking of getting a Co-borrower but I would rather not have one. Any suggestions?

Thank you,

Timson Sunny


I just went through this scenario. I used Navy Federal's RealtyPlus program to find a home and get the bonus back. I was going to use Navy Federals mortgage service for my VA loan but my realtor connected me with Jason Rea at NBKC bank and they gave me lower rates and faster closing with no points than Navy Fed. I would recommend reaching out to them about your scenario and see what they can pre-qualify you for.

Post: Rent by Room Move-in/Move-Out Condition Report

Justin Strait
Pro Member
Posted
  • Rental Property Investor
  • VA/MD
  • Posts 18
  • Votes 14

Anyone who is house hacking by renting by room, how do you handle the tenant move-in/out condition report? Do you limit it to just their room or do you include all common areas as well?

How do you handle damage to common areas?

Post: Transferring Ring doorbell to tenants

Justin Strait
Pro Member
Posted
  • Rental Property Investor
  • VA/MD
  • Posts 18
  • Votes 14

Ring support says you can add them as shared users and then remove them when they move out. They can get alerts and live video but not ownership.

https://community.ring.com/t/r...

Post: Anderson Business Advisors

Justin Strait
Pro Member
Posted
  • Rental Property Investor
  • VA/MD
  • Posts 18
  • Votes 14
Quote from @Daniel Hyman:

You might want to take this slow. Keep it simple until it makes sense to build out more complexity.

Its always better to date before you get married.


 Thats my thought exactly. Get what I need now and build out later.