All Forum Posts by: Michael Karl

@Shaun Palmer I am also in the same boat.  I am looking to start with online rent collection and it seems very overwhelming to figure out where to start.  I am very interested to see what kind of response you get on this topic.   I have read a decent amount of good feedback about eRentPayment.com  

@Vikas Kumar, I have never looked at student housing as an option but I have talked to a few friends that have some experience in this area after reading your post because I was interested in how things work. The suggestion that I can give to you after talking with them is to not rent out individual rooms, but it rent the house out listed with the bedroom number, and then make sure your have every resident sign a lease individually.  if you rent the rooms yourself you risk countless phone calls when two tenants don't get along.  if you rent the house as 1 rental, a group of students will decide to rent the house together, then you have each and every one of them sign the lease so you can put them all on the hook for the rent if it is not paid.  Also not a bad idea to have parent cosigners on the lease if the students do not have legal income to pay the rent. 

good luck and please share how everything works out for you.

@DJ Richmond, if I am reading your original post correctly you are saying your previous landlord deducted from your security deposit in the amount of $225 when you moved out.  You then went on to say in the same post that you don't want to ruffle feather with a big player in your area but you are attempting to contact an attorney.   I understand your frustration during this matter but I have a few questions for you to consider.  First, how much is an attorney going to cost you? I would bet more then your $225.  With that being said, are you getting an attorney involved to get your deposit back or to prove a point to the landlord?  if you are just looking to prove a point then I would say you are interested in ruffling feathers.  In my opinion if you do go to court with this I am sure you will get your money back.  But if I was in your shoes, especially as a new investor yourself, I would stick to casual phone calls and see if you can resolve this with them personally.  If that is not possible I would look at the money as a learning lesson as to how not to treat your own tenants moving forward.  I know its a hard pill to swallow to let someone get away with that. But remember if they did it to you they are doing it to others and eventually it will catch up with them and the word work get out.  I would take the high road as to not get yourself on this guys bad side now, and when he reputation starts slipping down the road you will have these experiences to look back on and move in.

just my 2 cents on the matter.

good luck hope it all works out no matter what you decide to do.  and good luck with your new property.

thank you everyone for your input.  I totally understand the legal end of the security deposit, i was wondering if it is the same for the money for last months rent.

@Robert P. thank you for that info about how it is done in Mass  i will look into that info for NY

@Matthew Paul i purchased the property for cash, so as far as not having income i will not have a mortgage to pay for, the reason money is tight right now is because i had to pay school taxes right after closing, and then spent $17000 on a roof the first month.  so some of my money is tight until i get a few months of rent from this property because i have to wait a few months before i can put the property under financing and get my cash back out.

@Tony Leonardi  welcome to BP.  what area in Buffalo are you looking?

@Holly Ann Hoff just a suggestion to get you started is the website Thumbtack.com  I am currently in the process of hiring a roofing contractor for one of my rentals in a Buffalo suburb.  I have found this site to be very helpful because it can connect you with some very good contractors that are not as well known as the big companies you see and hear on tv and radio.  the site shows reviews for everyone that contacts you so you will be able to see others interactions.  the site is free and you are not obligated to use anyone that contacts you.  cant hurt to give it a shot

On September 1st I took ownership of a 3 unit rental that was fully occupied.  At closing the previous owner transferred the security deposit and last months rent as stated in the contracts.  My question is "do I have the right to use the last months rent?"  I do understand that if I were to resell when the tenants are in place I would need to transfer the money, but I have some small maintenance items I want to address this month and instead of borrowing the money from my bank to make repairs can I use the last month rent money.   I have no intention of touching the security deposit money and that has already been placed in a separate account.

@Jon Olson, your title caught my eye every quickly when I saw it,  as I am typing this myself, my wife and my brother just closed on a 3 unit rental today.  my brother and I have already partnered together before this in a house flip.  The biggest piece of advice I have is to make sure that everything you and your brother agree to is in writing and 100% understood by both of you.  I don't know at what stage of the process you and your brother are at in this process.

Here are some thing to consider, when you say 50/50 is that your financial split?  How are you going to factor in you living in one side of the duplex?  Figure out and write down everything that might be a question about and answer it before you guys put your money together and for sure have it all written down before you close on a property.

good luck, and keep me posted on how you work things out

@Christian Hoffman

welcome to BP,  I am from the Amherst/Williamsville area not to far from you.  I am also fairly new to the real estate game in WNY.  I just closed on my 2nd rental property and still have a lot to learn.  but if I can help you with anything feel free to message me and I will do my best to help.

good luck in this new adventure, you have found a great place to learn.

@Christopher Wallak, welcome to BP, you are in the best place to learn about real estate.  take in as much as you can from the site its an amazing resource to learn anything you want to know.  also don't hesitate to get on the forums and ask a question if you are not sure about something, you will be amazed at how many people will reach out to help.  

good luck from a fellow Buffalo member