All Forum Posts by: Moncy Samuel

My partner and I closed on a Quad property today. For now, we are planning to do the property management and looking for a low cost or free software solution to handle the property management. We both work full time in IT so a systematic process for rent collection, issue/maintenance log and tracking will be helpful. Any advice on experienced diy landlords ?

Thanks all for your valuable inputs. I am preparing the pay or quit notice to be send to the tenant by certified email or by hand. This gives them 5 days. Then again if not paid, I will reach to a real estate eviction attorney to start the process. Tenant not answering the call and the rental is an hour away. I can go there on sat as I work full time job.

Hello all The tenant didn’t pay the rent nor answering the call. Pls advise on next steps.

How much it cost for submetering ?. Is it economical to install separate meters for all units

Replacing 3gal toilet with 1.2 gal toilet is what is in my mind. I am not sure on what submetering is.

Since you are from Marietta, ga Fidelity bank (lion bank) in Georgia is good for HELOC. I suggest to take up to 75% as the rate may be better.

You may be eligible to get up to 80-90% of the appraisal value after the remaining loan amount(if any). Community banks are better for HELOC as they are investor friendly. Most bank does HELOC appraisal quick and for no cost. Typically takes 2-4 weeks based on the bank. Also, very importantly some banks change penalty for closing the HELOC account within certain number of months. (One time I refinanced and HELOC got closed and they charged me $1500).

I have used HELOC to buy rental properties and after acquiring the property, I have approached my lender and refinance and payoff my HELOC so that I can acquire my next property. HELOC is like a bank account where you have funds in reserve for short term. Currently I have a property under contract which I offered a cash offer and if all goes well will be closing shortly.

We have a quadruplex under contract and looking to close this property in two weeks. Currently 4 units rents for $750 and one for $800 as they have washer/dryer. Owner pays the water bill as there is only one water meter for the building. During inspection time, we met the seller and she was owners about the water bill which is potentially a cash flow killer. It varies between 400-700/month and looking for advises from experts here to solve this and keep this manageable and under budget. The property is in Dekalb county, Georgia. Second question is, because this is a cash deal, should we do an appraisal before closing ?. Looking for your valuable suggestions.

Looking for a reliable and thorough multi family home inspector for inspecting a quadruplex in Lithonia, Ga 2/1 on all 4 units