All Forum Posts by: Jarrett Harris

• Home Equity Loans/Line of Credits? Cashed out a retirement account (paid the penalty) for downpayment on duplex - better return now
• Private Money- This is my next deal- friend is inventor of Rollerblades and I am meeting this summer with his good friend who is a big time RE developer in NYC. Both want to work with me to ramp up in the Midwest.
• All cash- Yes, current flip. Bought all cash, off market, from a family living out of town. ARV $110k, repairs and holding fees $20k. Offered $31k all cash 30 day close. They accepted with no counter!!!!
• Partnerships- Yes, best decision I have made. Partner is 72 years old and owned 75 properties and sold 62 of them off a few years ago. He is now my mentor and partner on 2 properties and counting.
• Seller Financing- No
• House Hacking- Doing this now. Sold my house on a golf course and moved into a duplex. Wife was hesitant but likes the $$$

@Jarrett Harris - Glad to see others are going through the same. Vote at top; i think it helps with exposure-not sure. Yea, to me that seems just... idk.. too inconvenient. If they pay for other bills online or in store (Wal-mart, 7-11, etc) for cell phone, insurance, or cable they should be able to pay rent as well. I asked this question preparing myself to come up with a way to switch with an incentive or a norm.. etc. but you @Jarrett Harris if they're refusing to pay online... idk, maybe put it in next lease that its mandatory to pay by depositing in a bank or the like. 

@Account Closed - Yea, im interested too. You report their on time and late payments? sounds like a good thing to offer and incentive to pay on time. I came across a site www.erentpayment.com that reports but not sure how to report without going through a payment processing site.

Thanks!

@Chad Hurin

For your type of renters, PayNearMe might be a great option. All they do is bring their rent money to a nearby 7-eleven or such and pay a $3.99 fee. The clerk gives them a receipt. You instantly are notified of a payment and that payment is transferred to your bank account within a few days. My tenants seem to love it.

I don't think you should waste your time driving to pick up rent. They are adults and you are the new guy in charge so whatever the last landlord did is irrelevant.

The hardest part for me about PayNearMe was getting set up and verified to receive payments. So if you use that option, be sure you're all set up before offering the service to them.

If you only have 1 property to keep track of every month, I think a simpler solution is warranted (I don't have any rentals so feel free to correct me).  I use Chase bank, and they have a service called Chase Quick Pay, you can request money for a specific amount or leave it open for them to fill out and on a specific day.  your tenant doesn't have to have chase and it is free.  I also get my money in 24hrs or less.  You get email notification that they made the payment and the amount paid, you can also setup requests for future payment requests. So you can set it up to request money each month for the whole year in about 15 mins.

Now this may not be a good way to go if you have multiple properties you are receiving payments from, but even upto 5 I don't think it would take much work.

Can someone please give me full information about a buying concept called “3 legged stool”

Many thanx for your quick reply

George

Jarrett,

Why don't you offer $62.5k for the condo and ask the seller for a $5.5k credit for closing costs and repairs? That should give you a $50k loan with 20% down.