All Forum Posts by: Nancy Stein

@Ben Clark

Forgive me if this is a dumb question, but I rely heavily on credit/background checks and past evictions. How do you screen and make a good decision without having this criteria/information. I call previous employers and landlords. Is there something else I’m missing?

I have a tenant who has not paid April rent. He is citing Covid as the reason. I have not made an issue of it, but I have informed him I need documentation validating his claims. He told me to look at the lines at McDonalds for validation. I explained it’s currently industry standard to request documentation. I also explained I’m holding all my tenants to this standard. What else can I do if he fails to provide documents? He has a history of late payments so I’m not sure if his claims are legit or not. Thanks for the advice.

@Ani Kap

It also costs contractors more to work outside in winter conditions due to measures they have to take to work in colder conditions. For example, concrete contractors have to add hot water and accelerator, along with concrete blankets in the winter. They don’t have to do that in the summer.

@Jennifer Edwards to add to what Rick Wade said, make sure you’re comparing apples to apples when you get multiple bids. Every contractor writes bids differently. Request that they break out their bid by line item to see if they are including or omitting something the other contractors may or may not have in their bids.

@Faith Kirk I’ve been using QB for my rental company for years. My accountant has all the info he needs to do my taxes. I also have the ability to look at any given property, at any moment, and tell if I’m in the black or not. There may be better programs out there, but I wouldn’t know how to run my business without QB.

@Stefan D. I did a peel and stick backsplash along with a peel and stick vinyl accent wall in a recent purchase and it drove the demand for the property. Maybe cost me $200 at most. Something like that could work for you.

My husband and I are trying to decide the best method to pay for our properties.  Would you recommend paying off property one at a time and then paying off the next one?  Or using that money to put 20% down and purchase more properties?  Thanks for your advice.