All Forum Posts by: Nathan Churchill

 Unfortunately I wasn't able to make it. I work full-time in Hutchinson, so lunch meetups in Wichita are usually a no-go for me!

Hey guys, I'm an investor here in Wichita. First of all let me say welcome! Wichita is a great city. It's not too big, but not too small. The economy seems to be doing well. I've lived here my entire life, so I'm pretty familiar with it. I'm currently looking to expand my network as well. There's a REIA that meets monthly through meetup.com, you might check that out. I'm still pretty new, I only have one property at the moment, but I'm actively searching for my second. Let me know if you guys want to meetup sometime for coffee and RE chat!

Thank you for the detailed response! Quick question - does this cover water damage from sump backup or is this policy just for building replacement and liability?

Hi, everyone. I'm an investor in Wichita KS and I'm wondering what others in the area are paying for hazard insurance on their properties? Right now I own one property and I'm actively searching for number two. I'm paying about $85 per month on my property (half a duplex). Is that pretty typical for the area? Any input would be greatly appreciated!

In case you needed any more encouragement, I also use Cozy and I really like it. My only complaint is the ACH transfer takes 5 days unless you pay $3 per transaction to reduce the time to 3 days. If your tenants don't like that the money gets withdrawn from them several days before it gets to you, you could maybe request that they pay the fee. My tenants usually have their money withdrawn around the 25th of each month. I'm not sure if they like it or not, I haven't asked them, but they pay every month so I won't rock the boat.

I was in a similar situation with my first property. Since it was my first property and I started a business I got a new business credit card with 0% interest for 9 months. I used that for all of my rehab costs and continued to save money from my W2 job. Over the course of the next few months I saved up enough to pay it off between my own personal savings and cashflow from the rental. It worked out well for me. I just made the minimum payment every month until the interest kicked in and then I paid it off in full. Now all of that savings is building up for my next property.

Another option is to give your tenants deposit slips and they can deposit money directly into your account. There's also services like Venmo, Cash App, Google Wallet, etc... I don't know that any of these options prevent a partial payment, though. Your best bet, from a legal standpoint, might be to return the money to them so you can prove later in court (if it comes to that) that you did not accept partial payment. I'm not a legal expert, so take that with a grain of salt, just an idea.

 Bill, I use Cozy as well and, while I haven't had this problem, are you charging your tenants a late fee for not paying the full rent? The only gray area here seems to be that you may have trouble evicting if you accept partial payment and with the auto-deposits it would be hard to make the case that you didn't accept partial payment.

Cozy's customer service is pretty good, have you tried contacting them to see if they can add an option to the software (like a checkbox or something) that prohibits partial payment?

Thanks everyone for all the information! I'm going to look more into the de minimus safe harbor and see if I can learn more about how to use that.