All Forum Posts by: Nick Bleser

We recently purchased an 8-plex and the tenant info the previous landlord collected is spotty. Would the best move be to have all tenants fill out an application? That way we can get the info like drivers license numbers and license plate numbers etc.

Thanks in advance!

Thanks @Ray Harrell! At this time all tenants have month to month leases. Some had year leases but all have past their original lease terms.

I am under contract for an 8-plex closing at the end of the month and am wondering what folks like to do when inheriting new tenants. Should I have everyone sign month to month leases or try to get them to sign year leases. My instincts tell me month to month but am curious what others opinions are?

Thanks in advance!

Thanks @Jonathan Cope  so you explain to your tenants that Cozy has a longer processing time to make sure they start payment earlier?

Thanks @Matt P. My concern would be that the tenant initiates payment on the first then I find out 5 days later they had insufficient funds. 

Thanks @Mike Stadel. I thought the same thing about the mortgage payment. Thankfully we keep a cushion for that reason.

I'm thinking about using Cozy for ACH bank transfers. I'm hesitant because there is a 5 day processing period. For those that use Cozy do you get a notification that the transfer is in process? If someone initiates payment on the 1st of the month it's possible the rent won't be received until after the 5th(which is the end of our grace period).

Any thoughts on Cozy or other means of automatic rent payments are appreciated.

Thanks in advance!

@Al Mac I'm interested in this topic too.

Thanks @Karl B. and @Simcha Davidman I plan to go to the local apartment association next month. The building is near me and my wife and I plan to manage it.

You're right @Nathan Gesner this is a good book. I haven't yet checked out the forms but thanks for the tip.

Has anyone here ever built a duplex to house hack? My wife and I are tossing around the idea of building a new duplex so we can substantially lower our housing costs. Can anyone share their own stories of house hacking with a family?

Thanks in advance!

Hello BP!

We are under contract to purchase an 8-plex in June and I'm hoping some of the experienced landlords could help with a few questions.

The first thing I plan to do is talk to a lawyer about creating a lease agreement. Does anyone have any suggestions on things that aren't so obvious to add to the lease?

Other than an application, lease, condition checklist and possibly a lead disclosure, what else do I need for paperwork to place a new tenant?

I'm hoping to create a process for finding and placing new tenants that can be used over and over. Can anyone share their process?

Thank you in advance!

Thanks @Scott Schultz! I will definitely be talking with my CPA.