All Forum Posts by: Patrick O.

As an update to anyone who has any thoughts of using eRentPayment, they just sent out an email letting us know that their lawyer is finally going to contact the bank about releasing our money, that they are finally speaking to their bank about raising funds to generate our payments and that they are finally speaking to past investment groups about raising funds to generate our payments. No one from this company thought of being proactive and taking these steps before tying up our funds. This is an admission that they can't cover our funds despite previous statements that their company had no financial issues. And they are just now taking the steps of group emails to update customers on the misuse of their funds. All of these troubles could have been avoided had they notified customers prior to their failed bank change so people could make alternative arrangements or if they had readied a holdover fund in case of any hiccups. My hope is that this experience will help better prepare any future landlords of the potential hiccups and risks that are out there

Thanks Laurence K. That was my assumption as well but can't understand why they wouldn't directly notify customers and update them continually. As a customer, I don't think you should have to guess

Appreciate your response @Rick S. The latest message I received from you definitely helped clarify but I am quite disappointed in the lack of communication prior. I wouldn't have even realized were it not for me randomly making a trip to the bank yesterday. Mistakes do happen but being direct, upfront and honest about them is essential. My hope is that this will be resolved ASAP and that maybe your company and the awesome BP community can learn from it

Thanks Don Daniels I really wish I had asked the awesome members like you on this site before!

Thanks Andrew Acuna I'll definitely check them out. I'm definitely worried at this point. And, also, don't want to see anyone else go through it!!

My apologies Sai. My comment doesn't belong with this title. I reposted but am unsure how to delete this one via my phone. But thank you for taking the time to respond

I had a rental payment processed on 10/4/17 and still haven't received payment. Their Facebook page has a post saying processing that's normally 2-3 days will be 3-5 because they're changing banks. They never sent notice prior to this change or else I would have had the tenant mail it for this month. Also, after realizing they were having issues instead of directly notifying anyone who could be effected they put a blanket statement out on Facebook. I only noticed because I happened to go to the bank yesterday. I find this very troubling and was wondering if anyone has had a similar issue or any thought on how to handle it

Hi, this is my first time renting to a prospective tenant. The tenant will be living with two of his brothers, one on disability and the other is employed. Is it recommended that we run a credit and background on all adult occupants or just the one who will be signing the lease? Is that too much to ask of the prospective tenants?

You mentioned that coming up with a 25% down payment was a little more money than you had presently so maybe you and the co-borrower can split that down payment. Also, split whatever profits and equity gets accrued. I realize you may not want to split that up keep in mind expenses will happen and it will be good to have someone share that burden as well. I know you mentioned that the prospective co-borrower didn't want to live there but if they're willing to co-sign my point was they must have some interest in the deal and if they're going to assume all that risk in co-signing they may want to receive some rewards also. If not, maybe search for another partner whose interested. If it's a profitable deal and you're willing to manage the place yourself you may have some luck finding a partner. One of the benefits of being a bartender is you talk to a lot of people

Sounds like your simplest solution would be to partner up with the co-borrower. Sounds like it's a bit risky on your own if you're not able to secure the loan on your own and also haven't been able to save enough cash to come up with 25% down. Obviously, if the co-borrower is willing to sign they must have some level of interest in either the property or your plan to be a landlord. This will limit the risk for both parties also. Another positive is that your rental income will have a w2 and you will still be eligible for a future 203k loan and will have gained experience as a landlord all while building some equity