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All Forum Posts by: Paul K.

Paul K. has started 4 posts and replied 32 times.

Post: Newbie in NWA looking for financing/agent recommendations

Paul K.
Posted
  • Investor
  • Posts 48
  • Votes 32

Hi @Sam Ventocilla, I'm from out of town but work part-time in the area. I'm a newbie investor as well looking near the university or in Bentonville. I will be there in a few months if there are any meetups going on. Hopefully you'll have your househack by then and I can hear all about it! Good luck and keep us posted!

Post: Trying to Rent Out Property in College Town During COVID

Paul K.
Posted
  • Investor
  • Posts 48
  • Votes 32

I was looking at investing in Fayetteville this spring or summer as well, either a duplex or rent-by-the-room SFH near the university.

@Nathan Fridley hope the closing went smoothly! Any updates on the lease situation? 

Post: How are you guys collecting rents?

Paul K.
Posted
  • Investor
  • Posts 48
  • Votes 32

@Todd Ashley @Brian Caudill
I have two rent-by-the-room rentals as it’s been working out great so far.  I will caveat that I personally know at least one person in each property which makes it a bit easier to manage myself.

In Cozy, I set up each room as a separate unit and have separate leases for each tenant. In the lease, I include that up to ‘X’ many other tenants will be considered “additional occupants.”

I’m able to charge more per room and have higher rents than I would if I were to rent the entire place. I make sure that my numbers would work as both a househack and as a normal rental.

Feel free to message me if you have any questions! 

Post: How are you guys collecting rents?

Paul K.
Posted
  • Investor
  • Posts 48
  • Votes 32

I'm a big fan of Cozy. Easy to use for automatic rent collection, maintenance requests, screenings, etc. It's been working great for my rent-by-the-room rentals as well.

Post: Tellus App. Anyone actually using?

Paul K.
Posted
  • Investor
  • Posts 48
  • Votes 32

BLUF

I have very limited experience but have been using Tellus for two months now as owner/landlord and wanted to share my experience. Tellus is a solid no-fee platform. Third party screening through Naborly is no longer free (as of about a month ago?) and is $25. Stellar support team and nice user interface. Lacking in some very basic functionality but with minor improvements, this would be a really great platform.

Screening

Screening for Tellus is provided by Naborly and is no longer free as of about a month ago - there is a $25 fee now. I’m new to the game so when I went through a mock application, I was surprised to see that providing your SSN is optional. I’ve also found that you can skip multiple sections of the screening. If applicants don’t provide their SSN, I’m not sure how Naborly pulls credit/criminal history. One tenant provided employment details but the report came back with “unable to verify employment.” I ended up contacting the company and verifying employment myself. The report takes a few days to process and you can view the report directly in Tellus.

Payment

I’m not sure what third party Tellus partners with for payments but the initial payment from each tenant took over two weeks. Follow-on payments were quicker (5-7 business days). The payment process itself is very easy to use for both landlords and tenants. I set the rent amount in the app’s lease details and that is charged automatically every month. I also manually initiate utility fees every month. Tenants can send payment requests to the landlord/property manager for things like repairs etc. This is more of a user interface issue, but my biggest gripe so far is that when I initiate a payment request, if the payment date is more than 3-4 days out, the charge will not show up anywhere for either the landlord or tenant. I recently charged a tenant for utilities but set the due date for two weeks out. After submitting the payment request, I couldn’t find documentation of it anywhere. Thinking it was an error, I submitted another payment request. When the second charge didn’t show up either, I contacted Tellus support, who clarified the 3-4 day lead time. They removed the duplicate charge and when they changed the due date to the next day, it appeared in my rent history. 

Support

I have been very impressed with Tellus support. You can chat with them directly through the app. The team is responsive and will usually get back to you within a few hours. Even though the issues I’ve had were very simple ones that Tellus should allow landlords to fix themselves, the support team resolved them every time. Friendly, professional, and responsive.

User Interface

Overall, I really like the interface of the app and if there were a few minor improvements, I would be perfectly happy. From a landlord perspective, there is pretty limited functionality. Like I mentioned above in the payments section, I lack the ability to edit a lot of things like payment amounts or dates once submitted. I have to rely on support to change even minor details. One tenant moved in mid-month and my policy is to charge a full month rent at move-in and then apply any prorations to the following month’s rent. Tellus automatically prorated when the tenant moved in and did not provide the ability to edit the amount. As a workaround, I had to manually initiate a second payment request for the remaining amount. Not a huge deal at the end of the day, but it’s an extra step or two and raises additional questions from tenants. 

Conclusion

There are a few basic features that I would like to see added to provide landlords more flexibility. Free tenant screening is no longer offered so that may turn away potential users but the support team is great, the app itself is very easy to use and navigate, and there are a lots of additional features. Whenever I bring up recommendations or features I’d like to see, support seems receptive and offers to pass it to the development team. If just starting out like me or looking to switch to a no-fee property management platform, I recommend trying out Tellus. 


-PK

Post: Determined New Investor, Dallas

Paul K.
Posted
  • Investor
  • Posts 48
  • Votes 32

@Nick Taylor Definitely all the BiggerPockets books - super helpful, easy to understand, and actionable. I'll read a chapter then get so excited about real estate that I have to put it down and just take action. Same thing with the BP Podcast - I listen to it every day in the car/gym/etc. I'm relocating to Dallas next month and just went under contract on a SFR house-hack in Plano. I'll be the first to admit it wasn't a great deal, but it should work out just fine as a house-hack.

Would love to connect and learn together!

-PK

Post: Tenant said he'd be naked when I'm doing tours for new tenants

Paul K.
Posted
  • Investor
  • Posts 48
  • Votes 32

I came for the real estate, I stayed for the comments.

Post: How soon is too soon to invest out of state?

Paul K.
Posted
  • Investor
  • Posts 48
  • Votes 32

@Haley Powell I'm relocating to Dallas this spring/summer as well so I've been researching and learning a ton. I think if you're looking for a house hack, you have more options and flexibility than a straight up rental. I've noticed that a lot of the places near downtown don't work well for me, especially with the HOA fees. But I also won't be working downtown so my needs/wants are likely different than yours. Personally, I've been looking in Carrollton/Plano for a SFH house hack (all the best asian food is in Carrollton & Plano). Good luck!

-PK

Post: Newbie in Fort Worth Texas area

Paul K.
Posted
  • Investor
  • Posts 48
  • Votes 32

@Brandon Miller Welcome! I just started getting into real estate investing as well and will be relocating to the DFW area soon. Tons of great info and people on here. Good luck! 

-PK

Post: DFW Rent by the Room Strategy

Paul K.
Posted
  • Investor
  • Posts 48
  • Votes 32

I was initially looking to do a house-hack in Plano but the housing prices compared to projected rent didn't seem to make sense for me. I totally agree with @Jorge Gonzalez and am now looking N and W of Irving.