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All Forum Posts by: Robert Leitner

Robert Leitner has started 8 posts and replied 37 times.

Post: Need an alternative to Stessa

Robert LeitnerPosted
  • Posts 38
  • Votes 10

They seem to be going through some changes. One of them is the addition of another aggregator, which solved one of my connections. The other one has probably only been connected 3-4 months of the last 2 years. It looked like the new aggregator worked initially, but now won't sync though fails to report there's a connection issue. I use Monarch for personal purposes, they use 3 aggregators, and I've had no problems staying connected to all my accounts. I've tried many other personal finance tools and consistently had problems staying connected, so they're the exception. This area of banking could do with some standards. For the most Service has been responsive, they're adding more functionality, though wish I could track maintenance/repair requests and service fees for rent, but the cash management is what's keeping me here for now. With rate changes happening, not sure how much longer that will be an advantage. 

Quote from @Darrell Kirby:
Quote from @Ann B.:

The company who advertised at our REIA was Beacon Recovery Systems in St. Louis, Missouri. https://beaconrecoverysystems....


 I have given them a call. Thank you. 


 I have a similar situation, did you have anything luck with Beacon, or anything else?

Thanks @Patrick O'Sullivan, not looking to switch, just need a simple maintenance solution for now

Thanks @Michael Smythe, but don’t plan on growing that quickly and Stessa plans to add the functionality so I’m looking for something to tie me over for now. Even a spreadsheet or notion template would be ok. 

I have a couple properties and use Stessa as my property management app but they don’t yet have maintenance and issue tracking. I’d prefer not to switch so I’m trying to figure out hire to track this stuff, any recommendations?

Quote from @Steve K.:

I've had success simply notifying them that the next step is hiring a collection agency. If that doesn't work, then 60% of something is better than 100% of nothing. 

 Thanks @Steve K., I believe the PM's lawyer sent a note to the tenant that it will go to collections but they haven't responded. I had hoped that they would respond to that as well. 

Quote from @Kyle Sosnowski:

Hi Robert, 

I am completely new to investing and don't even have a property. But would still love to reply and see if I can help in any way. 

First to say, If you haven't already DEF read Brandon Turner "Managing Rental Properties" book. He has so much insights into how to deal with these situations! I found that book to be my guide as I start this journey myself. 

As other replies here have mentioned, for options how you have are around 

1. Sending to Debt-Collectors (the ones that take the hefty-fee) 

2. Small Claims Court (the tenant will most likely receive a judgement to follow them to pay their fees to you, although this will take awhile to work, there is still a chance in the future you will receive a check in the mail - since it will catch up to them) 

In addition you have.. 

3. Bill Repeatedly (Through a Mailing Invoice System) which I believe is a similar to collection agencies (but just another avenue to consider) 

4. Negotiate with them - really this could be a considerable option since chances are, out of all these options you still aren't going to get all the money anyway. It would be an option to get them on the phone (if you can) and purpose less than what they owe, so at that point you are receiving something. 

As for what Brandon provided in the book. That about sums it up, I do hope this helps. This situations sucks, but ultimately I think everyone has to deal with this at some point "part of the business" 

Do yourself a favor and get that book if you haven't already. And I wish you all the best luck! 

God bless. 

 Thanks @Kyle, appreciate wanting to help, and yes I've read the book. I'm aware of the different processes you outlined, but I don't have experience with them, and I don't know if there are other things out there that people have done with success. I'm looking for people that have that experience and may either offer new options, or speak to the effectiveness of collections vs small claims, as negotiating hasn't worked.

@Kyle Sosnowskiundefined

Quote from @Edward Dean:

Most major cities have free or reduced cost legal services you can access. Check around/google for legal aid societies, volunteer lawyer programs, if your courts offer any assistance programs for landlord/tenant help, etc. They can walk you through the process of filing in small claims court, talk about your chances of success, other options, etc. Unfortunately, as you will likely see from other forum posts and as more people chime in on this post, it can be quite difficult to recoup your money beyond the security deposit amount but it never hurts to try and speak with some attorneys on the issue if you're not getting answers from your property manager. 

Best of luck!


 Thanks Edward, not sure I'd qualify for any services but certainly worth looking into it

Quote from @Julie Hartman:

@Robert Leitner It's not easy getting money back and I know you don't like the idea of a collection agent but we have had success using that avenue. They do all of the work which is why they take such a hefty fee. However, getting something is better than nothing. They have the resources and the time to locate people that you may not. If they can find them and if they are employed, they will most likely be able to garnish. Good luck!

Thanks Julie, however, I'd like to know what other options there are, if any

Hey BP, 

I had a tenant that decided they weren't going to finish out the lease, and they didn't pay the last month of rent claiming that the security deposit will cover even though the lease clearly states that's not allowed. They also left the place in very poor condition where I had about $5k worth of repairs. I do have a property manager, and they added up all the repairs, last month of rent, time spend off market fixing the place, and send them a final statement once deposit was subtracted. The tenant has ignored it and refuses to pay. It has been 30 days and the property manager's process is to now send to a collection agency. My concern is the collection agency will take 40% of what they recover, which means the best case scenario is I'd recover 60%, and that only if they get all of the money. This is my first time dealing with this situation, what other options do I have to recover my costs?