All Forum Posts by: Sam R.

That would have been really helpful...2 years ago. I ended up getting card readers right on the machines which connect to a bluetooth hub requiring internet access. I bought machines that don't even accept coins. So far it has worked out quite well and sure beats counting coins. The tenants have been enjoying the convenience as well.

What kind of paint and siding are you using in Buffalo? I had a house painted with Behr point, but it only lasted 5 years and now it needs painting again. Is this because of the extreme temperature changes in the area? Is there a better paint or siding to use?

Do not lock out tenants without a court order and the sheriff present. You will get in a lot of trouble for changing the locks before then even if the tenants aren't paying rent.

The smart locks are more appropriate for vacation rentals and hotels. Guests are only staying for a few days, do not have a lease, and the laws are very different.

 I don't know. I considered that possibility and tested with my own credit card last weekend. The charge went through without issue. If there isn't any laundry activity this weekend, I should probably call the processor anyway. 

 The machines are credit card only. I was thinking maybe they hacked the machines, except that it has happened at both locations at the same time. Which would be an interesting coincidence so I think unlikely. 

Where can I find laundry room usage data and statistics. I have some buildings in 2 separate towns with each having a pay laundry room. For months since I started tracking, there was typically a load a day on average. Suddenly it all stopped and there hasn't been any laundry for 3 weeks. I have double checked that everything is work and no tenants have complained. I would suspect tenants are up to something, but it has happened in both towns. So maybe it is just a seasonal thing?

Find properties where the seller will finance.

 I have purchased under very similar circumstances. Add a 2 year balloon payment to the terms. That provides light at the end of the tunnel for the seller and her kids. It also gives you ample time to season the deal and find a bank to refinance. There is always the possibility that both parties may even want to extend after 2 years.

Never let a lender pull your credit unless they have earned it. Present to them your credit report that you pulled or another lender pulled. Ask them for an estimate based on that credit report. When you find the lender worthy of your business and a building you want to buy, then let them pull your credit.

 Do you have a recommendation for a specific card reading system? The ones I have looked at require internet access as they are account based rather than cash based.