All Forum Posts by: Steve DellaPelle

Hi @Sara Taslitt, I currently collect rent via personal check, money order or cashier's check. My tenants leave their payments in a Rent Box located on the property which I pick up every month. It has worked pretty well so far.

Online rent collections are also a good route, my major issue with them is you cannot block partial payments which could cause a problem down the road.

@Laura Yoerger To my knowledge, you cannot increase rent with an existing lease until that lease expires. You should send the 30 day notice prior to the lease expiration date and it will take effect upon the renewal date.

This may be State Specific but usually a lease cannot be changed unless both parties agree.

@Abdul Mubeen Your first home should be whatever you are looking for. Are you buying for cash flow? For appreciation? What are your Real Estate Goals?

You can Owner Occupy a Two, Three or Four-Family and be mortgage free. If you buy an Investment Property you will pay a higher interest rate and will likely need 20% down. This will also make it more difficult to buy your next home as you are taking on a big liability that will effect DTI.

There is so much to consider here and I don't think there is nearly enough info provided above to help!

Hi @Beth Shelton! This will depend on what type of experience you are looking for...working as a realtor will broaden your investor network and also will show you the process of buying/selling. A Property Management position will show you how Landlording works in regards to dealing with tenants, prospects, legal issues etc.

I personally am interested in Buy and Hold and therefore I now work in Property Management. Choose whatever will align with your goals!

@Luke H. You can do a few things.

1. Have someone make repairs (if even possible) and have the tenant pay for the charges.

2. Buy a new appliance, determine the life span of the original appliance and have them pay for a portion depending on how long they lived there. 

Example: Life Span is  5 Years. They lived there for 2 Years. Buy the new appliance and bill them for 2/5 of it

3. Keep it as is and don't pursue anything

@Corey Crane This will depend on the renter pool you are trying to attract. If the area is generally a young professional area then school district will not be as important compared to a more residential area with families. School districts are one criteria to look into but for me it is not a deal breaker...not really even in my top 5.

@Samuel Garcia adding to what @Ned Carey mentioned...Utilities, Snow Removal and Landscaping are a few other costs depending on what your lease states and how your building is set up.

@Nick Bleser Per the IRS, "You can deduct all ordinary and necessary expenses, such as taxes, interest, repairs, insurance, management fees, agents' commissions, and depreciation."

From my understanding, the expense needs to be directly related to your rental and in the case of improvement vs repair...unless it is necessary...it is an improvement.

Hopefully this helps!

@Nadir M. Make sure your lease states that rent is due on the first of the month. Next, be aware of your state laws and regulations as some states (like MA) don't allow a late charge until after 30 days of non-payment. It's common to allow a grace period (up to 5 days) to collect rent. If you can use the late fee as a tool to get rent quicker then definitely do that otherwise you will need to send a Notice to Quit for those who are past your grace period. Best of luck!

Hi @Jason Fox, if this is a single family home then it should be sold as Residential. Typically, properties with 5+ units are sold commercially and the value is more income based.

Just because you use it as an investment does not mean that someone else will and most buyers will be looking for a residence, not an investment. This will limit your seller pool if you choose investors only.