All Forum Posts by: Stephen Leonard

@Nicole S. is there ever a time the designer will have a phone number?  I was contacted I'd say within an hour and my property manager as well a few weeks prior. I think she said response was a day or so. 

But the huge concern is if there is a problem, who do we call? If only email, I'm not sure that is good enough for me, my company and my clients.  As this is MONEY.  

Thanks for the response and I'll have my designer dimi@dp1design contact you again. 

Happy Investing 2017
Stephen Leonard

@Dylan B. Currently managing 60 for clients under my real estate company and 91 for 3 different partnerships. We are planning to grow on the real estate side to about 150 over the next 36 months and my partners and I would like to grow to about 200 total over the next 36 months.  So we have plenty to add.  Thanks for your comments. 

Happy Investing 2017

Stephen

Hello everyone, 

I'm curious what you are using for 

1. Online rental application 

2. Online rental payments

3. Online maintenance request

I've been looking at different apps and was recommend to Cozy which looks good but they are very difficult to get in touch with. My web designer emailed Monday (no phone number for contact) and still no contact.  So can only imagine how this would go if something drastic happened. So looking for new options. 

Would like rental payments app to be able to drop funds into multiples banks, track late fees, give notice and itemized list. 

Lastly an online maintenance request app - would be go to drive the tenants to request service online. 

Something that wont break the bank and can be integrated to my website would be great.

Appreciate the suggestions.

Happy Investing 2017
Stephen Leonard

@Conner Thompson welcome to BP.  Everything you find on this site will be useful.  I would also suggest listening to the podcast if not already doing so.  Every podcast will have recommendation for their favorite book.  You will find that the Rich Dad series is a good start. 

Try and locate a local REIA (real estate Investment association) to visit and network. My son went to Tech and we scouted some properties around the campus. Some very low cost options but i felt we would have to be more hands on.

Good luck and 

Happy Investing 2017

Stephen Leonard

@Cory Cheramie welcome to BP.  Being on the westbank we should meetup one day for coffee. 

Happy Investing 2017

Stephen

@Michael Breedlove

Stephen Leonard in your experience when you provide 60 days notice of non-renewal...have you found that tenants want to quickly find a new place and will skip out on the last months rent (even if it means forfeiting their deposit)?

My experience is if they wish to stay they may ask why?  If it's the unit you plan on occupying there is your reason. if you are interested in keeping them and getting a higher rate you may want to talk with JP (Jefferson Parish) Housing first to see what the rate can adjust to.  As previously mentioned, if the  tenant is on a voucher program it's based on their needs.  So their needs may only allow the lower amount. 

Since the tenant is on housing, I seriously doubt they will skip out as they don't want to loose their voucher with housing. While Housing can't guarantee they are willing to work with landlords so that landlords are willing to work with them. 

Let me know if you have any other questions or concerns.  I'm not looking to step on the toes of your realtor (as I am a realtor as well) but I don't might trying to direct you based on my past experience.  Good luck

Happy Investing 2017

Stephen

@Michael Breedlove handling management and sales in the metro area, my experience is like @Nathan Gesner regarding the notice to vacate, give written notice and keep it short, no apologies needed. you simply want possession of your unit. But as for the time frame I would read your lease, most likely it will stipulate the time frame needed.  I've started using 60 days in my leases for either party (tenant/landlord) to give notice to vacate.  That gives me 2 months to market the property and visit the property showing.  So whatever the lease calls for abide by that term. 

As for Section 8 they require 60 day notice for changes.  Jefferson Parish Housing much easier to work with the New Orleans (go figure).  Once you close you want to give notice that you are the owner.  They will require proof of ownership (cash or credit sale) and tax for W9. If multiple owners a letter from the other owners agreeing to have section 8 tenant. They will also need a voided check as they do not send paper checks everything is direct deposit.  But I would call the JP Housing office to let them know you are getting ready to close, so that upon closing you can have everything together. 

If closing next week be sure the title attorney has the prorated rent on the HUD 1 or closing disclosure. As it will take housing about 30days or less to get you set up in the system.

Any questions let me know be glad to try and assist. 

Happy Investing 2017

Stephen

@Ryan Cartier have done civic source and worth it. I've  never redeemed a property  but great place to park some money and earn interest with a possibility of redeeming  a property after a few years.

Happy Investing 2017

Stephen

@Dave Edwards I believe it is. 2016 was a change year for me.  i started growing my rental management and my personal portfolio. So I've been dealing more and more with investors.  And the simple fact that I can tell them I've been down this road before and actually talk with confidence that I know what they are going through is important.  As I ask clients and customers that hopefully will become clients, about experience they all believe that is very important. So not only am I able to help them purchase an investment property I can then help them manage after the sale. So I'm with them from start to finish and then some. 

Happy Investing 2017

Stephen

@Tyler Wehrung I would shop around for another lender.  Here in the New Orleans area, there are many banks that have seasoning. But there are a few smaller local or regional banks that will overlook seasoning.  But they have other stipulations. Such as investment property (buy n hold) need to be renovated and rented. Which I have done. Then i'm able to turn around and refi right away. 

So first I would check around to a few other banks.  Not being a lender, it might be a regional thing that every bank in your area requires seasoning??  But I would think your refi should allow you to pull out your renovation cost and don't forget to add something for your time/cost which is added value. 

So you 80% value with your cost or time added may end up being 90% instead. 

Good luck and 

Happy Investing 2017

Stephen Leonard