All Forum Posts by: Steven Kleppin

@Phil Christian are you talking about illegally reporting the amount of money that they machines take in? Or are you talking about fees and profit sharing that you agreed to beforehand? If it's the latter, you have to compare what you're paying them against doing it all yourself. Buying the machines, collecting the money and depositing it, maintaining the machines. The cost seems worth it for the reduced headache.

If you're talking about the former, look for a more reputable company. I know there are some recommendations on the forums here.

@Bernard B. I've spent a lot of time overseas managing my properties, but haven't purchased one while I was overseas. It's going to be all about your team. If you've selected a target market, connect with folks in that market. But don't waste their time. 

Are you going to have to raise money? They will need to be comfortable that the infrstructure you have in place will be able to compensate for your absence. 

While not multifamily related... I have purcahsed a turnkey property without looking at it. I relied on the reputation of the company and checked their figures and the neighborhood remotely. But could be another option for you. 

Best wishes!

@Kenneth Morff judging by her reasoning that an increased credit score wouldn't help... she's basing her "no" on DTI.

Also, HELOCs on a rental property are typically harder to get. If you fall on hard times, you're more likely to pay your home's mortgage than on an investment property (so the reasoning goes). Have you looked into a refinance to pull the money out?

Sorry, the question is: can anyone direct me to that post or something similarly showing that?

A few years ago I came upon a blog post or article somewhere that showed how much money it would take to buy rentals to meet the income of a traditional 4% rule retirement account. I wanted to show this to my wife which will hopefully open her eyes. Thank you! Steven Kleppin

$525 is what the current tenant agreed to when he/she signed the lease. Your PM should be charging the tenant that amount, plus any late fees if he/she is not paying. I have a feeling that you will have trouble collecting on that though. At that rent rate and that behavior of the tenant, I don't think you'll see that money. I also don't think you can rent that unit until you've evicted the tenant or he/she has issued a written statement quitting the lease. Maybe that's what the PM was talking about?

Either way, the new listing of the property and subsequent lease with the new tenant can be whatever rate you want and that the tenant will agree too (unless there's some local law or code capping that).

Not a lawyer or PM.

@Josh Goldstein Is this your first unit? I would take a few minutes to think about what your vision is. If this is a piece of your big pictures, what does that big picture look like? Do you want to have a portfolio of senior citizens? Is that a niche you can capitalize on? Is the ROI as-is sufficient for you? If it's not, then move on or accept the fact that you'll have to reposition the property to meet YOUR needs.
That being said, are there resources you can link them with to find more appropriate housing or assist with move-out costs? Maybe a local religious or non-profit establishment?

I've been experimenting with Podio and it looks like it's a fairly powerful platform. There's some tinkering required. One aspect I like is that I can e-mail myself in a certain format and it automatically populates Podio with the info.

@Jason Garrett Experian still considers a score of 740 to be "very good", their second highest tier. When it's slightly below that you're still on the high end of "good". You're still likely to get good rates on financing and such. As long as your payment history has no blemishes, your rate will move towards 800 as 1) the "age" of your credit accounts increase and 2) the inquires fall off. 

If you are concerned that they took a snap-shot during that time when the HELOC money was paying off the credit card and can't wait till their next snap-shot, you can write to each of the agencies and submit proof and they really are good (in my experience) with correcting those things.

I have a computer science degree, but that was many years ago. I'm trying to use what I recall from database management, to manage my units in Microsoft Access. I know a lot of people use excel, but I'd prefer a true database program for better data integrity, scalability, and creating reports.

I've searched the forums and looked in the BP files but nothing is coming up in the search (either I'm not searching right, or no one else is dumb enough to want to build their own database). I know Access has some templates you can pull online but they don't seem to meet my exact needs.

Has anyone done this and could shoot me their file or help walk through building it? Thank you all.