All Forum Posts by: Elena T.

Good morning,

This morning I was notified by my bank my tenants rent check bounced. This is the first time I've encountered this. After reading our lease agreement, my husband and I realize we need to add additional clauses. 

For now, this is what we are going to do:

- Call tenant, notify her of the situation, write letter as well

- She'll be charged the late fee and bounced check fee

- Set-up an inspection to come an view the property this week

Questions for the BP community:

- How long can we need to legally give her to pay the rent?

- In the lease it states payment by: personal check, money order or cashier's check. Can we now require a money order or cashier's check only?

-What do need to do to protect ourselves in the case she does not pay-up?  I noticed we did not state in the lease that failure to pay was grounds for termination, only a negative report to the credit bureau. She is almost nine months into her 48 month lease.

_ Any other advice would be much appreciated. We've been landlords for nearly 3 years. Our last tenant was "picture perfect" and we have had only one other issue with this tenant, a late rent check, but she notified us a week in advance that the check was going to be late and gave the late fee in advance.

I hope everyone is having a good day!

Elena

Thank you for leads, I truly appreciate it!

Hello everyone, newbie here looking for a CPA recommendation in the Sacramento / Elk Grove area. This is my first year filing with rental income, expenses, and a thousand and one more questions. I've always done my own taxes, but it's time to transition to ensure I am getting the most out of my investment. Can someone assist with a recommendation? Please PM me here if it's more desirable.

Thank you in advance! Happy Investing!

~Elena

I would love to be there, but am out of town that weekend. Next time for Sure!

I'm glad the first meeting was a success! I am looking forward to participating in all future events with BP Sacramento community meet-up!

He actually said they (the landlords) felt abandoned by the law?! Really?! There is so much about this article I can only shake my head about..

Welcome Josh (and Family)!

I am also new to BP and REI in general. I think your strategy is sound and I wish you the very best in building your REI knowledge and portfolio!

Elena

Thank you for the support! It is great meeting like-minded people. It makes this transition in my life easier! It is amazing where I am now compared to where I was just a few months ago. I look forward to working with, learning from and hopefully soon paying it forward.

Cheers!

Hello,

My name is Elena! I live in Elk Grove, CA a suburb south of Sacramento. Although I have been a member on this site for about a month, I have yet to officially introduce myself!

I am brand new to the real estate investors community and realize I won't meet anyone else in my area (or anywhere for that matter) if I don't put myself out there.

I am married with an 8-year-old son. My husband, Matthew, and I have been talking and researching REI for a while and know it is the right way for us to gain our financial freedom and create wealth of us and our growing family. We met in the military and are both still serving as reservists with the U.S. Army.

Currently, we own two properties: the home we live in and our first house which we are landlords for. Neither were purchased as investment properties but our rental brings in a small positive cash flow each month after all expenses are paid. And positive, no matter how little, is always what our aim is for.

So here we are! We are looking forward to what we can do for this community!

Respectfully,

ME

I am very new to BiggerPockets and Real Estate Investing... I almost wouldn't even consider myself a newbie. I stumbled across Renatus through a friend of mine who lives in another state. She bought the package and speaks highly of it. I have gone to a few few meeting with a group whose lead speaker is a member or as you can say graduate of the program. But like so many other pitches I've been given, it sound great but what is the real catch?! I cannot stop thinking and reading about Real Estate Investing and I know it's the community I want to be a part of. I have much to learn! And I appreciate all the comments.