All Forum Posts by: Debbie Rumsey

Venmo and Zelle are my favorite ways to collect rent.  Still have a couple old school "check in the mail" tenants also.  

I am looking 2 different things that I am hoping my wonderful Bigger Pockets people can help me out with.  Does anyone know of an inexpensive place to purchase quartz countertops in Salt Lake City AND my handyman of over 15 years is moving out of state so I need a reliable handyman for our 4 plex.

I hope this is ok to put in this forum?  If not, please let me know and I will remove!!

Thank you again to all of you informative investors out there!

Wow, what a transformation!  You did a fabulous job @Henish Pulickal!

Hello Benedict,

There are definitely pros and cons. Here is my experience...I own condos, SFR's and multi units. Condos are typically the cheapest of the 3 so for people starting out it may make sense to start there. The PROS of condos IMHO are the maintenance factors are pretty low since you own from the walls in and maybe a small patio area while the HOA's take care of the exterior maintenance, roof, building insurance, water, trash, sewer. (check to see what the HOA fees cover before buying as they all differ) Your insurance bill is lower since it is walls in. CONS: HOA fees can be hefty, you can be individually assessed if there is a large repair in the complex and they don't have the money in the budget to repair. Your tenants must abide by the CC&R's and if they break those rules you are subject to fines that you must then try to collect from your tenants.

That being said, my son just bought his first investment condo for $95k and is renting it out at $1100 a month with a $250 HOA fee. Not too shabby since it was something he could afford 25% down and is making a small profit each month.

As far as resale, we buy and hold so that number doesn't come into play for us.  I can tell you that they have all increased in price so if we did have to sell today we would make a profit due to the mortgage being paid down by our tenants and the markets trending upward.

Hope this helps?

Hello Al-Qumar,

Welcome to the wonderful world of investing.  I have to say you are starting in the right place.  Bigger Pockets is an amazing network of everything real estate and full of some very experienced individuals.

Feel free to reach out if you need anything. My husband and I are investors here in San Diego and own some SFR's and multi units. Best thing we ever did 20 years ago was to start buying property.

Thank you for your service!  

@danielhyman Thank you for the advice.  I think that is exactly what I am going to have to do especially for the set up.

Wow!  What an incredible return on your money. I love to hear stories like that and wish I was brave enough to tackle 48 units in one shot.  

Congratulations and thank you for sharing!

I have been searching the many topics in the forums regarding Quickbooks, however, I still have so many questions.  It seems the majority refer to Quickbooks desktop version.  I am trying to work out the online version which seems to be a little different.

Does anyone know of a book that can help set up for Landlords (not property management company) OR an expert that can help set up?   I have watched youtube videos and I really think I just need to ask and get help with specific questions.

Thank you for your help!

Hi Grace,

I have been using Simplifyem for a couple years now.  It is a very simplified accounting tool and I really like it for that reason.  I do miss being able to search for a certain expense by vendor like I could in Quicken.  Sometimes too simply doesnt work the best.  I am actually searching for another program for the new year.

I post on Zillow and Cozy.com.  It seems they share with different sites but Zillow definitely leads in actual interested tenants over Cozy.  I was having a difficult time renting out our last 4 plex so I was trying to get creative.  I created a Facebook page for the area where it was located and posted it for rent with lots of great photos.  Then, I boosted it to people in the area with a $50 budget and got TONS of response!  I own other properties in that area so I am looking forward to using the page again for my other rentals when they become vacant.  In the past, Craigslist was the way to go but with so many scams I think people are shying away from it.  I don't get any response when I use Craigslist nor do I trust it anymore.