All Forum Posts by: William Sing

Hey @Julie M. 👋

You're smart to pause and think this through—it’s definitely one of those gray areas.

With repair estimates between $2,600 and $3,500 and a $2,000 deductible, you’d only be getting $600 to $1,500 back. Not a huge win, and insurance companies can raise your premium even for smaller claims. Some also track claim frequency, which can impact your ability to get good coverage later on.

That said, the leak is worth paying close attention to. If it’s related to the storm damage and has the potential to cause bigger issues (like water damage or mold), filing might make more sense. I’d have someone check it out ASAP and document everything.

Also—if you haven’t already—talk to an insurance broker, not the claims department. A good broker can give you an honest take on how a claim might impact your future rates or insurability based on your specific policy.

If the damage ends up being minor and won’t cause bigger problems, you might be better off paying out-of-pocket and keeping your claim history clean.

Hope that helps—keep us posted on what you decide!

Hey, congrats on your first multifamily! 🎉 Managing it yourself at first is a great way to learn the ropes.

For rent payments, I’d highly recommend using a property management platform like Innago—they let tenants pay online, track payments automatically, and keep everything organized for you. Plus, they usually allow ACH payments for free, so you and your tenants avoid extra fees.

Definitely set up a separate bank account for the property. It'll make bookkeeping and taxes way easier down the line. Also, consider requiring all tenants to use the same payment method—it’ll cut down on headaches when tracking who’s paid.

Other things to think about:

• Late Fees & Lease Terms – Be clear upfront about when rent is due and any grace periods.
• Automate Reminders – Some platforms send tenants reminders so you don’t have to chase payments.
• Backup Payment Option – If a tenant has an issue, having a secondary method like Zelle or Venmo (with clear labeling) can be a good backup.

Hope that helps! You'll figure out what works best as you go, but having a system in place from the start will save you a ton of time.

Hey Isaiah! Highly recommend looking at househacking. It requires a lot less down and also tends to be a bit more forgiving over time. You can check out the BP books on househacking and I'd also look at out of state investing as well to get a better grasp on the key people you need!

I'd check your local landlord associations to see what forms they have to get. You may to buy them but getting a state/city specific lease that is reviewed by a lawyer is worth the cost. If you feel like you need to add any more protections or things like a general expense sheet for replacement you can add those addendums and usually they have a blank addendum. 

As for the apps to use, Innago has been pretty great for me. No matter what you will or the tenant will need to pay a fee of some sort but I have found innago as the best option that is the lowest cost.

That is a lot of sqft for only a 2 bed. The sunroom is a bit of waste for the sqft but could turn into a reading nook or something if needed. The easiest spot would probably be the dining room and change the office to more of a smaller dining area. 

Moving walls usually requires figuring out what is or isn't load bearing and likely putting a large and usually expensive header. It is usually much easier to seal a existing door way then it is to move walls in my experience. 

Hi @Shan Randall,

Welcome to BP and congrats on stepping back into the landlord game! I totally get where you're coming from—finding deals that pencil here in the Portland/Beaverton area is tough, especially with the high cost of living and interest rates.

One approach that's been working for some investors locally is exploring opportunities with mid-term rentals (MTRs) or hybrid MTR/STR setups. These can sometimes offer better cash flow, especially if you're in a family-friendly area with unique features like extra square footage, an ADU, or flexible layouts. House hacking can also be a solid way to offset expenses early on.

It sounds like you're diving in with a great mindset and skill set—being handy and managing yourself puts you ahead of the game. 

Cheers to your new venture!

- Will

Hi @Mak K.,

Good question! A roofer’s invoice should ideally include more details, like the shingle brand, model, and batch numbers, along with a clear scope of work (e.g., tear-off, underlayment, flashing). It helps for warranty claims down the line.

For GAF shingles, the 25-year warranty usually requires online registration. If your roofer didn’t provide info on this, I’d ask them or check GAF’s website. Also, ensure their 2-year workmanship warranty is documented with clear terms.

Shingle warranties can be worth it, but claims often hinge on having all the right paperwork. I’d recommend circling back for more details if needed. Let me know if you have more questions!

Cheers,
William

Hey Chris,

Congrats on wrapping up renovations and diving into rentals on Cape Cod! Mixing MTRs and STRs can be a great strategy, but it does take some juggling.

Switching to STRs in the summer is totally doable—you just need to plan ahead. Setting MTR leases to end in May or early June gives you time to prep for the summer season. Be upfront with tenants about lease terms to avoid surprises, and those summer STR rates? Totally worth it to cover any gaps.

For managing it all, a Property Management System (PMS) could save you a ton of time by syncing calendars, automating messaging, and handling bookings. Just keep in mind that STR and MTR-focused systems are often very different, so finding one that does both well can be tricky. If you're exploring options, look for a system with an API that connects to tools like Zapier or Make.com. That'll give you flexibility to automate and integrate workflows as your needs evolve.

A direct booking site is a nice-to-have down the line if you want to save on platform fees and build a brand, but starting with platforms like Furnished Finder or VRBO is a solid way to keep things simple while you’re getting started.

Good luck—sounds like you’re on the right track!

Cheers,
Will

Hey @Zachary Engen,

Congrats on owning the property free and clear! It sounds like you've got a solid plan in mind with the HELOC for your upcoming flip.

I've got a resource that might be helpful as you dive into this—it's a guide covering key questions to ask and strategies for navigating home equity borrowing. It'll help you use your HELOC confidently and align it with your financial goals. You can check it out here: HELOC Borrowing Guide.

For faster pre-approvals, I’d recommend looking into credit unions; they tend to move a bit quicker with these. Here are a few options I reached out to in the past that might be worth a call:

• OnPoint
• Advantis
• Consolidated Community CU
• Rivermark
• Columbia Credit Union
• Trailhead Credit Union
• First Tech
• Umpqua Bank
• NW Community Credit Union
• Key Bank

Key Bank often offers solid terms, but their underwriting process can take a bit longer, so just a heads-up there. Otherwise, credit unions generally seem to prioritize quicker approvals, which could be beneficial for your timeline.

Best of luck with the flip—sounds like an exciting project! Let me know if you have any other questions on it.

Cheers,
Will

Without knowing the condition of the property, that is the main thing. I'd personally be a bit more conservative with the underwriting and make sure to see what the carrying costs could potential get to especially if this is a bigger renovation and not just cosmetic.