All Forum Posts by: Tim Jacob

I would say most importantly make it clear however they do give you rent make sure they get a reciept. 

 The problem with checks is they can get lost.  Obviously the tenant might worry about if they write a second check the first one will also be accidentally  deposited and they are out double the money.  Hopefully in that instance they cancel the first.  The lost check happened to me earlier this year for the first time.  I just had them make a wire payment and they saw the check was never deposited. With any things digital their is a reciept you can rely on.  Some people still amazingly make cash deposits.  In that case i tell them they immediately text a legible pic of the deposit slip as well as which branch the deposit was made in.  I immediately check the account but I write into the lease that if the money is somehow missing and they have no suffice receipt per my specifcations then eviction will start like regular.

The point brought up about venmo is fair.  If multiple tenants know each other that might be an issue.  It is kibd of ridiculous eveyones transactions are posted for all to see.

I have never had a problem with lost payment other than that one missing check and that was a post office mistake.  Its ok things happpen.  As long as your on top of it it will be resolved.  I have never had to evict any one.

You will always get your rent as long as you are renting to properly screened tenants.  Good tenants will work with you and find a way.   Look beyond the credit scores and get detailed.  You will not have to keep an eye on your property as much if you keep an eye on who you let in.  Thats the biggest key.

 Hi Elizabeth,

It can be done just make sure hour contractor is on top of their game.  As soon as they are close to done start marketing it aggressively.  If the house was built before 1978 youll need a lead inspection.  I have a good inspector but they need to be scheduled a few weeks in advance.  You might need more inspections depending on your area.  Im in Montgomery County but im sure I can answer questions on other things if you need it.

Thats a tight schedule but its good to have goals and im sure you can make it if you have the right people, though they arent going to be cheap.

Good luck,

Tim

I am a professional property manager who has payment portal options but i find many times people prefer to use more traditional methods to pay instead of logging on to my websites online portal.  Standard 3 day wire transfer is usually only 3 dollars a transaction.  If you have the same bank as them its usually free.  Venmo is also becoming very popular with the younger generation.  Venmo is free.  Paypal is an alternative online option.  

As your operation gets bigger if you dont want to outsource I recommend getting buildium, which is 45 a month.  Not only do they have a tenant payment portal but your background screens only cost you 15 as opposed to 30 or more.  Those screens have everything all the other ones do, including credit check.  They also make it easy for you for your schedule e and or schedule a for your taxes.  The other property management software options are great for larger firms but too expensive for small operations.

You could also go very old school and have them mail you a check but who does that anymore.  Lol