All Forum Posts by: Trent Ellis

Anyone using Rent Track? I can't seem to find the cost to a landlord using the product ether. 

I'm in a funny situation... I am a renter and a landlord. The management company I rent from has us set up with Rent Track which works really well. I get a remainder to pay rent 5 days before it is due and the payment process is painless.

I am interested in using it for the units I own. I would appreciate any info from someone who has first hand experience with this product from the landlords side of the transaction. How much does it cost? Is it easy to use? I will call the company tomorrow and follow up here with anything I learn.

I am developing a management company. I currently have 10 units and need a handyman about once a month. I am looking for any recommendations or referrals! The next project I have is drywall patching, paint and an oven install in Redondo Beach. Thanks!

I am interested in exploring creative ways to use the equity in my property without refinancing and loosing my low current interest rate. 

Last year I purchased my first investment property (duplex) in Los Angeles. After making some improvements, bringing in new tenants at market rent, creating cashflow, and seeing home values rise in my area, my equity has grown through mostly appreciation and some principal pay-down. I would like to use this equity towards my next investment if possible using the BRRR strategy. When I do the numbers on a cash out refinance with the rising rates I become discouraged. Keeping my rate which is close to 3.9 seems to make the most sense. What are my options when moving towards another deal?

Thank you all for your thoughts! Unfortunately I am not in a situation where I have the extra time or money to go through eviction if i can help it. I will survive if i have to do it but will be much better off if I can avoid it. 

Can anyone add any thoughts strategy when coming up with a cash for keys dollar amount? I plan on starting low and seeing where the conversation goes. Here are how my numbers workout: I am loosing $1,800 a month in rent, and assume about $800 in legal fees. I am writing off this month and next regardless off the eviction or cash for keys taking place, but if i go with the eviction there is a good chance I go into month three adding another $1,800 to my $800 dollar legal fee. Total eviction difference being $2,600. I was hoping to offer forgiveness first and then limiting my cash offer to $1k. 

shayne and Daniel,

Thank you both. I will try to forgive for keys and see how it goes. I will follow up when I go to the property tomorrow. 

I purchased my first duplex a month ago with the intention of owner occupying the back unit while I fix it up and eventually rent it out. It is located in Gardena, CA which is in a non rent control part of Los Angeles county. Part of my escrow closing was contingent upon the seller giving the rear unit a 60 day notice to vacate. My first, 1st of the month came by and I received no rent from this unit. After the 5th I went to the property and talked to the tenant who explained that he and the other two tenants on the estoppel (no lease) would not be able to pay and afford first and last at a new place. I came back the next day after contacting a referred attorney and "nailed & mailed" the 3 day pay or quit. 

Tomorrow will be the 3rd day and I was planning on handing the paperwork over to the attorney but have been looking online at the time and cost of an eviction and am considering offering cash for keys, or forgiveness of missed rent ($1800) for keys. 

Will I ever see this missed rent on the other side of an eviction? Would you evict or try cash for keys?

My biggest concern is the eviction taking months while still paying rent at my current residence and having my rehab budget eaten away.