All Forum Posts by: Wells Lange

"A clear conscious is the softest pillow." You got the goods and they didn't get the money, pay up and just shop elsewhere next time.

I just take care of issues immediately once they arise whether it's a clogged toilet or no hot water. It keeps the tenants happy and willing to pay on the 1st.

I almost bought a hubzu house then I read all the negative reviews about it on here and that was enough to deter me.

Get a smartcar and the clients will think you're smart. Hey and it solves the gas issue too haha

I had a tenant do the same thing. I kept her security deposit (one months rent) and got the keys back from her immediately. Her deposit was like the next months rent so my goal was to fill it with another tenant within 30 days, which I did. Only actual losses were the utilities which I ended up paying because in the month she was there she never switched them to her name. All in all only about $100 lost

4.5% on a VA loan?? Ouch...

Someone is offering you money?! Take it! Haha. I would definitely take it. I have a tenant that pays three months at a time due to student loans. It's great cause I don't have to worry about them paying/being late for three months at a time and I know that they aren't going to bail on the property any time soon. Only thing I would suggest to keep in mind is to be careful when spending the upfront rent. It's tempting to reinvest it elsewhere or pay down some debt with it, but remember you have to pay a year of expenses with that money!

Sorry to bust your bubble man, but 20% is usually only for SFRs, a multi-family is gonna cost you 25% down. I know this because i just did my first deal this year, it was a duplex and i used conventional financing -- i searched and searched for a bank that would do 20% because 25% down would leave me almost no money. Long story short, 25% it was...  BUT, the property is making me about $800/mo in positive cash flow, so still worth it

I use erentpayment.com and it's easy. I split the $3 fee in half so the tenant pays $1.50 and I pay $1.50, since it really makes it easier on both of us. It's a nice service because it emails the tenants automatically to let them know rent is due, and you can set it up so that if they are late paying rent, the late fees are included automatically and they can't pay anything less. They also do auto/recurring payments and have a feature where you can customize a rental application and email it to prospective tenants. Good small business and I recommend them

Call Greg Honeymichael, Meybohm realty