All Forum Posts by: Drew Wiard

@Mike F.  - I use eRentPyament.com, and that system does indeed allow for all sorts of email notifications.  You can set the days prior to due date, days after due date, etc...  It's pretty flexible.  So far, 3 months in, I like it very much.

HEY EVERYONE....something import that you should keep in mind:

Disclaimer - my info is based off my experience in Indiana.  Check your state.

You MUST have a way to prevent your tenants from making partial payments!  Allowing them to drop any amount they want into a checking IS nice and easy, but opens the Landlord up to risk.

Example - Say the rent should be $1,000 monthly.  Well, if allowed to deposit random amounts, your tenant might say, "Well, I only had $600, so that's what I deposited....I'll get the rest to you in a week, etc, etc,...."  If this happens for a while, and you elect to try to evict, the judge will (likely) say that you accepted partial payments, and in doing so have agreed to take the partial payment in lieu of pull payment (regardless of what your lease says rent should be).

I elect to use an electronic service that invoices the tenant, and requires that VERY EXACT AND PRECISE amount to be paid.  No more, no less.  It is WELL worth the small fees structure to 1) save me infinite amounts of time, and 2) make CERTAIN that I never receive a partial payment.

I REALLY hate to admit it, but......I would TOTALLY be down for this.

Hey @Tom Shepard 

@Dmitriy Fomichenko  is absolutely spot on......the free BP Beginner's guide is a GREAT place to start!  

http://www.biggerpockets.com/real-estate-investing

Welcome!

@Gabriel Meerzo,

Welcome to BP, from a fellow FtW investor!  I have mostly done Lending on flip projects, but also have some rentals, Land Contracts, etc...  Also am hoping to move toward multifamily in the months to come.

Let us know if there's anything we can do to help, and if you ever care to meet up sometime, don't hesitate to ask!

@Loren Whitney  - I am curious if you were able to find the names of any non recourse lenders?  I too am looking for a few, as I have a Solo401k I would like to take loans with.  Ever find anything?

If by chance you come across one, I'd like to see it as well.  I have a solid understanding of the process, but have never reviewed the forms.  Would like to get my hands on an Indiana version, just to soak it all in.

Hey Thomas!  Welcome!  I am a Pharmacist from Fort Wayne who invests on the side, and I can COMPLETELY relate to where you're at both with student loans as well as being told I'm crazy.

If you'd be at ask interested, I'd be happy to sit down and chat a bit about where we are both at what you'd like to accomplish.  Happy to help however I can!

Hey everyone - I'm struggling to find it on the Hubzu.com site, but is the title clean when it comes to you (i.e., no liens, 2nd mortgages, etc...)?  ....or is it just the same as buying from the courthouse steps, where title search, etc... should be done?

Thx!

@Jean Norton  - How can we be certain that they will give us clear title?  Perhaps I'm missing it, but their site does not state this, and many people here on BP suggest that said house needs full due diligence (especially in regard to title search), just as you would if you were buying at the courthouse steps.  Thoughts?  Thx!