All Forum Posts by: William A Edwards

I’ve been using RentRedi for a couple years and found the software to be quite helpful. The team is very responsive if anything comes up or you have ideas for new features. In general the app does exactly what I need it to do and makes rent charges easy. I have rent charges set up automatically for the duration of the lease and issue new charges each month for utilities I bill back to the tenants. 

It’s rare that I use the desktop/browser version but that does have a few more features than the app and may be useful when getting set up initially. 

I haven’t used another software but have been quite happy with RentRedi. Hope that helps

I have used RentRedi since March 2019, and have recently referred them to a close friend who just became a landlord. I have found their interface super intuitive and the app is easy to use. There is a browser option but honestly the App is incredibly easy to use and I rarely have the need to use the browser. My tenants have been happy with the convenience as well. I bill back the utilities to them each month and it’s easy to do on the app. Happy to answer any further questions you have. I don’t have any experience with Cozy so I can’t compare. 

Hi Everyone,

I'm looking for some guidance on my first small Multifamily renovation.  My wife and I are house hacking a late 1970s triplex (3br/2ba for us, 3/2 and studio for tenants).  We are currently under contract (closing at the end of October), and I'm trying to plan as much as possible now to start the remodel at closing.  Our priorities are 1- fixes for safety or to prevent further damage; 2- fixes that improve the rental income or will draw great tenants (we're turning the studio to a 1Br to increase rent), and 3-things my wife wants for customization/aesthetics (happy wife, happy life).

Some specific questions I had so far are:

1) We have a modified bitumen roof.  Roofs tend to last a lot longer here because it doesn't snow and barely ever rains, but would you replace it if there doesn't appear to be evidence of leakage on the inspection report? I was planning to do another walkthrough with an inspector from another company just to make doubly sure there weren't any issues to fix missed on the first report including this one.

2) How important are window upgrades to tenants? The place still has original single pane aluminum windows, and we were considering replacing them (at least in our unit) for energy efficiency and noise reduction. But I'm not sure it's worth the expense for the rental units.

3) We have two water heaters (each around 40 gallons) - is that sufficient hot water for the number of bathrooms in the building (5)?

4) Does anyone know if there are significant differences in the electrical code in San Francisco/California from the national electric code? My uncle is an electrician in the Philadelphia area and I was wondering if it makes sense to fly him out here to do the work needed - he's guaranteed to be much cheaper than an electrician here.

5) The kitchen cabinets are original - I was considering replacing vs restaining them, but the contractor estimates they'll be around 9000 with labor, cheap cabinets, and replacing 2/3 countertops. I'm trying to decide if it's worth it or not.

Thank for your input in advance! I'll keep everyone updated on the project

I'm a new landlord so you should also get advice from a veteran, but in my mind the biggest issue here is actually that he lied to you about the time frame.  I agree that 6 or 10 years is far enough back, and that marijuana possession is probably not a huge deal. Keep in mind, I live in San Francisco and the air here is half marijuana.  Do you have any other prospective tenants? Does this gentleman meet all of your other tenant requirements? Ultimately you should feel comfortable.  I would have a general "no smoking" policy that also covers marijuana to protect your property.  You can put an addendum in your lease that you can evict them for any evidence of smoking/marijuana use on the premises (not sure how this would hold up so you may want to run it by a lawyer).  Thats my 2cents but get some other opinions on here.

*This link comes directly from our calculators, based on information input by the member who posted.

Hi everyone,

I’m planning to make an offer on my first deal and wondering what insurance coverages I need as a landlord (beyond the non-owner occupied), and what companies offer the best rates in Philadelphia. 

Thanks!

Hi everyone! 

I have been a big fan of the podcast, webinars, and blog for a bit now and I decided to pull the trigger and become a pro member.  This community of supportive investors sharing knowledge and helping people out is truly unique and I am happy to become part of it.

I am originally from Philadelphia, but have lived in St. Louis, Los Angeles, and San Francisco (where I currently am settled). My wife and I are renting for the time being, but I am interested in real estate investing being a good chunk of my investment portfolio, and learning as much as I can along the way!

I have been leaning toward single family or small multifamily properties.  I started off by leveraging my contacts who have recently bought homes in various markets to see if their real estate agents work with investors and would be willing to work with a long distance investor.  I have been in contact with agents in Philadelphia and Salk Lake City.  I have been using the Brandon's funnel, looking at deals myself and that the RE Agents send and analyzing them with the calculators (sometimes more than one calculator for the same property), but I have not made any offers yet.

I am interested in job and population growth, and how that shapes the communities we to invest in. I am still trying to decide on my first market to focus on. I will likely carry the first property or two in my own name, then switch to an LLC. I have some colleagues interested in syndicating, and all of us are collaborative individuals would would like to leverage our respective strengths to work together on deals. I am looking for friendly advice as I (and we) begin this process.

I have educated myself in other areas of personal finance (tax efficient index fund investment, retirement accounts, etc), and would be happy to pass on whatever knowledge I have to someone who wanted advice on that aspect of investing as well! (I assume most people here are sophisticated in all investment areas but couldn't hurt to offer).

Thanks!