Nothing herein is legal advice.Effective July 1, 2024, California Civil Code section 1950.5 generally prohibits a landlord from collecting more than one month’s rent as security deposit, whether the rental is furnished or not.

You receive the utility bill and pay it, while collecting from the tenants.TENANT PAYS When the meters are separated per unit, make it a requirement of move in to have the tenant provide their utility account numbers to you so you know they are set up and not being billed to you. 

How many tenants would qualify for rentals if you couldn’t depend on them collecting minimum wage for their labor so they could pay rent?

I was hoping to get some clarity on the rent collection functionality of the stessa/rentredi platform, versus hiring a property management company.

The ACTS of offering to purchase, assigning or flipping a contract, and collecting a fee for such does NOT  in itself require a real estate license.  

Options may include traditional mortgages, private lenders, partnerships, or even self-directed IRAs.Calculate all potential costs including property acquisition, renovations, property management fees, taxes, and maintenance.Property Selection and Due Diligence:Use your local team to scout properties that match your investment criteria.Conduct thorough due diligence including property inspections, financial analysis, and reviewing rent comparables (rental rates in the area).Make Offers and Negotiate:Submit offers based on your research and due diligence.Negotiate terms that are favorable to your investment goals, taking into account potential repairs or improvements needed.Close the Deal:Once your offer is accepted, work with your local team to complete all necessary paperwork and close the transaction.Ensure all legal aspects are handled properly, including title searches and property inspections.Manage Property Remotely:Hire a reputable property management company to handle day-to-day operations such as tenant screenings, rent collection, maintenance, and emergency repairs.Establish clear communication channels and expectations with your property manager.Monitor and Adjust:Regularly review your investment performance and financial metrics (cash flow, occupancy rates, expenses).Stay informed about market trends and adjust your strategy as needed to optimize returns or mitigate risks.Long-Term Strategy and Growth:Evaluate opportunities for portfolio expansion or diversification in the same or different markets.Continuously educate yourself on real estate investing best practices and market dynamics to make informed decisions.By following these steps diligently and leveraging local expertise, you can effectively navigate the complexities of out-of-state real estate investing and build a successful portfolio over time. 

Closing costs on seller carried transaction are marginal, payments are collected and preferably administered by a third party and qualifying or documentation required is discretionary to the seller.

The idea is to truly be an INVESTMENT manager instead of just a half assed “property manager” collecting rent.

If the properties are split into more than one LLC, then each LLC will need its own accounts.Checking: collect all income here, then use it to pay bills.

Rent collection is free only with the subscription, does credit building, great rental contract generator, site is very simple in design.