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Does anyone have an experience using any of those funds transferring apps like Venmo to collect rent? I've got a friend renting out my spare room and they want to go that route.
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Jan 4, 2017 11:01
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there wolf posted:Does anyone have an experience using any of those funds transferring apps like Venmo to collect rent? I've got a friend renting out my spare room and they want to go that route. I have no experience with them but do work in banking and used to touch payments stuff. I bet there are fees for you to collect it, and most electronic transactions can be disputed or charged back so in that sense it is good for him and less good for you. Easier for him to cancel than a check too but I bet it lenda itself to a false sense of security for people being paid with it until they run into a dispute.
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Jan 4, 2017 17:23
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App folio has a credit card rental payment option (amongst other things). Probably overkill for what you're looking for though.
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Jan 4, 2017 17:29
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I've been using Cozy for this latest tenant and love it. Takes a week to process rent and get to your account though, unless you pay for higher service
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Jan 4, 2017 17:33
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fishhooked posted:I've been using Cozy for this latest tenant and love it. Takes a week to process rent and get to your account though, unless you pay for higher service Wachovia used to take that long to process a check so no big change there. I'll look into it.
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Jan 5, 2017 01:16
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there wolf posted:Does anyone have an experience using any of those funds transferring apps like Venmo to collect rent? I've got a friend renting out my spare room and they want to go that route. I've used Venmo. It's great from the landlord's perspective - no fees, easy to move funds to the bank. The tenants can pay for free from a bank account, or they eat the fee if they want to use a card.
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Jan 5, 2017 04:32
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Is this the right place for rental questions? City, State: Orlando, FL. I currently rent an apartment with washer/dryer hookups, but was expected to supply my own Washer/dryer when the lease began. New company bought up the apartment complex, my lease is still valid until October. They want me to remove my washer/dryer so they can install their own, which I assume will liktely be inferior. Can they compel me to do this?
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Jan 13, 2017 00:15
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What is mentioned in the lease regarding washer/dryer?
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Jan 13, 2017 00:22
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Mandalay posted:What is mentioned in the lease regarding washer/dryer? Not a goddamn thing. Scouring it again as we speak. The closest I can find that they can come back on is quote:COMMUNITY POLICIES OR RULES Ah, balls: "No water furniture, washing machines, additional phone or TV-cable outlets, alarm systems, or lock changes, additions, or rekeying is permitted unless statutorilay allowed or we've consented in writing." I don't have anything in writing about us originally providing the first pair. Deviant fucked around with this message at 00:26 on Jan 13, 2017 |
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Jan 13, 2017 00:22
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Deviant posted:Not a goddamn thing. Scouring it again as we speak. What about everyone else? Are they forcing dozens of people to remove their poo poo? It should be obvious what the arrangement was prior to their ownership and I'd see about getting some other residents to sign a letter.
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Jan 13, 2017 00:34
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Jealous Cow posted:What about everyone else? Are they forcing dozens of people to remove their poo poo? It should be obvious what the arrangement was prior to their ownership and I'd see about getting some other residents to sign a letter. Yes, there's an entire series of duplex units all of which had W/D hookups, in addition to a central laundry facility for the units that don't have W/D hookups. This only affects the duplex units, and I can't be sure how many people actually take advantage of them. For some people this might be a great deal/boon and they'll want to do it. Deviant fucked around with this message at 00:38 on Jan 13, 2017 |
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Jan 13, 2017 00:36
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Deviant posted:Yes, there's an entire series of duplex units all of which had W/D hookups, in addition to a central laundry facility for the units that don't have W/D hookups. This only affects the duplex units, and I can't be sure how many people actually take advantage of them. For some people this might be a great deal/boon and they'll want to do it. Tell them no, you already have a set under prior agreement with your old landlord and you won't be removing them. There's no reason why they would really pursue forcing you to get rid of your W/D before the end of the lease.
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Jan 13, 2017 02:08
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BEHOLD: MY CAPE posted:Tell them no, you already have a set under prior agreement with your old landlord and you won't be removing them. There's no reason why they would really pursue forcing you to get rid of your W/D before the end of the lease. The only reason I can think of for doing this would be so the new owners can install coin operated units. Even if they wanted to be able to advertise "Washer and Dryer included!" as a way to raise rent, I don't know why you would bother in the middle of a lease. I also can't imagine that they can force a current tenant to remove their own washer and dryer and then hit them with a washer and dryer rental fee without the tenant signing something first. Either way, it's a poo poo move making that kind of change in the middle of a lease, legal or otherwise.
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Jan 13, 2017 02:46
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TouchyMcFeely posted:The only reason I can think of for doing this would be so the new owners can install coin operated units. There've always been coin op units in a central facility. Only the 2/2 duplex units have W/D hookups, the more block style housing does not. I really just want to tell them to gently caress off to see how they respond, but I need to engage my roommate in the discussion.
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Jan 13, 2017 04:26
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Deviant posted:There've always been coin op units in a central facility. Only the 2/2 duplex units have W/D hookups, the more block style housing does not. Unhook yours, place in bedroom. Let them install new ones, remove theirs and store in room, put yours back in! Everyone wins 
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Jan 13, 2017 14:38
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I'm thinking of replacing the falling apart roof of my covered patio with a 2nd story deck, and turning a weird closet into a guest bathroom. If I did both it would give me a little 450sqft apartment with a separate entrance that I could rent out. I'm thinking I would do AirBnB as I live in an urban area that's in high demand. Any suggestions or tips for trying to figure out if AirBnB makes sense? If I don't do AirBnB I would probably just do the guest bathroom and get a roommate (Sharing a bathroom with a roommate feels too much like college)
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Jan 13, 2017 15:16
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mattfl posted:Unhook yours, place in bedroom. Let them install new ones, remove theirs and store in room, put yours back in! Everyone wins This place is like 900sqft, you want me to do what now?
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Jan 13, 2017 16:25
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Deviant posted:This place is like 900sqft, you want me to do what now? What about turning them into a kitchen island? Get some more counter space.
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Jan 13, 2017 16:37
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Deviant posted:This place is like 900sqft, you want me to do what now? Don't do anything, they have no real grounds to force you to remove appliances you had in the property prior to their ownership. They could force you to do it when you renew your lease but I see no reason why they would put up a huge fight about it. Their legal recourse under Florida landlord tenant law is to serve you a 7 day cure or quit notice, then sue you in small claims and convince a judge that this is a breach of lease. Not worth the time and expense when they can just put a W/D in the unit after you move out and take yours.
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Jan 13, 2017 16:46
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BEHOLD: MY CAPE posted:Don't do anything, they have no real grounds to force you to remove appliances you had in the property prior to their ownership. They could force you to do it when you renew your lease but I see no reason why they would put up a huge fight about it. Their legal recourse under Florida landlord tenant law is to serve you a 7 day cure or quit notice, then sue you in small claims and convince a judge that this is a breach of lease. Not worth the time and expense when they can just put a W/D in the unit after you move out and take yours. They might want him out anyway. Maybe rents have gone up quite a bit since he signed? Or their financial model depends on them making much more per unit.
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Jan 13, 2017 16:51
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I've spoken to my roommate, we don't plan on staying past October anyway, so we're probably just going to demand some sort of concession (x off rent, etc) for allowing this, and throw them in storage. Technically the machines belong to him, so it's largely his choice, and that's what he wants to do. I've advised all of this, though. My plan from there is to be on maintenance like white on rice if these replacement machines so much as wobble funny. But I thrive on conflict more than he does. Deviant fucked around with this message at 17:24 on Jan 13, 2017 |
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Jan 13, 2017 17:21
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This is the stupidest loving conversation ever. Grow a spine, stand up for yourself, say no, and don't accommodate whatever schedule the new owners decided works best for them to install everything all at once. Tell them to gently caress off, storing a washer somewhere is not a headache you should have to deal with at all, they can install new appliances when you move out. You millennials suuuuuck at saying no.
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Jan 13, 2017 17:49
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Deviant posted:This place is like 900sqft, you want me to do what now? Pryor on Fire posted:This is the stupidest loving conversation ever. Grow a spine, stand up for yourself, say no, and don't accommodate whatever schedule the new owners decided works best for them to install everything all at once. Tell them to gently caress off, storing a washer somewhere is not a headache you should have to deal with at all, they can install new appliances when you move out. If it were only up to me I'd tell them to go gently caress themselves. But the machines being removed don't even belong to me, they are 100% my roommates property and he's chosen not to push back. Edit: someone reread something because I just got this unprovoked: quote:Matthew, Deviant fucked around with this message at 21:42 on Jan 13, 2017 |
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Jan 13, 2017 20:55
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Deviant posted:Edit: someone reread something because I just got this unprovoked: Grats, you have a non lovely landlord, or at least one who listens to reasonable advice.
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Jan 14, 2017 01:12
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Looking at buying a vacation rental property in Orlando, Florida that I would personally use for about 2 weeks of the year, and more if necessary (my parents live about 20 minutes from where I am looking). It is through a company with a significant timeshare base, and they will rent out the place for me for a 20% cut, I have to do nothing except pay the mortgage/tax/insurance. Many of the people staying there will be using timeshare points, and the company also advertises on the usual booking websites. The property has great ratings across the various sites. Visiting it, it seems like a good value for the price, and it is ~6 miles to Disney. Everything on that end appears to kosher. I've seen two owner statements, one that encompassed calendar year 2015 and a different owner that encompassed calendar year 2016 (no preference is given to renting out an owner's unit, all random), and it would appear that my expenses would be covered including mortgage, with about $4k extra assuming I stay there 0 days of the year. I've gone through the expense statement fairly thoroughly (utilities, cleaning fees, people breaking stuff, people taking towels, HOA, etc. etc.), and this does appear to be as straight forward as that. The fully-furnished unit is likely to be around $200k including closing costs, meaning $40k down. It is the "show unit" which means it is gently used (I've been through it twice), so it's a lower price, and I'll try to negotiate it down even further. So anyway, that could theoretically be a 10% return with 0 days stayed, and then of course a few thousand of principal payment. Seems like there's enough wiggle room in there to be okay with it, yeah? I'm not looking for massive profit generation, if I could make $1k a year, pay down $3k in principal, stay there for 2 weeks, I'd be extremely happy. So then there's the risk factor...quick summary: the company owns two properties, and both were purchased around 2008 while being partially completed by previous companies. They built a ton of new units (both properties have ~400 units, one with 60% by them and another with 80% by them), built clubhouses, pools, etc. Basically tried as much as possible to turn it into their property. But there are people within the community that own and are not part of their rental program (using brokers or AirBnB/VRBO etc.), and some that own and live there year round. The property where I am looking, it does not appear to be any sort of worry from that angle, looks like just one foreclosure, and driving through, none of the units appear to be any sort of eyesore or anything...there is an HOA. I guess the trend towards residential could slowly degrade the resort over time. But, this is a $200k purchase not a $500k, and the distance to Disney is fixed...so there's not as much room for a collapse in prices? What worries me is perhaps the resale value, because there are some units for sale in the 160-190k area that are at least semi-comparable to my own. The thing about those properties is that they are not in the rental program, and they can never be in the company's rental program (although the company will occasionally buy a property, convert it into a rental unit, and resell them). Anyway, any thoughts appreciated. Feel like I understand all of the aspects of this, and feeling fairly comfortable with going through with the purchase in a few days, barring any hiccups. edit: I also went through the county records for all the comparable units near my own (28 of 'em), and (1) the price I would be paying looks to be a good one and (2) only 3 of these 28 have been re-sold after someone purchased them from the company, and some of these go back a few years, so this would I guess imply that this is not some money-losing operation that people want to dump in a year or two. Arkane fucked around with this message at 17:08 on Jan 14, 2017 |
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Jan 14, 2017 16:54
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Arkane posted:Looking at buying a vacation rental property in Orlando, Florida that I would personally use for about 2 weeks of the year, and more if necessary (my parents live about 20 minutes from where I am looking). I think this is a bad idea, in my mind if this is a good rental unit why doesn't the professional management company want to own and rent it? Second if you rely on vacation rental income for this to make any sense at all you are tied to both real estate market capital risk and vacation industry risk and you are going to get destroyed in the next recession whenever that happens to come. Just pay your own Disney vacation rental for two weeks a year or whatever and don't worry about owning a rental condo.
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Jan 15, 2017 12:01
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BEHOLD: MY CAPE posted:I think this is a bad idea, in my mind if this is a good rental unit why doesn't the professional management company want to own and rent it? Second if you rely on vacation rental income for this to make any sense at all you are tied to both real estate market capital risk and vacation industry risk and you are going to get destroyed in the next recession whenever that happens to come. Just pay your own Disney vacation rental for two weeks a year or whatever and don't worry about owning a rental condo. To your first point, there are plenty of management companies that don't own any properties. They spread the risk of property ownership and maintenance across their landlords rather than holding it all themselves. As I read it, it looks like they are both the developers and management company, so I too wondered why they wouldn't hold the property themselves, but selling them would provide capitol for further development.
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Jan 15, 2017 14:27
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baquerd posted:Grats, you have a non lovely landlord, or at least one who listens to reasonable advice. I assume enough other people complained that someone decided it wasn't worth the time/energy/paperwork. It's been made clear that this is changing on lease renewal, however. At that point I assuem we'll be asked to sign some sort of W/D addendum and won't be staying. Deviant fucked around with this message at 16:31 on Jan 15, 2017 |
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Jan 15, 2017 16:26
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BEHOLD: MY CAPE posted:I think this is a bad idea, in my mind if this is a good rental unit why doesn't the professional management company want to own and rent it? Second if you rely on vacation rental income for this to make any sense at all you are tied to both real estate market capital risk and vacation industry risk and you are going to get destroyed in the next recession whenever that happens to come. Just pay your own Disney vacation rental for two weeks a year or whatever and don't worry about owning a rental condo. Thanks for the reply...that was my first qualm, why are they selling it? But the answer, as far as I can determine, is: why wouldn't they sell it? They're making money on the timeshare members, offering two Orlando resorts as a destination to their customers, and taking a cut of the room rental. I am guessing they're also making money when selling the units, while removing the risk/ongoing capex of needing to remodel every few years, etc. They've done this model in other areas, like UK and Turkey (lol if you bought in Turkey)...they have quite a number of resorts on the southern coast of Spain. I agree that I would be opening myself up to losing money in a recession environment, but the US Dollar has strengthened considerably in the past couple of years, and foreigners are still visiting Orlando in droves and the hotel industry/theme parks are thriving. So it seems like this area in particular, due to the theme parks, beaches, weather, has a bit of immunity...but yeah I agree that there is risk there for a 20% drawdown in tourism if the economy tanks, and it may go from something that makes me a couple thousand to something that loses me a couple thousand in a very small amount of time. But hopefully it would just be temporary, like anything else. Disney ain't going anywhere.
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Jan 16, 2017 00:56
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Jealous Cow posted:To your first point, there are plenty of management companies that don't own any properties. They spread the risk of property ownership and maintenance across their landlords rather than holding it all themselves. ...Yes? Spread the risks and keep the profits sounds like a great business model for them, not so much for the people on the mortgage. That a lot of people do it doesn't say anything about how sound their judgment is.
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Jan 16, 2017 01:28
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Has anyone used a turn key company to purchase remote properties? I had a nice hour long chat with someone from Norada Real Estate today and after seeing a decent number of positive reviews on Bigger Pockets I'm thinking of purchasing a property through them. Am I nuts?
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Feb 25, 2017 02:47
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How do you make any money if you pay some kind of retail price for a rental property and then (presumably) pay a management company to deal with it remotely
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Feb 25, 2017 03:35
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It's the same as any other deal; due diligence, running the numbers, etc. The two rentals we have we got off the local MLS so it's certainly possible to pay retail and still cash flow. We're starting to get priced out of our local market but still want to pickup rentals in other markets. Not sure if there's a better way to do that than using a turnkey company.
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Feb 25, 2017 15:14
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One thing I will say about property you're not local to is that it can be a loving headache. Even if you've got a good company to take care of stuff, there's no guarantee they're going to stay a good company. I mean, I'm not saying don't do it, I'm just saying it's there's a good change it's going to be a bigger headache than you first imagine.
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Feb 25, 2017 17:49
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I've been watching Morris Invest for about a year now and listing to his podcast. The thing that seems sketchy is his messaging about buy and hold being the way to go, but his business is selling flips along with a management contract. They have a great business model, and as long as you do your homework and understand the implications of your higher cost basis you could probably do well. Personally, I want to start buying rentals in Cleveland. My wife and I recently bought a home for her mom and in the process we looked at a lot of <$80k homes. There is a ton of stuff in the 50-60 range that would rent for 750-800 as is. Unfortunately we spent a ton of cash on mom and I don't feel comfortable tying up more cash in real estate right now.
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Feb 25, 2017 18:24
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Have a question as a tenant, maybe y'all lovely people can help out... I rent a little apartment (less than, but bumping up against, 500 sq ft) in a city and my lease says I'm not _supposed_ to drill anything in the walls. Well, being the sneaky lil gently caress that I am, I have mounted a TV (had to drill into a few posts) and hung a few smaller things (tiny nails). I'm wondering what my eventual consequences for this look like? I would like to repair the holes or whatever but I'm thinking if I ask my landlord what the color of the paint for the walls is, they'll know what's up pretty quickly. (I'm a great tenant otherwise, I promise.) Kinda related but not really -- my first year will be up in August which is all I'm technically contracted for on the lease, after which we supposedly will go month-to-month. I would like to live here for 1 more year after August, so another year, but I'm unsure how or when to start negotiating this, or if it's too early for me to ping my landlord like "hey, I know August is a ways off but when it comes around can I assume that I'll have a place to live for another year?" Thanks fam
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Mar 7, 2017 06:58
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It's basically down to how much of a hardass the management is.
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Mar 7, 2017 14:40
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I've found that if you're a solid tenant otherwise in anything but the hottest rental markets - pay your rent on time in full every month, no drama, don't generate noise complaints, don't smoke in the apartment, good credit, limited, reasonable complaints to management exclusively about things that are clearly their responsibility - they're willing to forgive a lot of the "reasonable" wear and tear that happens in an apartment every month. I had my cats DESTROY the carpet (and a doorframe) in one place and the landlord told me it was due for replacement anyway and didn't even charge my security deposit for the damage.
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Mar 7, 2017 16:37
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an skeleton posted:Have a question as a tenant, maybe y'all lovely people can help out... For things like picture hooks / shelves / TV should be a simple patch and paint repair, which is cheap and easy. I charged whatever my handyman charged me. Typically $100-$200. But that's obviously going to vary based your local labor rates. 2 months or so before the end of the lease would be a typical time to discuss renewal, but if you're willing to sign a lease extension, they might do it now. I'm always happy to have good tenants stay longer. Your landlord probably is, too.
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Mar 8, 2017 00:24
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A relative of mine just found out that someone in one of the fourplexes he owns was cooking meth in his apartment. The building is basically a complete loss 
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Mar 11, 2017 01:03
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