All Forum Posts by: Alecia Loveless

@Henley H. I currently have some tenants using Venmo per their request which I then use their free 1-3 day transfer into my account. You can also do an instant transfer into your account for a fee.

I also have some tenants who send certified bank checks at their discretion, I haven’t asked for certified funds as I haven’t had a problem with bounced checks. I have a few tenants who pay with personal checks.

As I continue to scale up my doors in number I am starting to look for an online management software that will help me better organize my business and also provide another online option for my tenants to pay.

I think the key to remember is that we’re in the housing business but we’re really in the customer service business and when we provide options to our tenants that make their lives easier it may make the difference between them staying with us for 1 year or 5 years.

@Brandon I Garcia Where I live it varies from town to town but I can get the water and sewer bills all in my name, none of it ever goes to the tenant.

In two towns I am in the trash is paid for by taxes both of which have curbside pick up. The third town residents buy town approved trash bags and take them to the town owned transfer station. The cost of the bags pays for the running of the transfer station.

@Ashley McCaffrey Or if possible and the process doesn’t take too long make the offer contingent on the change of use/zoning, whatever it is in your state. In my town if you worked quickly with the town hall you could probably get this done in 4 weeks.

As I’m sure are most investors, I’m always looking for the next great deal. My realtor has presented me with a retired funeral home as a possible conversion to a 3-4 unit multi family. It currently has a 2 bedroom 1 bathroom apartment upstairs and lots of open space on the first floor ready to be divided up and turned into other things such as housing units. I haven’t looked at it yet but I believe there’s about 2700 sq ft. Of space on the first floor, so maybe two large units and a studio or else just extra bedrooms.

There’s an incredible shortage of housing in my area so if the units were done correctly I don’t believe there should be too much trouble renting them. I’m sure there would be some people who wouldn’t rent in a former funeral parlor but plenty that would.

Fellow investors do you think there’s too much stigma and this is a bad idea? Or a possibility to get a steal because no one wants it?

@Emily Fackler Great job! Your comments made me just re-evaluate a project I’ve got going on and I realized I’ve got to take over and finish it! I have a great contractor but he CANNOT finish

a project. You’re absolutely right, no one cares about your property as much as you do.

@Jared Ryan Hi Jared. This sounds like a good solid plan and is basically the one I am working toward myself, a 5 year plan. Many people on BP mention those two markets for cash flow, but I seem to think that the appreciation in OH isn’t so good. I don’t remember anyone talking about appreciation in INdy.

Hopefully some other members will chime in and say some more.

At the moment I’m on track to buy 2-3 properties a year but it sounds like my income level is significantly less than yours. I’d recommend getting your feet wet with a couple to make sure everything goes smoothly then you can buy faster once you’ve developed systems.

If you can find a good team to work with it might be wise to stick with one location for several properties then maybe move to another location for some so all your doors aren’t in one location in case of a regional recession or disaster or something.

Just a few thoughts!

@Gregory Schwartz My agent is a constant producer. He might not be On Fire but when no

One else was selling in my whole region at the beginning of the pandemic, as soon as protocols were put in place to get closings to happen and showings to happen, my agent was consistently closing deals week after week when no one else was.

He networks with everyone, never forgets a name or face, and if you have a problem he finds the solution.

The brokerage he works for is not a national company, it started off in a small town with just two brokers and two agents and today they have 5 offices covering about a 100 mile radius and close to 75 agents.

It’s not always about getting the best agent, or best whatever, sometimes it’s about finding the best fit.

@Richard Shara My thought is this, if it hasn’t already been refinanced at the current low interest rates now is the time to do so if at all possible then it should cash flow just fine.

My non owner occupied mortgage which would have a higher rate than you would get for a little under $200,000 has a payment of $775. So if you could refinance your mom’s mortgage for around 3% the payment would be only a little over $800.

If you could rent it for $2300 once you pay taxes and insurance and other costs, you’d have to use the BP Calculator, I think you’d have a nice cash flow to help with your mother’s expenses.

Of course you’d have an upfront cost to get it rent ready but Home Depot and Lowe’s have inexpensive good quality laminate plank flooring that’s easy to maintain and lasts so much longer than carpet. There’s even a special version for wet places like bathrooms, laundry rooms, etc.

Once you remove the existing flooring if there’s pet smells ask here on the forum but I believe you want something like oil based Kilz paint to paint the sub floor with to encapsulate the smells. Be sure to ask though I might have the wrong product or there might be a better one.

Best of luck!

@Gary Abner I bought a 4Plex in February. In the paperwork the seller stated the coin op laundry, there is 1 washer and 1 dryer for the 4 units, brought in $40 a month for a total of approximately $500 a year.

Currently there are 4 single tenants living there, 3 men and 1 woman. The property is about 30 minutes away from my house so I go to check on it about every 10-12 days unless there is a problem and then I go immediately.

During this time I have never gotten more than $7.00 for a week and a half period, usually it’s about $5.00. One tenant appears to fry their clothes by hanging them up.

Based on my own households laundry usage I figured that if the 2 two bedroom units had 2 people in them instead of 1 person likely that $40 a month would be made.

Mine run on electricity and with maybe 14 loads a month and 2 lights it costs me $25 a month for the most expensive electricity in New England.

My advice is that I wouldn’t go nuts and buy 4 washers and 4 dryers but based on how many bedrooms you service and your typical tenant composition maybe 2 of each especially if you’re isolated.

@Sean Steward I have separate checking accounts for each building I own. It allows me to keep finances separate and not commingle funds.

I put the address of the building on the checks with the mailing address from the bank to my Personal P. O. Box.

All of my vendors have my mailing address and if I have to send a check somewhere else I am sure to include my mailing address along with the check for clarification.

This system has worked well for me so far.