All Forum Posts by: Alex Geesey

I'll be meeting with a fellow investor about a Duplex (possibly triplex) they are selling within the next week or two. I have met the person at their personal residence and had a brief discussion with them about it, but nothing formal (my dad was doing work for them and I was just dropping off tools for him that he needed). I have come up with some questions to ask, but I want to make sure I'm not missing anything major.

What things should I want to know about the property?

What should I keep in mind while I'm looking into the property?

What information should I be asking them for?

What questions would you be asking?

I'll be meeting with a fellow investor about a Duplex (possibly triplex) they are selling within the next week or two. I have met the person at their personal residence and had a brief discussion with them about it, but nothing formal (my dad was doing work for them and I was just dropping off tools for him that he needed). I have come up with some questions to ask, but I want to make sure I'm not missing anything major.

What things should I want to know about the property?

What should I keep in mind while I'm looking into the property?

What information should I be asking them for? 

What questions would you be asking?

@Caroline Gerardo thank you for that info! This should definitely help moving forward!

Thank you for that @Dan Maciejewski! What is a seller carry-back?

@Caroline Gerardo I’m not sure. I didn’t think to ask them when I first met them. Based on talking with them initially, it seems like they have owned for quite some time so it’s possible they could own it free and clear. They wanted to wait until after the holidays to take me through the property and talk details so they weren’t disturbing the tenants. let’s say they do own it free and clear for this example though.  

I will be talking with another investor in the coming weeks who is trying to sell their Duplex (could possibly be a triplex). Looking at the initial numbers for my bank financing (commercial loan because the property will be in an LLC), I won't be able to get the numbers to work by using a loan right away. Looking at it though, I could get the numbers to work in 5-10 years. So I was thinking of potentially seeing if they would be open to seller/owner financing where I pay them a monthly payment for 5-10 years and then refinance with a bank and pay the investor a lump sum final payment. Should the investor agree to this I want to make the process as easy and smooth as possible for them, but I have no idea how the seller/owner financing process should go.

Let's say the investor does agree to this, what is the step by step process for seller/owner financing? (If you could be as detailed as possible, that could be helpful!) Thanks in advance!

I will be talking with another investor in the coming weeks who is trying to sell their Duplex (could possibly be a triplex). Looking at the initial numbers for my bank financing (commercial loan because the property will be in an LLC), I won't be able to get the numbers to work by using a loan right away. Looking at it though, I could get the numbers to work in 5-10 years. So I was thinking of potentially seeing if they would be open to seller/owner financing where I pay them a monthly payment for 5-10 years and then refinance with a bank and pay the investor a lump sum final payment. Should the investor agree to this I want to make the process as easy and smooth as possible for them, but I have no idea how the seller/owner financing process should go.

Let's say the investor does agree to this, what is the step by step process for seller/owner financing? (If you could be as detailed as possible, that could be helpful!) Thanks in advance!

@Alexander Kleyman Thank you for your response! I think I'm going to give Stessa a try. It seems like the best option for me at this time.

@Danie Hyman, @Basit Siddiqi, @Simon W., @Aamir V., and @David Richter

Thank you all for the advice! I greatly appreciate you taking the time to post an answer. I will be sure to remember this information moving forward. 

I've been looking through the forums over the past couple days to try and find an answer, but haven't really come across many posts that are more recent. I am looking into accounting/bookkeeping software to use for my rental property business (LLC), and I was wondering what people preferred? I currently do not have any properties yet, and when I do I will be hiring a property manager. I would like to scale up to at least 40 single-family and small multi-family homes.

I saw a lot of posts ranging from 1-5 years ago that recommend QuickBooks Online Plus, but it seems pretty pricey for only trying to obtain at least 3 properties within the next year, and Stessa is the only other competitor that I can find detailed reviews on. The only thing that I don't like about Stessa was the wording in the terms that said that you authorize them to have power of attorney, and it's not very clear on what specifically they would use it for. 

If you use or know someone that has used any of the programs below, what are your thoughts on me using them for my situation? Any other options that you might recomend? 

Stessa

Rentastic

TenantCloud

Rental Hero

QuickBooks Online Plus