All Forum Posts by: Blaine Alger

I have an infill lot that I am looking at in Waco, TX. It is in an up and coming area that is seeing a lot of new development and builds. The home prices in the are are a little all over the place due to the fact that it is gentrifying but I would say a builder could come in a build a 200-350k house. 

They are asking 85k cash and I would end up assigning the contract to a developer if I were to lock it up.

My problem is, i'm not sure how to accurately pull comps for vacant lots and don't really know what price point I need to be at.

@Marissa Turrubiates

Given you don’t have a ton of experience or a proven track record, it does not give you a whole lot to bargain on. I think 10% is pretty fair especially since you are just beginning. ( I think it would be a different story though if you had been doing this a while and have proved what you are capable of.

Give it a couple months to figure things out and get your processes down and once you start to produce a  consistent stream of revenue for the company, you can start using it as leverage.

Best of luck to you!

@Kyle Webster

The post office money order seems like a great option for an elderly tenant. I'll look in to it.

I have not explored any of the mobile app option. They could be a solution but i'm just making the assumption that they will not have access, so the mobile app payment is off the table.

@Adam Martin

This is something that I have seen mentioned several times. I guess I should give the old lady more credit and she might be more tech savvy than I think she is. She probably know more about technology than me.

I will give the Zillow autopay option a look, it sounds like it could be a promising solution.

Thank you!

@Drew Sygit

Great story Drew!

Goes to show that everyone is capable of adapting and figuring out new procedures, even if it takes a little bit of encouragement.

And anything is better than going door-to-door, picking up cash. That would be a mess and so inefficient.

@Theresa Harris

I really like the check idea, especially if you are dealing with an older tenant. Old people love checks, they would be all over that!

I will check it out, thank you for your .02!

@Kaelyn Motzel

Thanks for the input.

I have not heard of that before and will take a look!

@Luke Marsh

Thank you for the suggestion Luke. I have not looked into any simpler management software and I guess I should have a little more faith in the tenant haha.

@Bjorn Ahlblad

I guess it doesn’t matter at the end of the day.

Rent man is gonna get his money one way or the other, haha.

Hello BiggerPockets!

I am looking at a deal right now where there is a long-term tenant in place who is an older lady. I am assuming ( although I could be wrong) she does not have the technological abilities to be able to pay rent online through a property management software.

What is the most effective/hands-off method for collecting rent when online payment is not an option?