All Forum Posts by: Dennis Carvalho

My family and I are moving to Cary NC, and we are looking for a good realtor to help us find a good SFR. Recommendations anyone?

I'm interested in hearing from people who own property management companies. What are the common misconceptions and/or fears people have around hiring you? What do you re-educate them about?

You're making a lot of assumptions.. What if the condo board decides to not allow rentals or they increase your HOA fees. What if you tenant gets sick can't pay the rent and can't move out either. Never rent to friends things can go south real quick. You need an established cushion of cash as a landlord because as they say **** happens.

Yes I've been using them for more than 3 years. They are great and have been responsive when there has been an issue. They have a good online interface for both tenant and LL. Tenants can pay online monthly or by direct deposit, I do direct deposit at the start of the lease which allows me to always collect a rent check even if they're not around. Plus it leaves a paper trail if the deposit doesn't go threw (can't say it's in the mail), not to mention their bank will hit them with an insufficient funds fee, so it keeps them on the ball. The fee is $3 per transaction which you can pay or have the tenant pay (just increase your rent to cover it) and email notifications also go out for deposits and fees.

I've used eRentpayment.com for more than 3 years they are great and have a nice online interface for both tenant and LL. I do a 12 month ACH direct deposit from the start of my leases so my tenants just need to make sure they have money in their accounts when the withdraw hits. I get confirmation emails about payment deposits and transactions fees. You can either have the tenant pay the $3 fee or pay it yourself... fyi just raise your rent $3 bucks on the next lease and you're covered. 

@Brian Gibbons

What is the risk with this structure? What if the bank calls the note or owner gets sued outside of property?

Sometimes you have to walk before you can run. No offense but if you don't have enough for the down payment what makes you think you'll be in better shape when you own a rental and your tenants water heater leaks or boiler goes out? Worse yet when the tenant doesn't pay the rent and sues you for their problems. It's great having a goal but REI can turn into a nightmare if you don't go about it in the right way. If your going to buy and hold you need to think about more then just the acquisition and without reserves it can easily turn into a losing game. Maybe think about partnering with someone until you can go at it alone.

As a LL it's either pay now or pay later and so you always need to keep this in mind when your DIYing it. Like everyone has mentioned pick the projects where you can do the least damage.

@RichHupper I'll PM you perhaps we can meet up.

Can anyone in MA refer me to a good Real Estate Agent who works with investors in MA and who focuses in areas MetroWest, NorthShore. Looking for and agent who works in these towns.

Westboro, Marlboro, Hudson, Acton, Chelmsford, Billerica, Reading, North Reading, Tewksbury, Wilmington