All Forum Posts by: Derrick Carpenter

@Robert Lenfestey I have two rentals and I use Cozy to collect rent each month.  I recently had to switch my rent collection process to Cozy when SparkRent decided to shut down.  I have found that for me it was easy to set up and my renters did not have any problems.  I have used it for the last 3 months and it has been a good experience.  The price of "free" is also an upgrade from SparkRent.  

I don't use any of their other tools yet, but I would be open to using more services from them in the future.

Derrick

I am looking for some recommendations of good foundation repair companies in Kansas City.  Can you anyone recommend anyone?

Thanks

Derrick

Good point @Joe Wappelhorst

Thanks @Eva Salas , @David Avetisyan and @Rumen Mladenov  Sounds like keeping it is the right way to go.  

Thanks

Derrick

@Linda Weygant good advice!  I think the reason I overpaid was due to being new and wanting to get into the game.  I looked at about 20 properties and just got excited and probably did not negotiate hard enough.  At the end of the day you are right.  I am happy with how the property is performing and I have learned and will be sure to use this lesson in the future.

Thanks for the feedback @Rod F. and  @Andrew R. .  I was thinking I hold onto it as well.  It is a great property in a good area and I feel it can produce for me for years to come.  Good lesson learned I guess.

Background - This was my first rental property. I purchased a SFH in Raytown, MO last year for $50K and did about $4K work to get it ready to rent. I was able to rent it out in about 1 month and I am getting $800 per month. Cash flow is good, making about $400 per month after putting money away for repairs and paying all other bills. Tenant is great and no major issues.

So, after talking to other investors and looking at other properties, I probably overpaid a little ($15K) for similar properties.  I need to do a little maintenance on the roof and foundation, but it will be funded out of the repairs budget that was paid for by the rental income.  My question is, should I continue to hold onto this property and make repairs or, should I sell it and probably break even and consider it a good lesson for my next purchase?

Let me know your thoughts or what you have done in the past.

Thanks @Michele Fischer and @Margarita Uricoechea I think you are right that it is probably time to do walk through and talk with the tenants.  That Seems like it would be the best bet.  

Thanks and I will see how it goes

I have a property with some great tenants that pay on time and the house is a newer home with very few issues.  I have had a property manager in place for the last two years because I was only a landlord due to moving to a new home.  Now that I have decided to expand and have additional properties (purchased my 2nd in June), I am looking to take over as the property manager.

Any advice on how to best do this?  Here are a couple questions that I have.

1. Does the current lease stay in place?  I am assuming yes.

2. Do i meet with the tenants and send them a professional letter explaining the change in management?  I assume lay out how to pay rent, contact information and address any questions they may have.  

Regarding point 2.  How does the tenant know that I am who I say I am?  Should I work with my current property manager to inform them that the management is changing.

Please share any best practices that you may have used.

Thanks and let me know.

Derrick

@Michael B. welcome and ask lots of questions.  You won't regret it.