All Forum Posts by: David Stone

Its a different account than my personal checking and money typically gets transferred out fast.  I have paid other accounts using that method.  In those experiences, I get a receipt showing I made the payment and get no additional information about the account because I am not listed on the account.  I guess it relies on the bank tellers doing their part too.  I have not had any problems with tenants deposit directly in, the banks seem used to it, and the tenants have an easy method of paying rent that does not bother me.  

I have looked for a service where tenants can pay online, at their discretion, and the money would get deposited into my account.  I would love for them to go onto my website to pay, request maintenance, or submit a notice to move out, etc.  I haven't found anything yet, but would be interested if people are using one.  

I have my tenants deposit money into our rental checking account. They can go to any Credit Union with shared branching, deposit the cash or check, and their name is noted on the deposit. 

I have never been a fan of automated withdrawals myself, especially when it's such a large withdrawal.  When they deposit rent, the excuses of it being lost in the mail or be late cause it's still in the mail to away. Plus, they have the choice of when to deposit (timing after their paycheck) to ensure they have enough funds. 

Good luck!

Get a deal under contract first and then start looking for the cash buyer. 

List the deal (including estimated repairs and after repair value) on Zillow, Craigslist, your local REIA meeting, social media, tell friends and family, etc.

Make a list of the investors who call. You can contact them next time along with placing an ad and capturing new investor numbers.

You really only need a phone number. Talk to them directly.  Probably the best time to work out a deal when they are motivated. 

You can get a free re-direct phone number on google voice.

A website isn't a bad idea, but it can also be a time waster for you, cost money, and allow the potential seller to procrastinate enough and lose interest (in my opinion).

If you want a website, make it a simple landing page. (Single page site that requests they put in their name, number, etc)

Good luck!

Man, I know the feeling of being overwhelmed after reading so many resources on so many topics. 

My advice is, stop reading for now, get out there, get to know your area/market, analyze deals, meet people in the business, and just start taking the steps... each step you take will raise new questions. Research those and keep moving on taking action. You will retain more and start feeling more comfortable learning through experience.

I read so much because I was afraid of what I didn't know yet. I only retained so much reading and the fear kept coming back. I started trying to wholesale and found that is not for me, but I learned a lot! I now have a few rentals and am working on a flip currently.

Good luck!

I just go on zillow and search the recent sold properties in an area, narrowed down to similar square footage, bed bath configuratiobn, etc.  Otherwise, the best get would be to consult a realtor who knows the area (as long as you are using them to buy sell deals)

Good luck investing and thank you for your service!

Send them a letter, figure out their problem and how you can solve it (could be subject to, could be many other methods), get it under contract and at that point if you have no idea how to proceed (where I found myself many times), wholesale it to an investor who can

Good luck!

The last offer we submitted was sight unseen. We put standard 10 day inspection period and were paying cash so no financial contingency. 

The next day we got a "showing" where we want through with our contractor and performed a quick inspection. 

We made an addendum to our offer, waived the inspection period and adjusted the cash price to a number that would work for us.

This is the most aggressive I have been on an offer but felt comfortable with the numbers.

For sure!  Thanks!  What about for a quick analysis of hundreds of properties?  Is there anything out there better than Zillow that I can run some quick numbers on before bringing the agent/appraiser into the equation?  

Hi BP!

What is the best software/website for calculating comps?  What is everybody using?  Currently, I have been using Zillow (setting listings to sold in last 6 mo, set the price range and zoom to include a certain neighborhood, then eliminate the houses that don't fit my quality comparable).

Are there any better options out there that provide more accurate results, better features, etc?

Thanks, David