All Forum Posts by: Christopher Finn

With dwel.co you can receive your rent payments right to your bank account at no cost to you!

No more having to deal with paper checks, cash or waiting for the mail.

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How Do Payments Work on dwel.co?

• Verify your identity and add up to 5 bank accounts for free. Once added, apply a bank account to your property and you can start collecting rent in a matter of seconds.

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How Do I Know My Money Is Safe?

• We partner with an accredited third party payment processor, Dwolla, who is FDIC insurance and is regulated by the SEC. We also employ the latest and most up to date security measures so you can always be sure that your money is protected.

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How Do Payments Work on dwel.co?

• It is, and will always be, free for you to receive payments. Rent is settled in your bank account within 2-3 days and Tenants only pay $2.50 for the convenience of sending you rent and using our platform.

• We also allow for partial payments if you have multiple tenants living in a single apartment or home.

My advice would be to:

• Charge a pet fee

• Collecting a month and a half security deposit 

• Ensure that you have an air tight lease 

This can not only help you increase your cash flow, but also help cover any damages by the tenants pets. You may even be able to charge higher rent as pet-friendly rentals are a bit harder to come by depending on your area.

Best of luck!

P.S. Go with a easily replaceable hardwood alternative for flooring

@Dan V.

Maybe offer to make some small upgrades for them while also explaining to them why you are raising the rent. You could use it as a tax write off, appreciate your rental, and keep your current tenant happy in the process.

If they can't afford to pay more then you must obviously decide whether or not you want  to deal with the tenant turnover process.

Best of luck! 

@Ryan Breen

Yes, I always ask for current and past financials for a multifamily property that was being rented out. 

I take their financials into consideration when determining if I can find ways to reduce operating expenses and increase my bottom line.

@Ryan Breen

Unless the tenants are in violation of the current lease agreement you will not be able to evict them. 

I would acquire copies of the current individual lease agreements before making any offer on the property. I would also acquire a copy of an up to date financial report for the property to see if they have been negligent with any of their rental payments. 

If you do move forward with an offer I would also see if you can get the security deposit transferred to an escrow account held under an LLC you form for the property. If the current owner walks away with the security deposits and the tenants cause damage before they move out you will find yourself in a hole.

Lastly if you do make an offer and look to close, I would speak to the tenants and let them know management for the property will be changing, ___ is the day rent is due, ____ is the day a late fee will be applied, and if they are negligent you WILL file for an eviction. I have found that if you set the ground rules from day one, your tenants are less likely to yank your chain.

Regardless, inherited tenants can be a tricky matter.

Best of luck!

@Robert Burge

If they were a good property management company they should have been aware of what potential work needed to be done from their periodic inspections. They should have also performed a thorough inspection the day the tenant moved out, then made you aware of exactly what work needed to be done, in order to make it rentable again.

They should have also provided you with an estimated timeline and pricing for the work and should have had a plan in place to market it, and fill it with another tenant.

There is no reason why it should still be sitting vacant after 2 months unless there was major, major damage. They are costing you money and I'd recommend looking for a new PM or managing yourself.

@Mido Ali

In terms of general business Principles by Ray Dalio was extremely insightful.

The book on rental property investing by @Brandon Turner is one of my favorites for Real Estate.

@Julio Fernandez

I would attend some local real estate meetups in your area and try to form a relationship with one of the private/hard money lenders there. 

Let them know about your deal and exactly what work needs to be done on the property. Back it up by supplying them with all of the numbers, and a concrete plan of how you're going to execute the work and earn them a return on their money. 

Lenders are more likely to do business with you if they have had some prior contact, and if you make them feel confident that you know what you're doing.

Hope this helps, best of luck!

@Jessica Wygal 

I would go with a daytime background, you want the postcard to feel warming and inviting to someone who's viewing it.

As for the content the person reading the postcard wants to know:

• Who you are

• What unique value you're offering (something that conveys to the reader that you can close, or bring them good deals)

• Why should this person choose to list with you over your competitors? - You described this really well in the second paragraph by adding that personal touch, but if I was someone receiving this I would most likely glance past that part because it's a bit too long, and the font is small.

I hope this helps, best of luck !

@Kenny Dahill

I would say Google Drive. 

Being able to seamlessly share documents, and edit them in real time with partners/employees is invaluable to any business imo. It also helps you organize your research and keep track of pertinent information.