All Forum Posts by: Christopher Finn

Hi everyone,

If you've ever been interested in collecting your rent online, my company dwel.co, makes it easy for you to do that, at no cost to you. 

Your tenant(s) will receive notifications before the rent is due, and when the rent is due.

We also provide other tools for investors who like to self-manage, and we are quickly building out additional features to help streamline that process.

If you're interested, check out our site here: https://dwel.co/ and if you have any questions feel free to comment or DM me!

@Dante Foreman

Some helpful information I've come across in my time as a landlord include:

1. Be sure your lease is state specific and add addendum's to your lease - Many posters on BP have great ideas to add - see: https://www.biggerpockets.com/forums/52/topics/442...

2. Thoroughly VET prospective tenants (criminal, background & credit history), check out their social media, get references. There are some great online screening services out there

3. Treat it like a business, you may feel bad at times, but at the end of the day you aren't their friend, and this is your money on the line.

4. Decide whether you want to offer month-to-month, 6 month, yearly or multi year leases. Shorter leases seem to give you more flexibility.

5. Eviction laws are different in every state, have a thorough understanding of how these laws can affect you should you have to evict.

6. Have a good team of reliable people in place, should something go wrong. Local meetups can help you meet some licensed professionals in your area such as, plumbers, electricians etc.

7. Systematize everything from rent collection to record keeping, there are many online softwares that can help you out with this.

Hope this was helpful!

Jersey City is an extremely attractive area considering its proximity to NYC/Hoboken for many young professionals. 

With that being said, many investors recognized this early and have been developing many of the new high rises you can see being built. With it being an attractive market to get into, chances are you will be paying a premium for anything in the desired sections of the city (especially close to the water). There is also going to be a larger supply of available places to rent because of the new construction.

Young professionals are definitely attracted to the newer construction, but many don't want to pay the exorbitant rates for these high rises. 

If you were to acquire property, the more bedrooms, and the more competitive your rental rate versus the surrounding market, the better. Especially considering that you have to compete with the vast amenities these buildings offer to prospective tenants.

Best of luck to you @Kapil Patel

My company actually sponsored the Funders & Flippers events last month.

It is a great group of like-minded people to network with, and Kyle - the event sponsor, is a great guy.

I've used Pipedrive before and it's pretty good for what you're looking for. It's rather cheap too for the base package (12/month)

Check out some local meetups in the NJ area to find some private investors and hard money lenders. There are a lot of great ones out there. 

If you want you can DM me and I'd be happy to refer you to some of my contacts!

You may be able to. 

Make sure there are no local ordinances, or deed restrictions that may block your plan to subdivide. A visit to the local zoning office, and a title search will help you identify these problems. I would also peak with a land use attorney like Karl stated above ^

I don't quite understand it either. If you were to simply maintain your properties, you would save yourself a whole lot of time AND money later down the line when things begin to fall apart due to normal wear and tear. 

In my opinion it simply comes down to laziness. People want the money from their investment, but they don't want the job of managing it. This is oftentimes why they pay property managers, but have no idea what the prices for various repairs are, or what they are even being charged. This is also why many people cap out at one or two properties.

Due diligence with your own investments, systematizing it, and treating it like a business will help you scale much more efficiently

@Max Briggs

I'd go with applicant #1, their credit, his work background, the references, and the 2 year lease would seal the deal for me. 

Hi everyone,

If you've ever been interested in collecting your rent online, my company dwel.co, makes it easy for you to do that, at no cost to you. Your tenant(s) will receive notifications before the rent is due, and when the rent is due. 

We also provide other tools for property investors who like to self-manage, and are quickly building out additional features to help streamline the process.

If you're interested, check out our site here: https://dwel.co/ and if you have any questions feel free to comment or DM me!