All Forum Posts by: Edward B.

Tony,

I'm still using TenantCloud. I looked around and none of them really offered enough incentive for me to jump. TenantCloud is making improvements all the time, but two things have kept me around. The online payment works fine for me (but could be better) and the in app messaging. My tenants are invested in both so switching would be kind of a headache. I don't use their reporting at all anymore mainly because I was double accounting for stuff with quicken and the limitations with their system. I don't rely on their listing service. I'm a licensed agent and MLS works WAY better in my area. I am getting away from their maintenance tracking. It's ok and still good for keeping track of items, but the little annoyances just turn me off. As an agent it's easier for me to e-sign leases and documents outside of their system, which is too limiting as well. I do use their tenant screening.

Bottom line, you get what you pay for. It's ok for what it does, but probably tried to do too much. Cozy may have been a better option for what I'm ultimately using it for. Otherwise, bite the bullet and pay the real players in this area for what they provide (Buildium, Appfolio, RentManager, etc). I'm just not there yet.

Wow...just, wow. I hate to see someone blow up like this. I hate to see investors get hurt even more, though. I have recommended Scott's training on a number of occasions because he puts out a ton of free content that has some good information on the note industry. I did take one of his virtual bootcamp courses a while ago as well but was underwhelmed. Again lots of good information, but it wasn't anything you couldn't find from his free offerings. Furthermore it was not particularly well organized. They had no program of instruction and just kind of muddled their way through a variety of topics. Definitely not a blueprint for success in my opinion. 

That combined with my natural aversion to shameless self-promoters led me to never invest with Scott, although I did consider it based off of his reputation. As I recall I even looked into it but it was either too sketchy, too complicated, or he just never got back to me. Dodged a bullet there. 

I will say that I know a lot of the people who have commented on this post and have even invested with a few. So far I have nothing but good experiences. So do your due diligence and don't let this set back knock you out of investing. Debit cash, credit experience. 

@Robert Barbee, I'm came across this post because I am researching new software myself. I've been using TenantCloud and have had nothing but problems with them. I don't like their reporting, their website, their interface, pretty much everything. They do a lot of stuff right, but it seems like everything has little aggravations that make doing something harder than it should be, different than I want to do it, or impossible. I will be moving on as soon as I settle on a suitable replacement.

@Cody Godfrey,

Very rough back of the envelop math and I'd say $500k is probably very reasonable. Especially if there are opportunities for seller financing, raising lot rents, and/or reducing expenses (bill backs, etc.). Personally, I would be very interested in a deal like this. Definitely worth pursuing at this point. My experience is you are usually starting hundreds of thousands or millions of dollars apart, not in the ballpark.

Private utilities just require more due diligence and knowledge. These days the best deals are going to have something that turns other would be investors away. I would not let that deter me from pursuing a park. A lagoon maybe, but not well and septic.

There are other options. You could by performing notes or partials for 11%-14%. Or you could target higher returns by JVing on some NPN deals.

Depending on the underlying asset I look for at least a 10% yield on a note and preferably higher. $250k PP will limit your buyers as well. If you knew some private money, they might be interested at 8% or so. The yield the investor is looking for will determine the discount. I would season it for at least 6 months, but 12+ would be better and might get you a better price. Be wary of your LTV as well. The more favorable for the lender the better price you can command. Be sure you use an RMLO as well or that your documentation is all on the up and up.

 This is an ideal situation. If they are willing to pay full price that is WAY better than foreclosing. I would even consider a discounted payoff to avoid going all the way through foreclosure and risk getting the property back and having to deal with that.

Also remember that if you take the property back after foreclosure you have to switch to an REO policy or you won't be covered.

@Darian Richardson,

Yeah, NV is an expensive state to hold an LLC open in for no real reason ($350/yr), but a GA LLC is very reasonable. I have no idea on the costs of transferring the LLC to GA but I do know that it is possible.

I don't know what kind of protections a GA LLC provides in terms of charging order and what not. Regardless, a NV LLC is not the end all be all that a lot of vendors would have you believe, but NV does have strong LLC protections and opportunities for anonymity if you think that may be valuable now or down the road. I have an LLC that holds all of my less litigious assets (not in NV or WY) so you could use it for that. Remember you not only want to protect yourself from your LLC, but also your LLC from you. $350/yr may not be that much to add a layer of protection. Only you can decide that, though.