All Forum Posts by: Jeff Gates
Jeff Gates has started 23 posts and replied 479 times.
Post: Paypal to collect rents??
- Investor
- Cathedral City, CA
- Posts 481
- Votes 170
Originally posted by @Ben H.:
2.9% + $0.30 per transaction.
Does Paypal really charge this amount?
Post: Cozy???
- Investor
- Cathedral City, CA
- Posts 481
- Votes 170
Originally posted by @Jeremy Marek:
@Conor D., I will politely disagree with you. I have done light programming and people seem to think that there is a magic switch to flip in the background to change software. Changing one little piece of code like that can have many unintended consequences.
Jeremy is correct. Any change can force hours and hours of testing and bug fixes.
Post: This is me researching property management software.
- Investor
- Cathedral City, CA
- Posts 481
- Votes 170
Rarely do the software applications help you manage the "asset" of the rental. Rather they account for income and expenses, more of a income statement. So a balance sheet is not part of the application features. However some of these expenses can be depreciation, mortgage interest paid, and property taxes.
Post: Cozy.co to replace Dwolla, questions
- Investor
- Cathedral City, CA
- Posts 481
- Votes 170
Every time a tenant writes a check and hands the check to "anyone" they gave them the checking account info in full.
Post: Cozy.co to replace Dwolla, questions
- Investor
- Cathedral City, CA
- Posts 481
- Votes 170
There is a lot of new bank regulations with KYC that firms must meet. (Know your customer). Dwolla must meet these standards too!
Post: Unbanked Tenants
- Investor
- Cathedral City, CA
- Posts 481
- Votes 170
If you work with unbanked tenants, I can assume you never checked their credit or the background. Most don't have legal employers. Some might get cash from illegal activities.
Post: How many rental properties do you own?
- Investor
- Cathedral City, CA
- Posts 481
- Votes 170
This is a great thread keep in coming, it is so nice to hear from others!
Post: How much to raise rent for additional tenant
- Investor
- Cathedral City, CA
- Posts 481
- Votes 170
My lease has $60 a day charge for occupants that are not on the lease and are in the unit beyond 14 days.
Post: Cozy???
- Investor
- Cathedral City, CA
- Posts 481
- Votes 170
Originally posted by @Scott Bond:
Does anyone have any input on how you utilize Cozy while still having the ability to protect yourself against partial payments being made? I understand that a partial payment in the midst of an eviction can derail the eviction process and create a significant setback. Does Cozy allow you to accept/reject each payment or to specifically reject any payment that is not the requested amount?
It seems that most folks out there that use Cozy like it, but I haven't heard anyone mentioning this concern.
Cheers-
Partial payments is dangerous for a landlord. This can get them in legal trouble. There should be a opt out option on partial payments. Even then, does software enable a landlord with less education to become vulnerable?
Post: Bookkeeping Methods for Small Investors
- Investor
- Cathedral City, CA
- Posts 481
- Votes 170
Originally posted by @Brandon Schlichter:
Less than 10 : Just use excel or google docs
More than 10 : Quickbooks online with class tracking.
I started off with excel, had 1.5 years worth of stuff and paid for a plugin to convert from excel to QBO, worked like a charm and i'm rolling ahead.
Excel is not a dynamic visual of ever changing data, and is too prone to user error. Anything without its own database is a pure static view on data. Accrual accounting requires double entry bookkeeping and your year end financials require this in most cases. There are many double entry software systems that do not require a user to have an accounting education or training. And you won't need quickbooks to get these results.