All Forum Posts by: Jeff Gates

Jeff Gates has started 23 posts and replied 479 times.

Everybody, jump in! This is great thread ..

1 Vote

Originally posted by @Rick S.:

Originally posted by @Mel Hayes:

I checked with my local housing authority and here is some feedback I was given.

For existing tenants over the age of 60 the move to only collect rent electronically will have to have their consent. If they are under the age of 60 but handicap the move will have to have their consent.

If there are any charges associated with the service that are to be paid by the tenant, that will be considered a rent increase. If you have raised the rent within the past year, you either need to incur the charge, give a notice of decrease in rent or make you sure you have an option that does not include a charge.

I then checked with Los Angeles consumer affairs on proper notice:

If the tenant is under their lease and in their lease you state rent can be delivered one way and you are changing that, they must CONSENT to a "change in terms." If the tenant is month to month then you must provide a 30 day notice of "change in terms of tenancy."

I think I'm going to go with erentpayment. 2.75 percent is a bit too much in my eyes. I have 2 units both around $2,000.00. Giving up 2.75 percent of that is more than I'm willing to do. $3.00 is a o.k with me to pay. If they want to pay cash or check they can deposit with my attorney. I want to protect myself with a "reject payment option" and my tenants putting money in my back account is not an option for me.

Hi Mel,

Here is more information on the California law as you can request online rent payments, however you have to offer another payment method also:

http://articles.latimes.com/2013/jun/21/business/l...

Full details:

http://leginfo.legislature.ca.gov/faces/codes_displaySection.xhtml?lawCode=CIV§ionNum=1947.3.

In California contracts the alternative payment method could be placed in the contract and specified as " Cashiers check". In this way the tenant will move to the more convenient method of ACH. As paying by cashiers check each month is pain, and expensive.

0 Votes

These services are not enough. All database data subject to errors, just like credit reports are subject to errors. The better options are where humans contact prior landlords and current employers and do a deep dive on the correct questions and answers by phone. Then report all this detail to the landlord. These services take longer.

0 Votes

There is a problem with eviction discovery and it is industry wide. There is no one stop solution. I sincerely believe the government assists to hide this information, to protect the weaker citizens.

0 Votes

All software is a rules based system. Many times the situation falls outside of those pre set software rules. You are the decision maker. You must consider all data inputs and make your own decision. And above all you should have "your own rules" that becomes your own decision tree. Stick to your rules!

0 Votes

The one thing you should master is the vacancy life cycle workflow. How to market/advertise , take applications, screen the good ones and make lease decisions (respecting your local law).

3 Votes

The price you should pay is FREE. There are many for you to choose from!

0 Votes

All these services should be free. Look out for other options. Why should you pay someone monthly?

2 Votes

Originally posted by @Jack B.:

I collected a hefty holding deposit from them a month ago to hold the place for them. Last night was our appointment to meet and collect first/last months rent, get the lease signed, and give them keys. Got it all done and I brought up twice that all that's left is payment (5K) and I'll be out of your hair.

Then started the hemming and hawing, oh, well I have a few checks going through, etc. I collected the keys off the table and told him as a matter of policy I treat everyone the same (he owns a construction business but had a bankruptcy and lost the MANSION of a house he was living in after the economy tanked and he filed bankruptcy) and don't exchange keys without first/last months rent. He was embarrassed a little but understood. Offered to meet up with me coming to my house the next day (I visit tenants at their existing place of residence before renting to them).

What miffs me is that he was well aware per his receipt for the holding deposit and our back and forth texts and emails that payment was due before exchange of keys and I drove out there late at night to meet up with him. I didn't get back home until almost 11 PM. Yet he didn't have the money so it was a wasted trip. Tenants...

Guaranteed funds is money that cleared the bank deposit. This takes a few days. Never give keys in exchange for a check. Any check can bounce. The only way to shorten the time, is to go to his bank with him.

0 Votes

Credit karma has FAKO scores, the number is 80 points higher than a real FICO,

0 Votes

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All Forum Posts by: Jeff Gates

Jeff Gates has started 23 posts and replied 479 times.

Post: How many rental properties do you own?

Post: Moving to electronic rent collection

Post: background checks

Post: Background checks

Post: Transunion SmartMove reports

Post: What systems and processes do you have in place as a landlord?

Post: Looking for Moderately-Priced Property Management Software

Post: Is Cozy.co a good rent collection tool?

Post: Tenant expected keys without rent upfront

Post: Requesting credit karma report