All Forum Posts by: Jeff Gates

I think we all fear this. I am guessing tighter controls and stricter rules could have been used. Sometime we get stuck. Taking faster action on collecting rent could have helped. Sometime it is better to get rid of the bad ones, even at a cost.

My lease has a stay over daily rate. It is very expensive!

 Are you saying TenantCloud has no real accounting?

It is nice to hear the need on one hand to have a end to end process, but on the other hand each portion or step is optional. Furthermore there are many ACH services below $3.00 each.  And Xero is an alternative. Personally I am building a Xero connect componet.

What about this (2014)

New data released yesterday by the Federal Deposit Insurance Corporation, or FDIC, showed that 68 million adults in America are disconnected from the financial system in some way. Currently, 17 million are unbanked—meaning they do not have any bank accounts at all—and another 51 million are underbanked—meaning that they have bank accounts but rely on alternative financial providers, such as check cashers and pawn shops, to meet some of their banking needs.

Having a bank account should be a necessity for a renter you may approve. If a renter says they do not have a bank account and will only pay everything with cash, this request could be a big red flag for them performing illegal activities for making money. Illegal income activities could put your home at risk if you should rent to them.

Ask for a checking account, because to open a checking account the bank runs a Chexsystems and checks and if this person is not on the blacklist. If they can't get a bank account they are probably a very bad credit risk.

Hackers attack Venmo, use google and search for it. Peer to peer systems are vulnerable. 

I know someone in Seattle doing this. They were not to cheap.

Become a renter for the weekend. Tour the market and go see homes (inside and out), compare quality and rents. Become an expert on your market!

 Sounds about right! I have had advice they should be two separate contracts, so failure on one contract does not invalidate the other. Many judges see this as a predatory scheme. So be careful with this. In reality, 95% of the hopeful buyers loose their money. One big reason; they don't improve their credit record enough, or increase their deposit funds during the option period to -- qualify for a mortgage. However the lack of success by the hopeful buyer most likely is not the fault of the Landlord.