All Forum Posts by: Javier Perez

Simplifile is a GREAT service we use for recording our land deals.  I checked, and it is available in Dade County.

www.simplifile.com

@Javier Perez So your tenants are trained to use a deposit only ATM card. I believe these are free. WF had given me one but I have never used it. Using a service and 3rd party service on top is defiantly going to cost you money.

Why are you against using what your tenant is used to that is likely free to you?

I personally don't pay to collect my rent. My tenants mostly deposit directly into my business account at a smaller bank. They get a receipt and I can check online that they have paid. The bigger banks have stopped allowing cash deposits into someone else's account. I have several tenants that pay using Zelle which is supported by most banks and is built into many banking apps. I also have a couple that set up ACH transfers with their bank.

At the end of the day you want the rent into your bank account, so why not cut out all the middlemen that want a fee?

That deposit only ATM card does just that and your tenant is already trained and is OK with it. I see no reason to upset the apple cart. Just my 2cents.

Condos are good and bad. The key is to underwrite the association and the budget. Do they have sufficient reserves? I also try and see how much friction the assoc creates. Lower priced condos that are light in amenities tend to make better buy and holds. 

YOU MAKE YOUR MONEY ON THE BUY!

Cozy is nice but with it being a free a service and no having been bought out I wonder how long they are going to stay the way they are. I decided on Tenant cloud. Though not without it's problems (like not having phone support) I found that it checked off all of the boxes I was looking for. Decent price, app for landlord and tenant, ability for tenant to pay electronically, landlord website that syndicates your listing out to other sites like Zillow, being able to take pictures of receipts from app to file. Depends on what you are looking for as to whether Tenant cloud is your answer because there are certainly a lot of options out there. I do like cozy because it syndicates your listing to realtor.com which is a sight tenant cloud does not.

It will depend on your state. In Oklahoma we have to provide a 5 day notice to "pay or quit" before starting the eviction process.

So for us, rent is due on the first. Everyone gets a reminder email 72 hours prior to the rent due date. Our late fee policy is really strict. Our PM software automatically applies a $50 fee on the 2nd. It also sends out an email everyone on that lease that the late fee has been added and their account is past due, if not paid immediately it could result in action up to and including eviction. If they don't pay after receiving the email, we would mail/email and certified mail the official "pay or quit" notice. 5 days after formal notice, then we could start the eviction process. (luckily we haven't ever had to go farther than the past due emails)

The amount of time you have to give them from formal notice to eviction proceedings will vary by state.