All Forum Posts by: Jacob A.

Chris, I have facilitated investors with properties in this situation and they have coin operated machines that cost $2.50 per wash and $2.50 per dry cycle. 

That is in the Southern United States so I am not sure if that cost is reasonable in your market

@Tomer Shani 

I believe that this is all going to come down to your goals and risk level. The first drawback I see with renting rooms is what happens in the common area? Who is at fault if someone destroys the living room floor? How do you determine utilities? 4 separate room mates would mean 4 sets of keys and a lot more access to a residence than I am willing to take. 

I personally don't think this is a good idea but my opinions are my own. 

Hope this helps!

Angela, 

At the current price and numbers, I would absolutely not be interested as an investor. That deal is quite expensive and I would encourage you to think hard about this before you do it. 

@Eileen Murray

They do accept partial payments. 

If you want to learn how I use the system feel free to PM Me and I can give you some details 

@Jennifer Rysdam

I have had a ton of success with tenant cloud. I absolutely love their software and the user friendly interface it has for the owner. It tracks everything you could possibly need in my opinion. Below is a link where you can check out there YouTube page and it gives tutorials on all the options and features of their service. It is also very well priced in my opinion. 

https://www.youtube.com/channel/UCrhDiypYWGcV70pDo...

Hope this helps!

@Kevin Richard

I think this is not as simple as it may seem. I would check with an attorney to ensure that you can legally execute on the deal like you have described. I would draw up an addendum to the original lease with current tenant stating the specifics of how you and her can agree for her to vacate the property. Once she has agreed to vacate the property and you and her have a mutually agreed upon date and conditions, I then would approach the prospective new tenant and future date the lease with them contingent upon current tenant vacating in accordance with the addendum.

@Mark Dowsett

I would check the local laws but where I am at, the owner in this scenario is SOL. Most states are very stringent on following the lease and executing on the owners end. 

Check with a local attorney for the proper information. 

@Jennifer Rysdam

I have had my tenants sign the lease when they paid the deposit. I have found this to be the most secure way to ensure they execute because it doesn't allow them time to shop around and get cold feet. I also have structured my leases in various ways to allow the tenants to have options for paying and such which I also have found to be a great way to lock them into the lease. Get them to sign asap! 

Hope this helps.

@Joshua Cetnar

Ask your friends and family. Word of mouth is the best way I have found to find a realtor to work with in my experience. Best of luck to you man!!

Cara, 

The situation you are in is phenomenal! It is not common for tenants to pay a year up front and that is great for you!! Congrats

Are you using a software to collect rent or are you to just doing it the old fashion way of collecting a check from your tenant? If using software, it should just show up as large credit in the tenants account and it could be distributed out monthly. 

If doing it the old fashion way, you could always do an addendum stating the terms of your payment arrangement. I don't think any state would have an issue with that scenario as long as both parties sign the lease. 

Hope this helps.