All Forum Posts by: John Reid

I put $5000 earnest money on a property and now I have discovered that there are issues with the property that will cost me too much money to fix. It is an all cash offer, is there a way to get my earnest money returned.

BP Friends,

How do you guys collect your rent? Do you have an automated way for your tenants to pay or do you accept checks or cash. I am closing on my first duplex in a couple weeks and I am trying to get all of my ducks in a row. I thought I heard of some websites or apps or something that tenants can use to pay their rent. 

I heard on one of the podcasts that you should not accept partial payment if your tenants are late with rent, if you have an automated process of accepting payments cant your tenants say they paid you and you accepted it. 

What are your thoughts?

BP,

Can you guys give me some advice on what software you recommend for keeping your books. I am trying to find something to consolidate income, expenses and anything else related to finances. I could use excel, but I spend enough time on computer as it is, so I am looking for a more streamlined and efficient application. What are you guys using and what are your recommendations.

Thank you guys for your responses. I was leaning towards getting it, but you have cemented the deal.

Hello BP friends,

I have a question about Title Insurance, do you guys recommend getting it? if so what were your reasons for getting it, If not, what are your reasons for not getting it. I am leaning towards getting it because it is not expensive. 

Hey BP friends, I am going to be the owner of a rental property very soon. With that I will be needing to find renters for my unoccupied space. What is typical of asking a tenant to secure a place, First months rent and a security deposit? Also if they have pets, are there restrictions that anyone recommends placing; like no cats, dogs under a certain weight and breed restrictions and a non refundable pet deposit? Amount?

I am about to have my first rental property. What are some of the tools/tips to screen for quality new tenants? Also on one of the bigger pocket episode, I heard a discussion regarding an app that allows for marketing rental properties to multiple sites. Does anyone remember this app?

Hello Fellow BP friends,

Am I allowed to ask a real Estate Agent for a percentage of sales that I bring him/her? Is that not cool or is it frowned upon?

Dylan Barth, as others have said, it is better to owner occupy. I am in the process of looking for a multi family property as well. Ryan Luthi, I would be interested in taking a look at what you have to offer.

Guys, can you clarify exactly what bird dogging is? I also want to learn the business from a seasoned investor and am willing to do the grunt work to make it happen. I am a systems administrator so hard work and determination are second nature to me. I am in the process of looking for my first buy and hold as we speak.