All Forum Posts by: Karl Hadley

Dupe post

@Jeff D. Actually, from my understanding, they don’t have a limit on whats revived however they do have limits on how fast/ how much can be transferred out to traditional banks... there is another thread on this topic, it appears that about 19k per week max can be transferred out, so as long as your cash flow needs are Uber that, it can work...

@Keifer Zhang - if you can find the link @james wise has a heat map & class rating for northeast Ohio which is pretty useful to get you started, generally speaking the suburbs are better than Cleveland proper, and the west/south of the city are better than a lot of the east side neighborhoods... but that being said, there are some great neighborhoods in Cleveland proper as well.

if you have any specific areas happy to add my .02 cents along with the rest of the folks here.

@Roberto Lopez - how big is your operation (1 or two of these or a lot?) PO Boxes are extremely helpful & a cheap way to mask your address, paynearme is another solution, but I don’t think they work with smaller operators.

So far as I’m aware, you can’t- it’s part of their risk models similar to their ach transfer limits (which is automatically set). at a lot of banks... I guess Congrats, at 19k a week you need to move to a more formal payment solution,

@Daniel Barbosa

Some good feedback on the thread so far, I would do a little research on your own (this is part of it) and make sure you have experienced, ethical & professional advisors on your team and it’ll help you steer clear of the tax man... Even folks that do everything right can get audited..

That being said, it’s my experience that most expenses (except sweat labor) can be written off against the income however for larger expenditures my tax advisors have advised me to keep records of the “before” condition to help justify why the work was required (I.e. when I installed new flooring, kitchens etc) Incase it is ever questioned. Also, for long term buy and holds, you will likely move some of the bigger repairs/renovations, (windows, roofs etc) to the basis as opposed to taking the full expense in the year... I don’t know all the details, but after renovations last year I was able to add quite a bit to the basis which will help when it comes time to sell the property.

@Jason Schatz

Similar to the earlier posts, what does the lease say regarding late fees and payments?

With the few apps that I’ve looked at for rent collection, there usually is an option you can set to not accept partial payments, but before doing so I’d recommend a quick call to the tenant to highlight that they’re behind x dollars in rent and reiterate they need to get caught up.

@David Rogers - I would contact the second company as well and ask for a review. I did the same thing 2 years ago and the mortgage company did an off cycle review because of the tax bill change & issued a refund check for the overage.

@Ann Skaggs

So no offensive, but a lot of red flags & gaps here on both sides... I’d recommend documenting your interactions actions going forward and contacting a local real estate attorney to determine your options and best path forward, based on what’s described there are a lot of potential outcomes.

@Matthew Roberts

In addition to Zillow, Craigslist & Facebook, I also list the unit with Cozy & Zumper for additional traffic (all free).

One other tip I used with my last vacancy, create a video walk through showing the exterior and interior and post it on YouTube, I sent it to all the leads asking to view the unit & it helped cut down on the number of tire kickers I got who wanted to walk through the place.

As far as assessment, rental history is important, make sure to check with the references provided, I also use Cozy to help with the credit/background check once someone’s preapproved. If your looking to move fast, make sure your not one of the more expensive units on the market, Sometimes offering at the middle of the market will make the unit seem more like a deal to perspective tenants.