All Forum Posts by: Kevin McGinnis

Good to know, I had no idea.  I just spent lots of money at HD first half of 2020, renovating a rental property, and missed out on lots of rebates.  So, is your stack from a renovation project?

I also had no idea that Home Depot offered this rebate, as I shop there all the time.  Unless I'm missing something, it was only valid for certain time periods, the last one from 11/1 to 11/25.  And you had to submit rebate form within 30 days of purchase, or by 12/25 (a little over a week ago).  Wish I had known about this when it was valid.

I would recommend you sign up for MHU Boot Camp.  Frank Rolfe will teach you everything you need to know, and answer any and all questions you have.

I'm using cozy, and have no issues.  The only downside, if you call it that, is it takes about 5 days to get from their account to yours.  But you always receive two emails for each person paying (I have 3 college students splitting rent): one email saying payment has started (say on Dec. 1), then another one saying it's depositing (say on Dec. 5, with expected deposit date on Dec. 6).  It happens like clockwork, and you have a good record.  For me, rent is due the 1st, but not late until the 6th.  So, if tenants use cozy, I tell them to start the process on the 1st, not the 5th.  I don't really care if it deposits on 5th, 6th or 7th, since I can see when process started.  I'd be glad to answer any questions you have about it.

Congrats Charles.  Looking forward to the details.

My tenant does the same thing, but it doesn't bother me.  They pay on time (usually on the 5th), and know if it's late (after 5 pm on the 5th), there is a $60 late fee, no exceptions.  Seeing the comments, I think moving forward, I will use a PO box for next tenant.  

I own a rental property in a college town, and my first tenants were 3 female college students.  I had all parents co-sign, and had no problems.  It looks like you plan on renting "all-in", including utilities.  If it were me, I'd reduce the rent per room, and have them pay for all utilities.  Otherwise, they will keep it 65 degrees during the summer (even when they are not home), and 78 degrees in the winter.  Just my 2 cents.  In multi-family, when a building gets converted from owner paying to tenants paying, utility costs sometimes drop 30% or more.  Also, check local laws so you know how many un-related persons can rent at one time.  In my area, it's 3.  Even if I had 4 bed house, I could not rent to 4 unrelated college kids.

DJ,

Congrats, sounds awesome.  Look like great numbers.  How did you find the property?  I'd be interested in meeting up some time, and sharing ideas.

In my lease, @1,200/month home, rent is due on 1st, late if received after 5 pm on the 5th.  Late fee is $60, then $5/day.  If not received by 10th, they get pay or quit notice (following rules for my state & county).  If not paid by 15th, eviction process starts.  I make it clear in the lease that there are no exceptions, and there are not.  I have only charged a late fee one time in 1-1/2 years, but did not waiver.  You should not care what their excuse is, nor should you change your policy because they let you know it would be late, and gave a good story.

I ask for a nominal, non-refundable, deposit ($250 - $500) when someone has passed all screenings and is approved.  I do not take house off the market until I receive the deposit, and let the prospective tenant know this.  Then, credit this amount when lease is signed, at which time they should pay 1st month and security deposit (& last month, depending on what you require).