All Forum Posts by: Account Closed

I have used Resident Research in the past and they work great.  For a one time fee, (mine was $100), they create a webpage for the application that has everything on it you want asked, it allows the renter to upload a copy of their state issued ID or DL, copies of their paycheck stubs, etc.  Resident Research will then complete the background check for you.  They run the credit, the criminal, and call the employers. You can check the status online by logging in or they email when complete.  It works great!

Check out: https://www.residentresearch.com/

Good luck!

Mike

Hello all!  I am trying to edit a property I started on the Rental Calculator under the Analyze tab a few minutes ago and every time I try to submit the item for review (completed all steps), I get the following error and nothing else on the page.  Any ideas??

@Account Closed

 Hi Christian,

I have used both QB for Windows and Mac.  The Mac version is more limited than the Windows version.  I love Macs and use them exclusively, so we switched to QB Online.  It takes a little getting used to, but I can do everything on the Online version that I did on the purchase version.  My accountant is a Windows guy, but even he can run the reports he needs from my QB Online (I give him Accountant access).   Good luck!

@Gita Faust, Hi Gita, Yes, I use Rentec Direct to track rent payments and work orders and Quickbooks online for my accounting needs.  Rentec Direct will handle the accounting part, but I like the features at QB Online better :)

@Account Closed, I know this isn't what you are asking for, but we use Quickbooks Online for our tracking needs.  We own 5 properties with 14 rental units.  It allows me to easily turn things over to our accountant at the end of the tax year, run very customized reports to see where our money is going, and the program is available online so anywhere I have internet access, I can access the program.  That means I can use any computer with any software on it, and don't have to worry about program updates!

They may offer a free trial.... Check it out!  You'dd love it.

@Jacob Finklea

 Welcome to BP!  As a Central Illinois (Bloomington-Normal) investor, I look forward to working on some deals with you in the future!  I am also a licensed real estate broker in IL, so if I can help you and your dad in any way, please don't hesitate to contact me.

I agree with @Tim Cooper.  Go to the REA meetings.  Great way to learn new info and network with others!

@Carson Sweezy

 Thanks for the clarification!  We have been buying real estate since 2005 and have never seen a rent decrease.  We have stayed steady for several years, but never have we seen a decline.  And we are 100% occupied currently.  Good luck!

@Carson Sweezy Interesting question.  If you are asking how do I know the rent amounts a potential seller is telling me is accurate, that is a very valid question.  I typically drive the neighborhoods and call several FOR RENT signs to see what they offer (BR,BA, Square footage, utilities paid, etc) and see how it compares to what the seller is stating he gets.

The other way is to ask for the current leases and verify that is what he has locked in.

Finally, you could knock on the tenants doors and tell them you are considering buying the building and trying to verify what they pay for rent.  If they balk at sharing the info, I tell them I am asking to make sure I don't end up charging them more by mistake.  It works!

Good luck!

 I am a licensed broker in IL and work for a real estate company that allows clients to list with us flat fee or a couple full service options.  In my humble opinion, four things sell homes:

Price, location, staging, and advertising.

If you price it correctly and stage it properly, it will sell on the MLS with a flat fee option. Most of my listings are flat fee choices. I don't make a lot of money with my clients that way, but I am primarily an investor, and therefore have the option of guiding my clients down the right choice for the sale of their home.

If one of my clients is not willing to price it right and stage it, then a full service listing is more appropriate.

Good luck!

I chose to form a LLC right away. In IL it costs $500 to form and $250 annually, but it makes me look more professional to my tenants, and gives me some basic asset protection according to our attorney. We also increased our liability insurance to $2 million. It's not that expensive to do.

Good luck!