All Forum Posts by: Nick Cuttonaro

Collecting payment (automated) is the way to go. I've used handfuls of options over the years for other Internet businesses I have. I've used (or still using) the following: Recurly, CheddarGetter, PayPal, Bill.com, six different processors / merchant accounts + Authorize.net / NMI for gateways, and Stripe.

The absolute worst is collecting checks. It's something that irritates me because I always have to follow-up on collecting, payer's have to write them out and mail them, there's always delay at the post office, checks can bounce, excuses made, etc. Collecting checks from tenants seems less than ideal in 2017. While "no fees" is appealing with checks, paying for automation to save time and the hassle of collecting checks is worth it. 

There's (1) standout option:  Bill.com

I'll be using Bill.com to collect payment from tenants for a variety of reasons. It has a slick interface and is setup like other software as a service options. It's ACH friendly, that's huge! Pricing is reasonable, and it integrates with Quickbooks. Bill.com is a diamond in the rough that should be utilized more. The power and predicability of receiving payments like credit cards with (cheap) ACH-like fees makes it standout above the rest.

@Stephan Rehoric - Nice to see a local couple! My wife and I live in Fountain Inn, SC so we're practically neighbors. She's a full-time agent and I own an online marketing agency during the day. I was a mortgage broker many years ago, but still relatively new to the world of real estate investing. We're in contract on our first single-family investment property in Fountain Inn and in the process of securing lending from a local contact in the area. Looking forward to our first tenant being placed and doing it again and again. Buy & hold is our strategy too.

PM me if you'd like to connect. My wife and I are new to the area and don't know many people so meeting a likeminded couple near us would be cool.

@Howard Mayne - Try going with Highrise to meet your needs on that. It allows you to classify your contacts however you'd like to define them if I remember correctly.

I haven't used Highrise since 2014, but another great thing about Highrise is that you can keep track of deals in the system as well and manage a sales pipeline if you wish. I used it for both a CRM and pipeline tracker at that time. There's a slick mobile app for Highrise too.

I've been a fan of 37signals and anything those guys create. Smart, intuitive, and minimalistic interface designs while utilizing lots of API integration partners if you should you need to import or export data from other platforms you're using. 

Really great information, @Jose MartinezThere's a handful to look into and it really depends on how complicated you'd like to go with organizing data, automating email campaigns, piping data from your marketing funnels directly into a CRM, etc.

All of the options below I've had experience using over the past 7 years. See what works best for you and evaluate in your business. 

1) Infustionsoft - Expensive, will allow you to scale if you're running paid traffic campaigns and looking to automate and segment lists. You probably will not outgrow it but it might be overkill at this stage of the game.

2) Excel Spreadsheets - Nothing beats free and being able to organize how you see fit. You can't run a drip campaign from an Excel spreadsheet but you can segment and import the data into the email service provider of your choice. (i.e. MailChimp, AWeber, GetResponse, OntraPort, etc.)

3) Highrise - I really like this CRM and I think you will too. It's does one thing really well, being a simple and effective CRM to help you stay organized and in control of your contacts and pipeline.

4) Podio - I'd pass on using Podio as a CRM. It's more of a task management tool than anything else. It's really geared toward project management applications.

5) Zoho - Took it for a test drive and it wasn't for me. It does too many things. You might find it useful, so give their free trial a test.

6) Fat Free CRM - If you're technically inclined, you can self-host and customize your own CRM on any domain name you own for free. If you're not tech savvy you could hire a tech on Upwork.com to set you up. There are no monthly fees other than web hosting if you don't currently own a website and the framework is customizable making it more flexible than any other option. 

I haven't tried REImobile yet but it looks interesting and industry focused. Curious to learn which CRM or the combination of solutions you end up going with. Please keep us posted!

What's the application you're looking to use the CRM for @Jose Martinez? What (and who) you're trying to keep track of makes all the difference when selecting which solution to go with.

@Account Closed - Different styles work for different people. I'd rather maintain continuity with the same tenant for many years and be firm, fair, and personable throughout the lifecycle of the relationship. Before owning a home I've rented from 5 different landlords over the past decade and all had their own unique management style.

My first landlord gave me a 6-pack of Corona and a Christmas card and left it at my door for me to find when I came home from work during the holidays. I thought that was really cool and thoughtful because she knew that's my favorite beer. I saw the couple who owned the property as people and no longer landlords who only care about collecting rent each month.

I've maintained relationships with a few of my former landlords and even helped them find their next tenants. It was a win-win for everyone including my friend who took my old apartment.

If the tenant is a nightmare to deal with I wouldn't go out of my way to express gratitude in this situation. if they were respectful and pay rent timely that $100 investment and showing that you're real in a handwritten note will go a long way to get them to stay with you longer and at increased rent pricing because there's justification.

If someone tried raising rent on me without stating why I'd become suspicious and probably move out without giving them a heads up. Nobody likes surprises, landlords or tenants. 

I haven't listened to that podcast episode, but may have another option for you.

I've heard great things about ProspectsPlus.com. They're strong for real estate related mailings on both the creative side (they have high converting ad templates) and for tapping into specific data sets you're looking for. Reaching out to them could be helpful.

Based on what you described, I would increase the rent. I'd write a handwritten note to your tenant and express gratitude that they're an awesome tenant. Next, explain the situation that rent will be increasing because it's such a desirable area to live, as they should know. Last, kindly ask them to repair the damages when they have a moment as it would mean a lot to you and you'd do the same for them if the situation was reversed.

Contained within your handwritten note letting them know rent will be increased and the kind request to perform the repair, insert a $100 gift card. Tell them to enjoy it at one of their favorite restaurants in Chicago or on anything they like that's important to them.

That small investment of a $100 gift card and a handwritten note shows you're a caring and considerate landlord who values long-term relationships with tenants. It has the potential to yield massive return. They'll likely be pleasantly surprised, agree to the increase in rent, and fix the damages in the unit.

Little things, done right, matter. Good luck! 

First: Google their first and last name. You can tell a lot about someone by looking at Page 1 of Google for their name. There might be more juicy items about their past on deeper pages of Google so be sure to go deep. Look for complaint and gripe sites (i.e. RipOffReport.com, PissedConsumer.com, etc.) and be especially cautious if you find anything there. There's always two sides to every story, but if you see a site like that appear, proceed with caution.

Second: If you're looking for more substantial information on an individual I'd suggest getting a subscription with InstantCheckmate.com. I have an account (it's like $20 per month) where you can perform unlimited searches on anyone you want. You can see all the addresses they've lived at, what states they've been residents of, criminal convictions, all their email addresses, and their online social profiles. You can obtain a wealth of information on someone using Instant Checkmate.

Third: Use the information you've grabbed from Instant Checkmate on their states of residency and obtain active and closed court case records from state websites. This is important to find out if they're in lawsuits currently and to understand their legal history. Do they have a tendency to sue? Do they have a tendency to be sued? Are they reckless drivers with speeding violations? Drunk and disorderly conduct in public? Oh my, you'll be surprised by what you find!

Whenever I'm doing a transaction of significance or contemplating a partnership or JV arrangement I'll use the steps above. Like everyone, I've been burned in the past and I'm trying to avoid being burned again. Performing due diligence is imperative.

I would approach those folks by making it worth their while. I'm also new to real estate investing, but I'm not new to running a business. Anytime I'm looking for specialized information I'm willing to pay for it or at the very least, offer to pay to because people's time and knowledge is valuable. 

Some of the best mentors I've had along the way willingly shared all they know because they believe in paying it forward. 

For my other business (main source of income) I've paid consultants thousands to teach me things I need to know to accelerate growth. When you receive a gold nugget it can pay dividends for life. Don't be afraid to "pay to play" to leapfrog your way ahead.

I'd suggest checking out Clarity.fm (website) where you can find someone who's willing and happy to answer your questions (for a fee) and provide you with all the information they know to help you succeed.