All Forum Posts by: David Peskind

@Zak Marinko They're mostly in Aurora. I have an online collection program that I love, however, I have tenant's that prefer to pay in person via cash or check. I have no issues with that. Just looking for alternative options for collection via cash or check. 

Hello all, 

  I'm looking to sell my office, however, I am hesitant to do so as it is a common place to meet with tenants and collect rent (cash, checks, etc...) my question is what have you all found most effective in collection rents off line. P.O. Box? I do not want to have a rent collection box on site as I feel that's an easy way to have rents stolen. 

Thank you! 

Hello all, 

   I am a buy and hold investor and have been in the business for nearly 6 years now. It is my full time job. I have commercial and residential properties, mostly in IL where I live. I am looking for some advice. I feel part of my business is stuck in the past using paper leases and renewals as well as maintaining an office space for tenants to drop off rent. As of late, I feel stuck because I feel like going forward I should have everything online. However, I can not find a great service to use for leases or renewals as I find Dropbox or adobe to be annoying with new tenants or needing to add a guarantor on the lease etc... 

Are there any services out there that offer easy to use and update leases and renewals online? I have a service for online payments and work orders that also offers online leasing and renewals but it is tedious and annoying to use. I also  find that many of my tenants still like to have a physical place to pay rent. Going forward I would like to ditch the office and make my life easier by working from home but I am fearful of taking away the space that my tenants feel comfortable leaving rent or paying in person. I am very tech forward and would like to be as modern as possible to make this business as efficient as possible, any advice or tools would be greatly appreciated. 

Thank you! 

I believe any rental in the City of Aurora will require a licensing as a landlord and thus will be inspected annually by the city. When it comes to dealing with the city it is best to go by the book. There are plenty of regulations within Property Standards and fines for not playing by the rules. In my opinion I would work with the City and figure out the best route. 

I like RentecDirect, simple and easy to use. Compatible with QB and affordable. 

Check out https://airhostsforum.com/ a lot of quality free information from other short term rental hosts. Can learn a lot from their experiences. 

Never heard of him. I would say any information you can get from his course you can find on BP and YouTube for free. 

It sounds like this deal does not make sense financially. Not knowing market rent's I can't say that with certainty but from what I've read, it seems like you will not be cash flowing on this property. You would also need to check in with the local municipality to find out what additions and work has been permitted, because if it has not been permitted you may have to tear down the work has been done and that will cause even more headache. 

I agree with Blaine here, getting a HELOC on the paid off property seems like the best opportunity for you. Otherwise, keep on track and get your finances in order. No need to sprint into anything that doesn't make sense financially. Keep cash flowing and build up your reserves and the deals will come.

Canesha,  

Thank you for the response! I have tried home depot, unfortunately around me it seems everyone wants the big home remodeling job and not the little ones. I'm sure this a problem we all share as a landlord. I have actually found a few good people outside of a Dunkin Donuts near me but they are all day laborer's. Paying cash wont work forever! 

I will have to check out HomeAdvisor though, I have been avoiding it as I felt it would be pricier! Thank you!