All Forum Posts by: Jonathan Johnson

For those using Venmo, @David Lilley, @Sara Abernethy,  @Syed Lateef, @Todd Nurnberger  I'm considering this option as well.

Is there a way to see a years worth of rental income for taxes and accounting?
How do you know which payments are from which units?
Can tenants pay a partial rent? That wouldn't be preferred.

@Charlie Price I like the cents = apt number strategy. Very helpful.

Found a 4-unit apartment/house that we plan to move into. We put in an offer and it's been accepted. I was planning on getting a VA Loan but I needed my wife's income to qualify for the loan but she just started part time to take care of our new kid and part time disqualifies her income if it's less than 2 years for any government backed loan (VA, FHA, ect.).

Here's the offer that was accepted:
Purchase $144,500
Rents: $600, $550, $450, and $600. We would take a $600 apartment.
Up to 4% in closing costs. ($5,780) and this can include the first year insurance and loan fee.
$4,500 cash back at closing for remodeling/repairs, regardless of inspection results.

My wife is supportive of my real estate dream, but probably won't go spending a lot of money on a down payment. She's already looking at other houses that we would qualify for. I've been thinking of creative options to still get this house with no money down, even though our income doesn't qualify for a VA loan.

How would I go about some creative financing? I've heard people offer the seller a note for a downpayment, but I've never done that and not sure how to offer it. Any ideas?

"Hey GoodpayingTenant,

I just noticed you were using the washer and dryer I have in the basement. I'm actually in the process of selling them, but wanted to offer them to you first since you're such a great tenant. I was going to sell both for about $120 together but if you are able to move them to your apartment I can sell them to you for $40 each. If not, I'll probably be selling them within a month or two and I wanted to give you the heads up in case you need to make arrangements. Think about it and let me know by this Friday, hope you're doing well. Bye."

I'm trying to close on a 4-unit that the water is only split 3 ways, meaning apts A and B share the same meter. How costly is it to get those separated? Is it worth it?

I plan on house hacking and I don't really want extra stuff to manage like figuring out who is using more water than the other and dividing the costs between them.

A great deal in any market is still a great deal. Buy 70% below fair market value and that's pretty good no matter what happens.

These interest rates are amazing compared to what they will be after the next market correction.

@Jay J. I've been looking at TenantCloud. Seems similar to RentecDirect but better looking and less accounting features. How do you like the reports or account part of it?

Ryan Ahlgrim what do you like most about rentec direct? Like top 3 things. Also, do you think it's worth it for just 6 units?

One thing is TenantCloud recently started charging $9 for the ACH rent payments. Unless you have the tenants use PayPal I think.

Jason Hartley from what I saw, tenant cloud has great user interface and an app for Mobil. Rentec direct seems less user friendly and does not have a Mobil app, but can generate different reports that's helpful.

Chris Hendricks what's true rent like? What do you like about the different software?