All Forum Posts by: Stephanie Preasha

I have a situation where a long-term tenant paid all but $275 in the rent (total rent is $1775).  My lease states he will be charged $25 each day not paid but does not specify anything about partial payments.  I did let him know he has at least one day of late fees and he states he will get to me ASAP.  I wouldn't have accepted, however, my tenants pay through Venmo app so I received it whether or not, I accept partial payments.

The last time I spoke to him, he stated he was incapacitated but we did not get into details.  Now his phone goes straight to voicemail.  

What is your procedure for partial payments? I do not want to change utilizing Venmo app as way I received rents because of this.  I will need to add a new clause in lease for this scenario.

I have just used them and they are great.  As long as property appraises, you shouldn't have any issues! I recommend!

My bookkeeper tracks my spending in QB online but I thought it would be useful to have another tool to have up to the day spending and updated timelines for flips.  Do you suggest an app? What strategy works for you?

St Pete is booming overall.  Lots of new development and the downtown area is growing an incredible pace.  The best deals are outside of the downtown area, in my opinon.

Call me crazy, but I prefer South St Pete as it is more manageable in terms of finances.  Property taxes are low and houses are cheap.  I would say rentals are great to have here in my experience but have also flipped for a profit.  I invest in Perkins, Child's Park and Mel-Tan Heights.  Sure they are not the safest but I do hand-pick the "quieter" streets as they change from one street to another and not from one neighborhood to another.  While some people would not come close to these areas without their vest on, I do believe it's important to bring a little sunshine in the avoided areas.  How else will these areas grow?  

Did you find a handyman?  I have one to recommend with glazing experience.

Originally posted by @Jahnae Allen:

Most Hard money lenders will ask for 10%-25% down but they will loan you the remaining percentage. Other than that, a genuine lender should never ask for upfront fees. If the fee is for an appraisal, that's another matter but if the fee is for them, I'd proceed with caution. 

Can you tell me which lenders you know that are asking for 10-25% down in your area @Jahnae Allen? I have only been able to find HML asking 35%. Thanks

Awesome!  I'm going to do some investigative work now.  Thx!

I guess it was mentioned because my agent kept stating if we initiate the extension request, I could be charged and the earnest money would be deducted from my EM because it looks as though we need the extension and not the seller.

I have decided to extend 10 more days and if they need more time, the closing costs would be up for renegotiation as I have incurred expenses due to not closing.

Are those lender fees or what?