All Forum Posts by: Joel NA

Great replies everyone, thank you. Deposit slips and bank account sounds like a good idea...in lieu of a free brick and mortar office and secretary! Between electronic and the bank set up perhaps I can limit my gas/time effectively while collecting rent. I'll call the bank today!

I'm going to be managing some properties on top of my own beginning this summer. Some of the properties are 20-30 minutes away in lower income, non-subsidized housing. About half of the tenants like to pay in cash or money orders for various reasons. I've read up on Rentmatic, but what I really want is a physical location for tenants to drop off rent (this is what they are used to in some instances). Many of the tenants aren't computer savvy and will balk at Rentmatic-type automatic debits.

I'm stymied as to how to provide a location without a storefront or person on hand to accept money. Does anyone have any ideas about how I could have a system where tenants can drop rent off without me meeting them (my personal residence is not an option). PO box won't work, will it?

What about a bank? Could I set up accounts at banks in the small towns where the units are and have them be deposit only?

Any other creative solutions?

Thanks for any help!

Good questions, CS! I'm in the same boat as I'm thinking of starting my own PM company. My research here and elsewhere has led me to believe that quickbooks would suffice for a small operation, but I'm interested in any answers you get with the post, certainly.

you've had good responses so far....I paint when I'm not teaching and I'd just add that painting trim only will require a good painter to avoid carpet/flooring AND newly painted walls. Be sure to give the guy some of the wall paint so he can touch up. Going too cheap will turn out badly I'm afraid...I'd say $300 is a decent price...

it's the refrain around here, right, how much is your time worth? Good luck...

We bought a lot of material for our own house at auctions...went to Peak twice. We saved some money. We were able to buy some higher end products for less money.

However-- I agree with the other poster that by the time you move and store the stuff, it's an iffy proposition. You also want to have clear purchase goals and price ceilings. We made some impulsive mistakes.

If you've got a free day and it's not a hardship, I'd go. Just know what you want. Auctioning fit our plan for our house building odyssey-- we had a barn and a flexible plan. I wouldn't necessarily go for a rehab or flip unless timing was perfect (no storage, etc).

The biggest mistake I made at Peak was buying a palette of oak flooring SUPER cheap-- but there were a lot of bad pieces inside the palette that you couldn't see on the ends. Ended up looking cool anyway but it was a pain to install. That kind of crap happens a lot I think.

Good luck!

I ENJOY swinging the hammer...learned in my 20's and now it's second nature on most things. But I'm unable to "swing it" as often as I'd like to...family, day job and, I'm discovering, economics of the job limit the amount I can work hands on.

I would agree that buying right is MOST important.

As far as learning about construction and bids goes, I learned by talking to contractors, building my own house and reading. I was a serious lurker on the "Breaktime" forum in Fine Homebuilding's Site. Learned a TON in that forum.

You've been given some great advice from some of the best on this forum...so you've been warned, so to speak.

Sounds like you're really excited about the education you'll receive while completing this thing. You will learn a lot, of course. I would still sub out all mechanicals and anything else that makes you a little nervous, for code, speed and qualityof-work reasons. You'll still be busy as heck with trim, paint, purchasing materials, installing, and literally hundreds of "little things." And you can learn a lot by watching the pros.

If you have a family, the hours spent away working on this house may not sit well with them.

I admire your gusto. Folks on BP are focused on profitable real estate deals-- your desire for an education and lax timeline illustrate that you are coming from a bit of a different place than most of us.

Good luck!

thanks Steve...good advice. I've already located an attorney to handle RE issues if I want to avoid using family.

Regarding your earlier comment about the buyers name getting on deed only when contract is fulfilled, would you agree that buying on contract still gives you more legitimate, legal control as opposed to lease options (as Scott mentioned)? Or do you see the risk as equal in lease option or contract.

I want to put down as little as possible, but I also want to be protected thoroughly from seller's issues/ whims. I'd put down 10% or so gladly if I can ensure that my control of the building flawlessly leads into my name on the deed when I refi.

ok Scott... see, that's what I was worried about with a l/o...thanks for the thoughtful reply...

I'm definitely going to have a someone help me with the contract...fortunately I have a couple of lawyers in the family!

thanks for the replies...

Steve...I think being smart in this case means having a lawyer draw the lease option or the contract up and making sure it's tight.

I'm assuming a lease option is a flexible thing and I can mold it to suit the situation with the right know-how. As long as there are provisions for the rehab and the concerns that have been pointed out in this thread are addressed, perhaps the l/o is my best bet.