All Forum Posts by: Spencer J.

Hello BiggerPockets Friends,

As a small property owner (5 properties or less), what is a basic path of least resistance for tenants to pay rent digitally?  Currently, I accept money orders, checks, and cash.  However, I have been questioned on the use of Venmo, Cash App, Zelle, and other digital pay platforms.  What are some thoughts for a small property owner?  

Hey Biggerpockets people

Can I get an idea on a good lender for rates and payment size for a line of credit for $150,000?  And can it be a rental or is this product for a primary residence only...??

@Axel Meienhoefer, HHmm, nope didn't see it in the private message response, maybe I'll send a quick one.  Even though I am in no position to buy right now.  My wife is actually considering possibly a local short-term rental.

@Axel Meierhoefer Thank you Axel, first of all, I love your name .  I was going to name my youngest son "Axel" but I didn't win that discussion.

second: these properties are the traditional turnkey

1)fully renovated - by the turnkey provider

2)professional property management

3)tenant placement

4)cashflow from day one

third - I would like to know who your turnkey provider is?  If things are going that well for you, maybe that should be my next market?

Yes.....I have invested in these types of properties and the "law of averages" has been against me for well over a year.  Property # 1 was purchased dec. of 2016 in 72209 - fantastic property, cashflowed very nicely for months.  In my excitement of how well it was going I purchased property # 2 in july of 2018 in 72114 - 3 mos in, the tenant stopped paying and property # 1 went vacant for 5 mos.....Meanwhile property # 2 flooded in may of 2019 ($900) - the roof leaked $600, the tenant left (3 mos vacant) A/C condenser line had to be replaced at property # 1 - $675.  Lesson learned don't get too excited , invest slowly especially if you're states away.  Sold property # 2 to another investor in nov of 2020 , I still own property # 1  currently.  Looking forward to the day when I have 6 mos of steady cashflow again.

Are there any warning signs or indicators that I should exercise my "exit strategy" from a "turnkey provider"....??

Lovely, I saw a few warning signs about a month ago, but I got confirmation today.  My wife and I are New Hampshire property owners.  My tenants 14 yr old son has been smoking cigs/pot in his bdrm for the past few months.   Whats the best way to put an end to this type of activity?

@NaDean Bowles.......Currently under contract in Little Rock.....Is that inspectors name still available?

Currently under contract in Little Rock......Is that inspectors name still available?  

Hats off to all of you that have commented, fantastic ideas and insights.  I appreciate @Joe Splitrock's comment.  Tenants are just that ....Tenants, they come complete with their own pet peevs and preferences......Happy Investing Everyone