All Forum Posts by: Stephen Solano

I’m 20 years old, I purchased my first rental property back in March of 2019 for $112k with a 10% down payment and 4% sellers concession to assist with the closing costs. It’s a 2 unit home in a good area cash flowing excellent. So far it’s just the one property, looking to purchase my second at the moment.

@Beth Brown

Beth, I’m located in the Utica NY area and currently own one rental property with my second coming shortly. My family also owns a bunch of properties in the area. The demand for rentals is high, there is no issues getting units rented at top of the market prices with quality tenants.

I agree that Utica is definitely set for growth with all the major construction projects and plans coming to fruition in the near future Utica will be an excellent place to invest.

@David de Luna

Awesome David, Thank you for taking your time to answer each of my questions. Seems like a very efficient way to collect rent, I will be giving it a shot, hopefully it works for me as well as it works for you and your tenants!

@David de Luna

I’ve looked into it and created an account. So far it looks almost exactly what I’m looking for.

Just a few questions from your personal experience.

How long do rent payments take to reach your account after the tenant pays?

Do you pay the transaction fee or does the tenant pay the transaction fee?

If the tenant pays it, have you had any tenants refuse to pay the transaction fee or complain about it?

Would love to hear your experience,

Thank you!

Thank you for sharing Evan! I started looking into Clickpay.com but can't seem to find their pricing. I may have to give them a call tomorrow during business hours to get an answer to that question. Much appreciated.

Will be looking into Innago for sure, haven't heard of it before but from a glance it looks great. Thank you!

Really? I've heard so many good things about Cozy.co, however when I tested it out, it took far too long for the deposits to reach my account. Which at the moment isn't an issue (more of an annoyance) but once again looking ahead, when I have 5-10 mortgages coming out of my account that may end up being an issue in the future.

I agree, I completely understand collecting cash is looked down upon in REI. It's temporary until I can find a more efficient way that will work for me and my tenants. I will definitely look into Venmo and Zelle to see if either of those are options that may work for me. Thank you!!

Hi everyone,

I've been doing a lot of research lately, trying to find an efficient way to collect rent each month. At the moment the tenants at my first rental property pay me in cash each month when rent is due which requires me to go and pick it up. At the moment it isn't exactly an issue because I only have the one rental property so far. However, thinking long term, in order to scale I will need to have a more efficient way to collect rent which will be easy for the tenant and for me while saving a great deal of time.

I've checked out Cozy.co and other rent collection websites but I have not found one that seems easy to use for both the landlord and tenant, has low fees and doesn't take too long to deposit the rent into my bank.

What are ways that you all collect rent which works great for you and your tenants? Looking forward to hear all of your creative ways!

Thank you

It all depends on what credit card that you are applying for. The more entry level cards start out on the lower end. I have a chase card that started me out with a $14.4k credit limit. Just to let you know that there are cards out there that start you off with a relatively high limit.