All Forum Posts by: Tim J.

I use Stessa and Buildium to manage approx 33 units with 4 different portfolios/partnerships/owners
I like stessa - however it is missing functionality for maintenance requests/tracking.

I've tried RentRedi... It was NOT READY for what I needed it for.  

Try fiverr or taskRabbit or something like that.  Or contact a real estate agency. Post an ad on craiglist.  Lots of possible ways to get someone to help.

Lawyer.  Eviction.  Period.

Might be worth trying to find another lender.  Another alternative is find a partner.  Don't let this stop you from your goal(s)

Quote from @Marc Globensky:

Quote from @Mo Karim:

@Marc Globensky Did you consider cash for keys?

 Yeah Why would I pay tenant in causing damage to my property money to leave. I'll win in court.

Um, you asked for advice here.  And you mocked one of the best pieces of advice regarding evictions.  

I am going to guess that you have not been a landlord long and have little experience.  Additionally it sounds like you have little to no experience with evictions.



- "Cash for Keys" is usually a much better course of action (cheaper and less stressful and less time intensive than going through an eviction).  You get the person out sooner.  You have less risk of damage to your unit.  Even if you "win" in court you may not collect any money from a judgement.  

- Evictions take time.  That is a precious commodity. 

I could go on...

Good luck.  Screen your tenants better.  

Quote from @Nathan Gesner:

I wouldn't say it's how much the houses are worth but more so how much the houses are a ratio to your net worth. 

It's the equity. If you have a $600,000 property but only $85,000 in equity, it's not much of a target. If you have 100% equity, then they start to salivate. One more reason to keep your properties leveraged.

Balloon insurance is a heck of a lot cheaper and easier. The odds of someone suing a mom-and-pop landlord for more than insurance will cover? Astronomical.

This is horrible advice.  "Keep properties leveraged so you limit your liability?"  Seriously?  

Also, I think you mean "umbrella insurance" not "balloon"...  

Not sure why so much hate for LLCs.  I am the managing member of three LLCs - one is a four member entity that owns a few properties and the others two are two member LLCs that own multi-family properties.  

Yes, it is extra paperwork and filing, but frankly I like having the formal entities.  

I have also owned up to 10 investment (single family and two and three family) properties by myself and with partners without an LLC.

Do what works for you.  Those of us who like LLCs will continue to use them.

Is it just one LLC, or multiple?

Accepting all those payment methods sounds like a hassle. 

I manage about 32 units and use TD Bank and Stessa.  Tenants have the choice of depositing physically into my account at TD bank and another local bank (I give them the account number) or with direct/ACH using Stessa.

Pick whatever bank has good online and mobile apps and allows easy to use transfer and check writing/bill pay.

Is this a question?  Is this an offer? There is no information to respond to.  

Buy and install cameras immediately.  Buy self defense tools and get training for/with them.  

Plenty of other good advice about getting him out asap.