All Forum Posts by: Tom Ott

I'd like to get any recommendations on apps out there for tracking tenants rents deposited ect. I'm looking at property buddy which is about $125.00 annual fee.
Does anyone know of a better app? Maybe cheaper as well.
I had bought the real estate evaluator for only $40.00 one time fee and it has been invaluable as far as sorting out possible investments. Seems like there should be something similar for tracking tenants and rents that I could have available on my phone and iPad.

Hello Janette,

That is a great question! Tracking tenants, and your properties, could be a difficult task when you are managing your property on your own. Have you considered using AppFolio? I am not too sure what the price is running these days, but it is a useful tool for managing your properties.

It helps track tenants and your units as well. It also has a great section for tenant screening and accounting.

There might be a demo online, and I suggest you check it out.

Please let me know if you have any questions.

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Originally posted by @Bill Lamont:

Im thinking about renting out my home. Never done anything like this before. Im looking for helpful tips or steps to get me going in the right direction.

Hi Bill,

That is a great question. Where have you started looking? Do you have a lease document in place? I would recommend doing some research on how an individual rents out their home. There are plenty of books on it as well.

You'll want to know what kind of documents to have ready. Hopefully the screening process won't be that difficult for you. If you have any questions, please let me know.

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Originally posted by @Matt Motil:

Originally posted by @Terry Alexander:

Hello All,

I'm a California investor who is looking out of state. Does anyone have an news (good or bad) about the Cleveland area?

Thanks!

Hi Terry,

I am an investor in the Cleveland area and have a number of investment properties in the area. I just finished up my coursework for my real estate license and will be licensed in Ohio soon. There are some incredibly nice areas of Cleveland that can provide great opportunities for out-of-state investors. There are also areas that can really be bad too, so you really need to have knowledge of the area and boots on the ground in any territory you look to invest in that you aren't local to.

Hello Terry,

That is a great question! I am a die hard Cleveland fan. I was born and raised in the area and my company is located there.

I can tell you right now the Midwest is booming. Many people moved out to the coasts and Texas a few years ago and real estate took off. It really took off in prices. Homes are very expensive out there. The Midwest is now starting to see a similar boom, but the real estate is still very affordable!

We have been seeing a large influx of investors in Cleveland. Many people from out of state are buying and holding in the area.

We are in Cleveland and things are really booming!

Message me if you have any questions.

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Originally posted by @Susie C.:

@Tom Ott Thanks Tom! How do you typically go about finding your turnkey properties? Do these people do the leg work for you as well in terms of making sure the math on the property is realistic and able to meet rent expectations as well as securing those rent expectations when hired to managed?

My worry is just that you're buying properties at a premium when they are turn key (despite a low cost), but that the cash flow may not be as high or may just break even if the managing isn't good since they don't have as much skin in the game.

Hi Susie,

Due to the rules of BP I can't give you TOO much information about the company I work for. Feel free to send me a message and I can answer any questions for you.

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Originally posted by @Walid Elfoly:

Hi everyone,

My name is Walid , i am a new member in the the great BP community,actualy i live in Saudi Arabia and i will arrive to USA , Connecticut ,Mansfield in next march for a one month trip to start my new investments with my partner who lives in Mansfield

I am interested in buying and holding multi family properties and I would like to build a good portfolio of multi family properties by the end of 2016, in particular -in my opinion - the expected increase in properties appreciation in a new up cycle of real estate cycles during the next 10 years.

I hope to achieve my goals during my trip , for example: establish llc co. , good networking with real state agent,properties managment co.,financial expert , insurance co. And so on

Thank you

Walid Elfoly

Hello Walid,

One of the best options for someone out of state (or country) is investing in turnkey properties. For example, turnkey providers often rehabs homes and sells them to investors. They also manage them so you do not have to worry about it. It becomes just like any other investment for you. It is a better way of buying and holding.

In terms of markets, I can tell you right now the Midwest is booming. Many people moved out to the costs and Texas a few years ago and real estate took off. It really took off in prices. Homes are very expensive out there. The Midwest is now starting to see a similar boom, but the real estate is still very affordable!

We have been seeing a large influx of investors in Cleveland. Many people from out of state are buying and holding in the area.

We are in Cleveland and things are really booming!

Message me if you have any questions.

1 Vote

Originally posted by @Nicholas Miller:

Thanks for the input everyone. I agree that more than 5 questions are needed to properly screen a tenant and I certainly ask more than 5 questions in my rental application however my goal is to gage what the top 5 questions are. If for some reason you were limited to 5 questions what would they be and why.

Great post Nicholas. This was a very interesting topic. It's nice to know what others would ask if only given 5 questions.

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Originally posted by @Bob R.:

I'm doing some rehab on an SFH that we're about to put on the market for rent.

A friend of ours told us about a friend of theirs and recommended them to us. The potential tenant is currently renting a home and has been in good standing for 4-5 years. The owner of the house died, the house is criminally underwater, deed transferred to unsuspecting ex-wife of owner and she plans on letting it foreclose since ex-wife thought she had nothing to do with this house any longer. The tenant started making her rent payments to the ex-wife upon the landlord passing. ex-wife has been taking them and basically warning the tenant "I don't know how long you'll be able to stay here"...

So in any case, the tenant is on the hunt, and we spoke with her about our place coming on line and its in a neighborhood near hers. she's excited because rental inventory is low around here.

She is a single mother with an adult daughter that has just graduated high school and i think will be going to community college. From talking with the friend who recommended her I don't think there will be any issue with income/credit/background check (the fact that she started paying the ex-wife in the above scenario was a gold star in our eyes). I think she could end up being a long term, low-fuss tenant.

We've never rented to anyone with an adult child lik ethis that we intend on getting an application from and running the background check and standard stuff on both and putting them both on the lease.

My question is do you hold the adult child (or any other adult co-applicant in other scenarios) to the credit score limit of your criteria?? I'm pretty sure the kid doesn't have credit history...

Hello Bob,

I'm not too sure of the law in your state or your own personal policy, but I can tell you that we ALWAYS put anyone over 18 years old on the lease. We also make sure they are checked for a credit background/criminal. You want to make sure every adult in the home is a tenant you don't have to worry about.

If the mother makes enough money and is planning on covering ALL of the bill, then I might slide on the daughter's lower credit score (assuming that is the case.) Other times the mother might not make enough and needs to rely on the daughter for assistance in bill paying. At that point you would want to make sure they can both afford the place.

In short, I'd say yes, make sure the daughter has her criminal/credit report checked. I always make sure they are on the lease as well. You don't want an adult in that home that can't be accounted for anything.

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Originally posted by @Account Closed:

hey guys, I am new to investing in real estate. I live in Hoboken/JC and thought I would scope out Newark as a starting point. I am interested in finding 3 to 4 unit multi family properties that I can hold for cash flow. Am I on the right track with Newark? If so, what areas should I be targeting? Can I consider Ironbound? If not Newark where else in North Jersey should I be looking that isn't too far from Hoboken/JC? Any thoughts or advice would be much appreciated! Thanks!

Hi Igor,

First off, I'd like to say welcome to the world of REI. It seems like you are on the right path in terms of ideas. You sound like you know what you want, just unsure of where to start.

I am wondering if you have ever considered investing in turnkey properties?

One of the best options for someone like you is investing in turnkey properties. For example, turnkey providers rehab homes and sells them to investors. They also manage them so you do not have to worry about it. It becomes just like any other investment for you. It is a better way of buying and holding.

We have been seeing a large influx of investors in Cleveland. Many people from out of state are buying and holding in the area.

I know you are near by, so many you might want to consider looking into it.

We are in Cleveland and things are really booming!

Message me if you have any questions.

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Originally posted by @Chris Colon:

Hey guys and girls... I'm a fireman from the Orlando area and I'm new to investing. I'm trying to figure out what the best way to start without a lot of risk or a lot of money

Excellent point about turnkeys!

One of the best options for someone out of state is investing in turnkey properties. Turnkey providers also manage them so you do not have to worry about the upkeep on the home. It becomes just like any other investment for you. It is a better way of buying and holding.

We have been seeing a large influx of investors in Cleveland. Many people from out of state are buying and holding in the area.

Message me if you have any questions.

0 Votes

All Forum Posts by: Tom Ott

Tom Ott has started 941 posts and replied 4593 times.

Post: Apps for tracking tenant info and rent

Post: First time landlord

Post: Anyone Buying and Holding in the Cleveland area?

Post: Buy a House in SF or Buy Multiple Properties Elsewhere?

Post: Investor Wanted 100%Turnkey SFR - 2015 REHAB - 16%ROI - Managed

Post: New member

Post: Tenant screening?

Post: Credit score policy for adult child to be put on lease?

Post: Investing in Newark, NJ

Post: New to real estate investing