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  • #16
    Best way to collect rent?
    In full, in cash, and in advance.

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    • #17
      Most of my properties I let the Property Management company do it. Isn’t the goal to be a passive investors? My hangar is the only rent I get by Zelle.

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      • #18
        Originally posted by White.Beard.Doc View Post
        We use zelle for some of our properties and it works fine. We have a separate bank account only for rental properties.

        However, for higher rent properties, they have to make 2 sequential payments as the zelle daily limit of $5000 is too low. Nevertheless, they prefer this to sending a check.
        Wow. Pretty high end rental properties. I don't know if I could even rent my fancy-pants house for $5k a month. Maybe par for the course in a HCOLA though.
        Helping those who wear the white coat get a fair shake on Wall Street since 2011

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        • #19
          Originally posted by The White Coat Investor View Post

          Wow. Pretty high end rental properties. I don't know if I could even rent my fancy-pants house for $5k a month. Maybe par for the course in a HCOLA though.
          It is an alternate universe in this high priced, coastal market. We bought a townhouse a few months ago to renovate (so my spouse could rack up the REPS hours on the reno). We thought it would be a reasonably solid but not so great investment, but it would unlock the bonus depreciation deductions on out of state real estate investments that will shelter all of my medical income (by qualifying my spouse for REPS).

          Purchase price of townhouse: 840k
          Renovation: 140k
          Went to multiple bids on the rental, even before renovation completed: $7000/month
          Got an offer on the townhouse last month, just prior to completion of renovation at 1.35MM

          Oh well, we aren't selling as we already had a one year lease with the new tenant for $84,000, and if you flip houses, the gain on the sale is considered regular fully taxable income. If we rent for a year, then the gains become capital gains, and we can 1031 into another property in a higher yield market with no tax owed, assuming the tax laws don't change.

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          • #20
            Zelle

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