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eRentPayment.com Review: Online Rent Collection

eRentPayment.com Review: Online Rent Collection

We started using eRentPayment.com with our very first duplex, and we'd probably still be using them today if our property management company didn't have their own online payment system.What is eRentPayment.com? In the most basic sense, eRentPayment.com transfers rent from the tenant's bank account to yours. At the time I wantedRead More
An Unexpected Opportunity - We Bought a 3rd Duplex!

An Unexpected Opportunity - We Bought a 3rd Duplex!

Big news - our rental empire just got a little bigger! We weren't actively looking for another investment property, but we stumbled upon this little beauty and decided it was too good to pass up. The Property Compared to our investment property wish list, it checked off all the boxes: Duplex - forRead More
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2013 Rental Profit/Loss Statement (Schedule E)

Now that taxes are behind us, I have a fresh look at our profit/loss statement for 2013. This version includes an additional duplex, so the interest of space each column is summarized by property instead of unit. Income Duplex #1 Duplex #2 Rents received $23,703 $16,334 Expenses Duplex #1 Duplex #2 Advertising $29 $53 Auto & Travel $292 $1,364 Cleaning & Maintenance $553 $810 Insurance $772 $822 Legal and other professional fees $188 $187 Management Fees $0 $1,154 Mortgage interestRead More
Sending a Security Deposit Accounting Letter to Tenants

Sending a Security Deposit Accounting Letter to Tenants

Security deposits are a necessity, but they also require proper documentation to keep everything on the up-and-up. According to the Texas Property Code, landlords must provide a refund of the security deposit (if any) and an itemized list of all deductions within 30 days of the property being surrendered. An importantRead More
Saving Money with Do It Yourself Pest Control

Saving Money with Do It Yourself Pest Control

I called an exterminator for one of our duplexes, and inquired about the specific chemicals used because of a tenant's health concerns. He said they typically apply Phantom - a general pest control product for insects and termites. A quick Google search brought me to a pest control supply website, where I verified it was safe for children andRead More
Better to Finance Rental Properties or Buy Outright?

Better to Finance Rental Properties or Buy Outright?

Somebody recently asked, "Wouldn't you be better off saving up and paying for your rentals in cash?" Conventional wisdom says there's power in leveraging, but I couldn't say I had run the numbers to prove it. (photo by 401(K) 2012) Let's say we're an ambitious investor with $4,000/month in disposable income. The goal is to eventually live offRead More