Keeping Late Fees Seems To Be S.O.P.

I've been away on vacation for a couple of days, but upon my return, I picked up some messages from the other property management companies I contacted last week. Turns out, keeping the late fees is standard operating procedure at management companies, at least in the Tulsa area. I don't like it, but it appears I don't have much choice.I'm off on a other little mini vacation to Las Vegas tomorrow, so expect another slow week here on the blog.I still...

Looking For A New Management Company

I mentioned a while back that I discovered the late fees in the lease I inherited with Rental #1 were a bit low - $35 if not paid by the 5th of the month and $3 a day thereafter. Turns out, for me, it's even worse than that.I received my check from the property management company over the weekend and had some questions about it. Mostly, they were issues still left over from their screw-up last month of only charging partial rent to the tenant in...

Property Management Company Might Be Turning Around

I decided to give my property management company a call and ask why I have still not received any more money from the May rent and late fees that were collected. I was able to speak to Lee, the bookkeeper. This is a good sign for two reasons: First, he's the bookkeeper, so he is going to be able to tell me what is going on directly, rather than me having to go through my property manager, who relays my request to him, then relays his response back...

Another Prosper Loan Defaulted

Another one of my Prosper loans has now defaulted and been sold to a collection agency. The loan was for $100 at 23.75% interest. A total of five payments were made. I received $12.55 in principal, $10.87 in interest, $0.39 in late fees, and $2.56 from the proceeds of the sale to the collection agency. In addition to the standard Prosper service fees, I was charged and additional $0.33 service fee on the default and a $0.21 collection fee. My net...

Property Management Blues Part 2

When I returned from Laughlin, I was excited to stop by my post office box. Since it was June 1, I should have a check for May's rent waiting for me. Imagine my surprise when I discovered it was not there.I was furious. I had been told the tenant paid some rent on the 14th and a bit more on the 21st. That left him still owing $100 plus a bunch of late fees. Even if he hadn't paid in full, some of that money should have made it's way to me by now!...

Wrapping Up The Loose Ends (Updated)

While driving this morning, a thought occurred to me: I don't think the refi of Rental #1 officially released the lien on the property held by my private money lender. Although the loan was paid off through the refinance, I also need to publically record a document from my company that lent me the money that states the mortgage obligation has been fulfilled. I wasn't sure that document was included in all the papers we signed the other day. Truthfully,...

Refi Done!

While I was out of town in Laughlin, I got a call from my title agency informing me that the refinance of Rental 1 was completed. So my hard money loan (from myself) is paid off and I am now truly using OPM on this investment. My first payment is due July 1 and once I get that statement, I'll post actual numbers for this proper...